Tuesday's Auction
Following
Tue's NY session Buying Tail, price discovery higher occurred consistent with
the market generated data on such events into the London session toward 97.80s, Low Usage Resistance overhead. Selling interest then emerged following the
"bullish" EIA data, driving price to Major Structural Support with
minor range extension lower. Focus on response to 96.70s-97s into Thu's ECB auction.
Wednesday's Auction
Recent ECB behavior has
seen muted London session response
with the NY session offering greater rotational potential.
WTI ECB Auctions Q2 2014
Graphics
- Trading Volume Sinks. (Salient Partners via Value Walk)
- Growing Role Of International Trade In Coal. (IEA)
Central Banks
- Fed May Be Fooling Us With Exit Signs. (Axel Merk via Moneynews)
- Europe's Banking Big Bang. (Reuters)
Geopolitics
- Putin Signs $20Bil Energy Deal With Iran To Bypass Sanctions. (Telegraph)
- Renewed Violence In Libya & Iraq. (Oil Price)
- Russia's Eurasian Vision. (Nouriel Roubini via Guardian)
- Russian Oligarchs Shift Cash To Hong Kong Dollars On Sanction Concerns. (Zerohedge)
- WWI: Senseless Origins & Lessons For Today. (Eric Margolis via Contra Corner)
Supply/Demand & Markets
- API: -5.5mil v -1.75mil exp. (Reuters)
- EIA: -1.8mil v -1.7mil exp. (EIA)