Midweek News 30Jul

Tuesday’s Auction

Key Structural Support, 101.30s-101s, failed to illicit buying interest sufficient to hold support. Price discovery lower toward Major Structural Support ensued in spite of “bullish” EIA data and accommodative FOMC narrative. Focus on response to Major Structural Support, 99s, into Thursday’s session.

Wednesday’s Auction


  • Electricity Consumption In The OECD. (IEA)

Central Banks

  • The Dollar’s 70 Year Dominance Is Coming To An End. (Telegraph)


Supply/Demand & Markets

Source: EIA (Jul 2014)
  • EIA: -3.7mil v -1.5mil exp. (EIA)
  • America “Saved” World From Oil Crisis. (Peak Oil)

WTI Crude: Daily Structure & Price. 29Jul

Monday’s Auction 

WTI Gap Lower Opens

Selling interest emerged near Key Structural Resistance, 102s-102.25s, before price discovery lower continued through Low Usage Support  toward High Usage Ledge, 100.30s. A Structural Gap Lower open resulted in lower prices and a lower close consistent with the market generated data.

 Tuesday’s Auction