Tuesday's Auction
Key Structural Support, 101.30s-101s, failed to illicit buying interest sufficient to hold support. Price discovery lower toward Major Structural Support ensued in spite of "bullish" EIA data and accommodative FOMC narrative. Focus on response to Major Structural Support, 99s, into Thursday's session.
Wednesday's Auction
Graphics
- Electricity Consumption In The OECD. (IEA)
Central Banks
- Jul 2014 v Jun 2014 FOMC. (David Merkel via Value Walk)
- Yellen At IMF: Not In Buble Popping Business. (Financial Sense)
- The Dollar's 70 Year Dominance Is Coming To An End. (Telegraph)
- Jim Rickards On Recent Fed Policy et al. (Physical Gold Fund)
Geopolitics
- Russian Sanctions. (Bloomberg)
- US Ambassador To China Makes First Major Address. (Asia Rising)
- Geopolitics & Markets. (Michael Cembalest via Mauldin Economics via Value Walk)
Supply/Demand & Markets
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| Source: EIA (Jul 2014) |
- API: -4.4mil v -1.5mil exp. (Reuters)
- EIA: -3.7mil v -1.5mil exp. (EIA)
- America "Saved" World From Oil Crisis. (Peak Oil)
- Global Oil Demand. (Platts)