Midweek News 30Jul

 
Tuesday's Auction

Key Structural Support, 101.30s-101s, failed to illicit buying interest sufficient to hold support. Price discovery lower toward Major Structural Support ensued in spite of "bullish" EIA data and accommodative FOMC narrative. Focus on response to Major Structural Support, 99s, into Thursday's session.

Wednesday's Auction

Graphics

  • Electricity Consumption In The OECD. (IEA)

Central Banks

  • The Dollar's 70 Year Dominance Is Coming To An End. (Telegraph)

Geopolitics

Supply/Demand & Markets

Source: EIA (Jul 2014)
  • EIA: -3.7mil v -1.5mil exp. (EIA)
  • America "Saved" World From Oil Crisis. (Peak Oil)

WTI Crude: Daily Structure & Price. 29Jul


Monday's Auction 


WTI Gap Lower Opens


Selling interest emerged near Key Structural Resistance, 102s-102.25s, before price discovery lower continued through Low Usage Support  toward High Usage Ledge, 100.30s. A Structural Gap Lower open resulted in lower prices and a lower close consistent with the market generated data.




 Tuesday's Auction

WTI Crude: Daily Structure & Price. 28Jul

Friday's Auction

As noted in Fri's analysis, response to the Demand Cluster, 101s-101.30s, was key into Mon session as buying interest emerged there, consistent with development of the Balance phase. 

Monday's Auction

Weekend News 27Jul

13-18Aug Auction

 
As noted in last week's analysis, focus on response to Key Overhead Resistance/Supply, 103s-104s, was key this week as selling interest emerged at/near the Apr-Jul Composite POC as Balance developed, 103.50s-101.50s, following last week's short covering rally. Friday's auction saw development of a Daily Structural Buying Tail, 101s-101.50s.

20-25Aug Auction

Graphics

Central Banks

  • "Ctrl +P" Concludes IMF. (IMF)

Geopolitics

  • Russian Ties & Trade Lie Behind EU Sanctions Rift. (Reuters)
  • Van Rompuy Green Lights Further EU Sanctions On Russian Oil Sector. (Zerohedge) 

Supply/Demand & Markets 

  • Oil Volatility Down Because "Engineers" Won, Sayeth Goldman. (Value Walk)
  • China's H1 2014 Apparent Oil Demand Up On Year. (Platts)

WTI Crude: Daily Structure & Price. 24Jul

Wednesday's Auction


As noted in Wed's analysis, response to Key Resistance, 103.50s-103s, was key in Thu's auction as selling interest there drove price lower within the context of multi-day Balance development, 103.45s-101.50s. 

Thursday's Auction

Midweek News 23Jul

 
Tuesday's Auction

As noted in Tue's analysis, response to demand cluster, 102.50s-101.90s, was key as buying interest emerged within the demand area, driving price back toward Key Resistance.

Wednesday's Auction


Graphics

  • Petroleum Trade Balance Helps To Mitigate US Trade Deficit.  (EIA)
  • Kurdish Crude Zigzags Across Mediterranean. (WSJ) 
  • Currency Effect On Housing Prices. (WSJ)

Central Banks

Geopolitics

  • IMF May Downgrade Growth Outlook On Deflation Fears. (Irish Times)
  • Would Iranian Style Sanctions "Work" Against Russia? (WSJ)

Supply/Demand & Markets

Source: EIA (Jul 2014)
  • EIA: -4mil v -3mil exp. (EIA)
  • West African Overhang Weighs On Brent Market. (Platts)

WTI Crude: Daily Structure & Price. 22Jul



Monday's Auction

Tue's auction saw minor range extension higher above 103s toward the Apr-Jul Composite POC, 103.50s, ahead of the London session before selling interest entered, driving price lower the remainder of the session, closing at/near 102.25s.

 Tuesday's Auction
(via Daily Statistical Levels Study)