Midweek News 27Aug

 

Tuesday's Auction 

Wed's auction saw continued development of the multi-day Balance. In spite of selling interest at Key Structural Resistance following "bullish" EIA data, price discovery lower elicited buying interest at/near the multi-day POC. Focus on response at multi-day POC, 93.50s, and the Structural Buying Tail, 93.35s-93s into Thu's auction.

Wednesday's Auction    

Graphics

• US High Yield Credit. (FuW)

• Energy Reforms Could Increase Mexico's Long Term Oil Production By 75%. (EIA)

Central Banks

• Central Banks Can Only Buy Time, Sayeth BIS Chief. (Reuters)

• Draghi's Jackson Hole Speech Means Lower Euro. (Validus)

Geopolitics

• Russia & The Eurasian Economic Union. (Gold Core)

• Islamic State Resembles Taliban With Oil Fields. (Bloomberg)

Source: EIA (Aug 2014)

Supply/Demand & Markets

• API: -1.3mil v -1.3mil exp. (Reuters)
  

• EIA: -2.1mil exp v +1.1mil exp. (EIA)
  

• China Oil Demand Down 2.1% In Jul YoY. (Platts)