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)

WTI Crude: Daily Structure & Price. 21Jul


Friday's Auction
(via Daily Statistical Levels Study)


Mon's auction saw the establishment of a pullback low at/near 101.45s following Fri's high, 102.95s. Two sided responsive trade dominated the session before a short covering toward Fri's high occurred into the Pit session close. 

Monday's Auction


Apr-Jul Composite 

WTI Crude: Weekly Structure & Price. 20Jul


Last Week's Auction


As noted in last week's analysis, focus on potential development of the Structural Stopping Point Low, 100.40s, was key as selling interest drove price lower to challenge Major Structural Support, 99s, at/near the Apr-Jul Composite Cluster Low. Buying interest responded there, driving price aggressively higher toward the Avg Weekly Range High on "bullish" EIA data and heightened geopolitical risk narrative as Aug-Sep contract roll unfolded.


This Week's Auction


Weekend News 19Jul


As noted in last week's analysis, focus on potential development of the Structural Stopping Point Low, 100.40s, was key as selling interest drove price lower to challenge Major Structural Support, 99s, at/near the Apr-Jul Composite Cluster Support. Buying interest responded there, driving price aggressively higher toward the Avg Weekly Range High/Apr-Jul Composite POC, on "bullish" EIA data and heightened geopolitical risk narrative.

Graphics

  • Gasoline Prices, By Country. (IEA)

Central Banks

  • US Gold Dealer Launches First Digital Currency Backed By Gold. (Reuters)

Geopolitics

  • Did the US Commerce Condensate Rulings Mean Nothing? (Platts) 

Supply/Demand & Markets

  • US Oil Imports Lowest In 21 Years For June, Sayeth API. (Bloomberg)
  • Oil Prospects In the Delaware Basin. (Platts)

WTI Crude: Daily Structure & Price. 17Jul

 Wednesday's Auction

 
 The globex session d shape resulted in initiative buy programs at/near 101.50s, driving price higher as the market was poised to open Gap Higher, implying asymmetric potential for higher prices toward 102.98s, based on the market generated data. Price discovery led higher toward 103.20s.


 Thursday's Auction

Midweek News 16Jul

The market saw no retest of the Stopping Point Low, 99s, established Tue as short covering inventory adjustment dominated Wed's session toward the daily 2nd Std Dev High and High Usage Resistance overhead.

Graphics

Central Banks

  • Emerging Central Banks Rebuild Hard Currency Reserves. (Reuters)

Geopolitics

  • ENI CEO May Face Down Unions To Shut Refineries. (Bloomberg)
  • Ban On US Crude Oil Export Will Not Be Lifted This Year, Sayeth US House Energy/Commerce Committe Chair. (Bloomberg)
Source: EIA (Jul 2014)

Supply/Demand & Markets 

  • EIA: -7.5mil v -2.1mil exp. (EIA)

WTI Crude: Daily Structure & Price. 15Jul


 The failure of the developing Balance Low, 100.20s, resulted in continued price discovery lower toward the Daily 2nd Std Dev Low. The Gap Lower open implied an asymmetric potential for lower prices based on the market generated data noted in our Structural Signal Database below.