Midweek News 10Apr

Source: EIA (Apr 2013)

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Central Banks

  • Putin’s Central Banker. (FT Beyond BRICs)
  • Stress Tests Make Banks More Stable, Sayeth Bernanke. (Reuters)
  • Cyprus To Finance Bailout By Selling €400mil of Gold Reserves. (RT)
  • Fed “Blooper”: Releases Minutes Early To Bank Lobbyists & Congressional Staff. (Bloomberg)

Geopolitics

Supply/Demand & Markets 

  • API: +5mil v +1.4mil exp. (Platts)
  • EIA: +250k v +1.5mil exp. (EIA)
  • Q1 Earnings Preview: Can Banks Save The Quarter? (Zerohedge)

HFT/Algo

  • News Accounts For One-Third Of Commodity Price Moves, Sayeth IMF/UNCTAD. (Reuters)

Weekend News 06Apr

As noted last week here, the market challenged the key structural resistance at/near 97.80s early this week developing a Structural Selling Tail, 97.80s-97.30s, in Sunday’s Globex session. This development implied potential for balance. 

The market balanced into midweek before beginning a new directional phase lower as long liquidation drove the market toward the Weekly 2nd Std Dev Low, 95.54s, continuing lower before pausing at/near last week’s key breakout level area at/near 94.20s.

The market balanced there before continuing the long liquidation into the lower Mar cluster, 94s-92s, achieving the weekly Stopping Point at/near 92s closing the week at/near 92.70s. 

Next week’s response at/near 92s will be of focus. IF 92s hold as support, price discovery potential to 93.50s/94.50s. IF 92s fail as support, price discovery potential to 90.50s/89.50s.

Graphics

Central Banks

  • BOJ’s ¥270 Trillion QE. (Reuters)
  • BoE Keeps Policy Unchanged. (Reuters)
  • ECB Keeps Policy Unchanged. (BIS)
  • Asian Currencies To Rally v USDollar, Sayeth Reuters Poll. (Reuters)

Geopolitics

  • North Korea & Cold War Theatrics. (RT)
  • North Korean Aggression Could Strengthen US-China Relations. (AP)
  • P5 +1 Iran Negotiations April 5-6. (Brookings)

Supply/Demand & Markets

  • What Do Rig Counts Reveal? (Platts)
  • US Trade Gap: Lowest Crude Imports Since ’96. (Reuters)
  • Goldman Boosts Outlook As Nat Gas Hits 20mth High. (Bloomberg)