Weekend News 24Nov

Correlations reinvert this week.
Recent correlation trend in USD-WTI reversing?
This week’s auction showed a breakout abv last week’s
Balance area 84.40s-87.20s. As inferred last week,
price discovery occurred into the upper cluster 87.50s-89.20s.

Sellside shut off the buyside auction at/near 89.60s following
clearing of the stops at prior supply, 89.20s. Balance then ensued.

Following multi-week balance from 84s-87.20s and weekly value now
facilitating trade higher, probability favors challenge of current cluster high 89.60s
and possible continuation higher into major supply cluster overhead 91-93s (here),
barring external bearish catalyst. Should that occur, expectation
would shift to revisit 84s with possible breakdown toward 80s.   

Graphics

Central Banks

Geo-Politics

  • World Economic Forum’s New Energy Powwow In Canada. (Platts)
  • Argentina Hikes Energy Tariff. (FT Beyond BRICs)
  • Turkey-Syria Standoff: Patriot Missiles, Kurdish Fighters At Border. (RT)

Supply/Demand & Markets

  • China’s Oil Demand Continues Robust Growth In Oct. (Platts)
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Midweek News 21Nov

Source: EIA (Nov 2012)

Graphics

  • Emerging Market Debt To Supplant High Yield In Capital Flow? (EPFR)

Central Banks

  • How Gaming Libor Became Business As Usual. (Reuters)
  • Fed’s Lacker Warns On Monetary Policy Threshold Plans. (Reuters)

Geo-Politics

  • Circumventing Sanctions: Iran Begins Construction Of Pipeline To Syria. (RT)
  • JPMorgan & Others’ Energy Trades Ensnared By Post Enron Regulatory Regime. (Bloomberg)
  • Brinkmanship Between EU Leaders & IMF On Greece Aid Gap. (Bloomberg)

Supply/Demand & Markets

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