The market auctioned higher early in the week from last week’s Settlement, 103.74s, achieving a Stopping Point, 104.55s, at/near last week’s Key Structural Support in the May contract. Responsive sell programs entered, developing Balance, 104.55s-102.96s, developing Balance into mid-week as contract roll developed.
Despite “bearish” EIA data, initiative buy programs entered at/near 103.90s, driving price higher with minor range extension, achieving the Weekly Stopping Point High, 104.99s. Responsive sell programs entered, driving price lower, achieving a Stopping Point, 102.90s at/near early week’s Stopping Point Low. Responsive buy programs entered, driving price higher toward the week’s POC, 104s, as the volume shifted to the Jun contract into the Thu session. Initiative sell programs entered in the Jun contract, driving price lower, extending the range, achieving the Weekly Stopping Point Low, 102.43s, encountering responsive buy programs, driving price back into the range, closing the holiday shortened week at/near 103.37s.
- Gulf Coast Crude Inventories Reach Record Level. (EIA)
- Yellen’s Speech To Economic Club Of NY. (BIS)
- Gold Import Curbs Seen Continuing In “Defense” Of Indian Rupee. (Bloomberg)
- Russian Banks Refute Accusations Of Financing Terrorism In Eastern Ukraine. (Kyiv Post)
- The Story Of Black Gold & The Seven Sisters. (Al Jazeera via In Gold We Trust)
- Banks & O/G Firms Begin Push Against Commodity Curbs. (WSJ)
- US Pivot: Ground Troops To Poland. (Washington Post)
Supply/Demand & Markets
- US Delay Pushes Canadian Pipeline Choke Points Upstream. (Reuters)
- Cushing Crude Stocks Dip But Capacity Expansion Possible. (Platts)