|USD-WTI & Brent-WTI Correlations.|
As inferred last week (here) & (here), the 97s failed as support and the market auctioned lower into the middle Jan cluster (95s-97s), achieving a stopping point at/near the structural support, 95s.
Market response at 95s will be key next week. IF 95s fail as support, then price discovery lower into the lowest Jan trade cluster, 94.30s-92.40s. IF 95s are defended as support, then the market will revisit 97s and possibly challenge the intermediate high at/near 98.20s.
- China Trade, Imports, & Exports. (Reuters/Catherine Trevethan)
- SP 500 Sector Breadth. (Bespoke)
- German Exports. (Markit)
- The RBS LIBOR Files. (FT Alpha)
- Ireland’s Prom Night. (Bloomberg)
- Weekly Balance Sheet. (Federal Reserve)
- Venezuela Devalues Bolivar 32%. (Bloomberg)
- Iran Rejects Direct Talks With The US. (RT)
- Geithner, “Creative & Tireless Thinker”, Joins CFR. (Zerohedge)
Supply/Demand & Markets
- Chevron Commits To $5.6bln African Crude Investment. (FT Beyond BRICs)
- An Ecological Study Of HFT. (Inigo Wilkins & Bogdan Dragos/HFT)