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)