WTI Crude Daily 20Oct


Friday's Auction 

As noted in Fri's analysis, focus on response to developing Balance, 83.75s-81.75s (82.50s-84.50s Nov contract), was key in Mon's auction as Nov-Dec contract roll completed. Focus on response to Key Structural Support, 81.75s, into Tue's auction.

 Monday's Auction

Weekend News 19Oct

05-10Oct Auction
As noted in last week's analysis, focus on response to the potential Stopping Point Low, 83.55s, was key in this week's auction as Balance development occurred early week before selling interest drove price lower, achieving a Stopping Point, 80s, near the Weekly 2nd Std Dev Low and Jun 2012 Major Demand Cluster. Focus into next week's auction on response to Major Structural Demand, 80s-77s. 

12-17Oct Auction 

Central Banks

  •  ECB Fears Deflation Whilst The People Fear Inflation. (Zerohedge)

Geopolitics

Supply/Demand & Markets 

  •   EIA:  8.9mil v 2.5mil exp. (Platts)
  • Macro Hedge Funds Go Long USDollar, Short Energy Equities, Sayeth Sterne Agee. (Value Walk)
  • 52 Week Lows In Energy Sector Exceed 42%. (Bespoke)

WTI Crude Daily 17Oct


Thursday's Auction 

As noted in Thu's analysis, focus on response to Thu's Selling Tail, 84.80s-83.25s, was key in Fri's auction as selling interest emerged at/near 84.40s. Focus on response to developing Balance, 82.50s-84.50s, into Mon's auction. 

Friday's Auction

WTI Crude Daily 16Oct


Wednesday's Auction 

As noted in Wed's analysis, focus on response to Wed's Structural Buying Tail from 80s and Key Support, 81s, was key in Thu's auction as buying interest emerged at Major Structural Support following minor range extension lower. Price discovery higher continued the remainder of the session despite the "bearish" EIA data toward the Daily 2nd Std Dev High, encountering selling excess there. Focus on response to Selling Tail, 84.80s-83.25s, into Fri's auction.

Thursday's Auction

Midweek News 15Oct

Tuesday's Auction

As noted in Tue's analysis, focus on response to  81.30s within 2013's Major Structural Support, 80s-82s was key in Wed's auction as selling interest drove price below Key Structural Support, 81.30s, encountering buying interest and a Structural Buying Tail from 80s. Focus on response to 81s into Thu's auction. US EIA Thu. 

Wednesday's Auction 

Central Banks

  • Banks & Interest Rate Apartheid Leave Savers Needing Fourfold Rate Rise. (Telegraph)

Geopolitics

  • Saudis Say Privately Comfortable With Lower Prices. (Reuters)
  • Iran Now Also "Comfortable" With Lower Oil Prices. (Reuters) 

Supply/Demand & Markets

  • As Oil Price Declines, Balance Sheets Squeeze. (Platts)

WTI Crude Daily 14Oct


Monday's Auction
The market encountered selling interest at/near Mon's high in Tue's auction, resulting in rotation lower toward the Daily 1st Std Dev Low and Major Structural Support, 83.60s within the developing Balance range. Selling interest entered at the Major Structural Support on the OPEC price cut narratives, driving price aggressively lower toward 81.80s, the Apr 2013 Demand Cluster. Focus into Wed's auction on response to  81.30s at/near 2013's Major Structural Support, 80s-82s. 
Tuesday's Auction 

Weekend News 12Oct


 28Sep-03Oct Auction

 
As noted in last week's analysis, focus on response to Prior Support/Breakdown Point, 89s-88s, for negation or confirmation was key in this week's auction as selling interest drove price lower, confirming the breakdown, achieving a Stopping Point, 83.59s, near Major Structural Support within the June 2012 Demand Cluster. Focus into next week's auction on response to Stopping Point Low and potential for Balance development.



05-10Oct Auction 

Central Banks

Geopolitics

  • Who Is Standing Behind Declining Oil Prices? (Pravada)

Supply/Demand & Markets 

  • Companies Tout Inflated Reserve Numbers To Public v Regulators. (Bloomberg)
  • US Merchant Refiners Take Oil Trading In-House. (Reuters)
  • US Refineries Running Out Of Flexibility On Crude. (Reuters)