WTI Crude: Daily Structure & Price. 16Apr


Midweek News 16Apr

Source: EIA (Apr 2014)

Graphics

Central Banks

  • How China Imported A Record $70bil In Physical Gold Without Raising The Price. (Zerohedge)
  • Talking Down The Euro Gets Harder. (WSJ) 

Geopolitics

  • Iran Challenges US Sanctions With Plans To Double Oil Output By 2018. (Telegraph)

Supply/Demand & Markets

  • CME Mulls NY Crude Futures Contract. (Platts) 

Weekend News 13Apr


The market auctioned lower early in the week from last week's Settlement, 101.14s, filling the Low Usage Support area, achieving the Weekly Stopping Point Low, 99.93s. Responsive buy programs entered, driving price higher toward Key Structural Support, 101.63s, achieving a Stopping Point, 101.53s, encountering responsive sell programs, developing Balance, 101.50s-100.80s. Initiative buy programs entered in Tue session at/near 101.35s, driving price higher out of Balance, achieving a Stopping Point, 102.85s, developing Balance, 102.85s-102.35s, ahead of the EIA data.  

Despite "bearish" EIA data, market structure reigned supreme as initiative buy programs entered at/near 102.60s, driving price higher, achieving a Stopping Point, 103.80s, developing Balance, 103.80s-103.10s, into Fri's session. Development of Balance continued through most of Fri's Globex session, before initiative buy programs entered at/near 103.40s, driving price higher out of Balance as price discovery continued, achieving the Stopping Point High, 104.44s, near the Avg Weekly Range High. Responsive sell programs entered, retracing toward the Prior Resistance/Breakout Point, closing at/near 103.74s.

Graphics

  • 2013 US Crude Oil Reserves Highest Since 1976. (EIA)

Central Banks

  • Central Banks Will Be Financing Governments On Permanent Basis. (Economist)

Geopolitics

  • Gazprom Neft Considers Moving Away From USDollar Denominated Contracts In Response To US Sanctions. (RTE)
  • US Defense Secretary Gets Earful On China Visit. (Reuters) 
  • BP Can Act As Bridge Between West & Russia, Sayeth BP. (Reuters)

Supply/Demand & Markets

  • Citi v Chevron: A Tale Of Two Oil Outlooks. (Platts)
  • Australia, Land Of Opportunity For Integrated Oil Traders. (Platts)
  • OPEC Plans To Make Room For Spare Capacity From Iran, Iraq, Libya. (Bloomberg)