The market balanced early week around last week’s Settlement, 107.90s, at/near the Major Structural Stopping Point, 108.90s, encountering a Sell Response, which began the sellside directional phase.
Price discovery lower continued into early Thu, achieving the Stopping Point, 104.10s, at/near the Major Structural Demand. The market failed to encounter initiated selling there to drive price lower; the market balanced, 104.10s-105.80s, probing the low to 103.90s in Friday’s session, closing the week at 104.70s.
- ECB Actions: More Needed Sayeth IMF. (IMF)
- Taper To $65bil/mth In September? (Bloomberg)
- Baker Hughes Says US DOJ Opens Anti-Trust Probe Into Fracking. (Bloomberg)
- Halliburton Pleads Guilty To Destroying Oil Spill Files. (Bloomberg)
Supply/Demand & Markets
- Oil Price Volatility: Its Risk On Economic Growth & Development. (World Bank)
- Conventional, Unconventional, Or Both? (Platts)
- The Physical Commodity Storage Shuffle By The Squids. (NYT)
- Highlights Of Latest Oil Market Report. (IEA)