The market
balanced early in the week around last week's Settlement, before encountering
selling interest at/near 104.20s, forming a Structural Selling Tail,
104.20s-103.80s, driving price lower, achieving a Stopping Point, 103s, developing Balance,
103s-103.60s, into Wed's session.
Initiative sell programs entered at/near 103.55s,
driving price lower through Wed's session
"bullish" EIA data. Price discovery lower continued into Thu's
London session, achieving a Stopping Point, 101.55s. Responsive buy programs
entered, developing Balance, 102.10s-101.55s, before initiative buy programs
entered at/near 102.15s, driving price higher in short covering inventory adjustment, achieving a Stopping
Point, 103s, at/near prior Key Structural Support/Prior breakdown. Selling
interest resumed in Friday's session as
initiative sell programs entered at/near
102.70s, driving price lower, achieving the Stopping Point Low, 100.45s,
at/near the Avg Weekly Range Low, closing at/near 100.60s.
Graphics
- Energy Intensity In Russia & Ukraine. (IEA)
Central Banks
- Why Is The US Dollar So Weak? (Validus)
Geopolitics
- Oil Hedging In Decline With Banks' Commodity Exits. (Bloomberg)
Supply/Demand & Markets
- OPEC Keeps Current Production Quota. (Oil & Gas Post)
- US Oil Production In 2015 To Be Highest Since 1972. (USA Today)