The market opened this week at/near 98s in micro-balance, 97.50s-98s, before buy programs entered early week, driving price toward 99s, at/near last week’s upper POC within the prior Low Usage Area, 98.40s- 100.50s.
Responsive selling emerged there, driving price back toward Key Support at/near 97.50s into midweek. Sell programs re-entered there on tepid economic data, EIA inventory, & FOMC narratives, driving price lower to test Major Structural Support, 96s.
Following midweek balance, 96s-97s, sell programs entered again toward week’s end, driving price lower from Major Structural Support, 96s, achieving the Weekly Stopping Point Low, 94.50s, at/near Jun Structural Support.
- FOMC News Gets Kill Switch. (Nanex)
- Fed Tapering Remains On The Table, Sayeth Fed. The Forward Misguidance Continues. (Platts)
- Khamenei Opines Ahead Of The Next P5 +1 Installment. (RT)
- The Geopolitics Of Australia. (Diplomat)
- Kerry In Egypt. (AP)
Supply/Demand & Markets
- Top 250 Energy Companies’ Analysis. (Platts)