|Both USD-WTI & Brent-WTI correlations|
have normalized in this past week.
|Following a test of last week's low, |
this week's auction continued the longer term
directional phase higher toward the
weekly 2nd standard deviation high, 98.06s,
(here) achieving a stopping point at/near 98.24s.
The market pulled back from this area in the
back half of the week, closing
in the upper cluster at/near 97.61s.
The market developed a double
distribution trend structure in the weekly
profile. 97s will be a key level next week.
IF 97s hold, probability favors
continued price discovery higher. Conversely,
IF the 97s fail, probability favors
inventory adjustment lower and
filling in of the two clusters (95.40s-96.90s),
- Fed Maintains $85bil/mth Asset Purchase Trajectory. (Bloomberg)
- Brazil's Jekyll/Hyde Monetary Policy. (FT Beyond BRICs)
- Jim Grant Opines On Fed Actions. (Yahoo)
- US May Have Broken Own Sanctions By Buying Iranian Oil. (RT)
- Cline Shale, Permian Basin. (Oil Price)