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The market
balanced early in the holiday shortened week around last week's Settlement, as
two-sided responsive
trade developed between Key Structural Support, 104.75s, and the longer term
POC, 106.10s, into mid-week.
Initiative sell programs entered at/near 105.40s
during Wed's London session, driving price lower, achieving the Weekly Stopping
Point Low, 103.65s, into Thu's session. Responsive buy programs entered,
developing Balance, 103.65s-104.10s, closing at/near 104.06s. Friday's holiday
shortened Globex session, saw development of the Balance, 104.15s-103.65s, as
the Weekly Stopping Point Low was retested.
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Graphics
- Midsummer Night's Dream. (Market Anthropology)
- Biggest Bank Settlements With US Authorities. (Economist)
Central Banks
- Fed Minutes Ahead. (Market Watch)
- Draghi Statement. (ECB)
- TOTAL CEO Calls For Bigger Euro Role In Oil Payments. (Reuters)
- Commodities "Obsolete" In Models Yielding To Fed, ECB. (Bloomberg)
Geopolitics
- Food Security Challenges Are Real For GCC Economies. (Gulf Times)
- Consequences Of The Gazprom-CNPC Deal. (Drake)
Supply/Demand & Markets
- UK Became A Net Importer Of Petroleum Products In 2013. (EIA)