The market balanced early in the week around last week’s Settlement, 100.58s, at/near the Mar-Apr Cluster’s middle POC, 101.30s. Minor probe of Support occurred toward 100.30s, encountering responsive buy programs auctioning price higher into Balance. Initiative buy programs entered at/near 100.85s, driving price higher out of Balance achieving a Weekly Stopping Point High, 102.20s, at/near Key Structural Resistance/Low Usage Overhead. Responsive sell programs entered, achieving a Stopping Point, 100.30s, ahead of midweek’s EIA release.
Despite “bullish” EIA data Wed, initiative sell programs entered at/near 100.30s, driving price lower, achieving a Stopping Point, 99.35s. Responsive buy programs entered, developing Balance, 99.30s-99.90s, before initiative sell programs entered at/near 99.55s, driving price lower, achieving the Weekly Stopping Point Low, 98.74s, within the Mar-Apr Demand Cluster, 98s-99.50s. Responsive buy programs entered during Thu’s NY session, developing Balance, 98.74s-99.90s, into Fri’s session. Buying interest emerged at/near 99.25s, as the market balanced within the upper half of multi–day Balance, closing at/near 99.81s.
- BOE Needs To Decide When And How To Remove Stimulus. (Guardian)
- Student Loan Bubble Tied To 10yr Yield. Pretext For Untaper of Taper? (Bloomberg)
- Canada Learns China Oil Option No Easy Answer For Keystone. (Bloomberg)
- Geopolitical Shocks From Ukraine. (CSIS)
Supply/Demand & Markets