Weekend News 17Nov

 Correlation inversion this week. USDollar-WTI
has moved into a positive correlation condition while Brent-WTI
moved to slight negative correlation. 

In the near term, USDollar mvmt as a contrarian indicator
to WTI should be viewed with caution. 

This week’s auction shows continued balance 
within the near term balance area 84.40s-87.20s. 
Sellers fail to drive the market lower yet again. 
Probability favors challenge of balance high with possible
breakout to upper cluster 87.50s-89.20s.


Source: EIA (Nov 2012)

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Central Banks

Geo-Politics

  • POTUS Signs Most Aggressive Cybersecurity Directive To Date. (RT)
  • POTUS Angry At Netanyahu Over Gaza Assault. (RT)

Supply/Demand & Markets

  • EIA: +1.1mil  (EIA)
  • US To Become World Leader In Oil & Gas Production, Sayeth IEA.  (Independent)
  • Credit Market Traders Replaced With Machines Amid Cuts. (Bloomberg)
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