WTI Crude: Daily TPO & Price. 22Nov

 Overnight:

As of 730 CST, 
the market auctioned lower from Thu Settlement, 95.44s, following yesterday’s double distribution trend structure and buyside breakout above Balance.

 The market balanced, 95.30s-95s, during most of the Globex session in listless VWAP algo trade. Focus on response to Balance High, 95.60s, into Pit session.

Our daily statistical levels study plotting key reference levels/price for 20Nov & projected levels/inferential analysis for 21Nov.

Result?….

Following Wed’s retest of the Key Structural Support, 93.20s, and formation of another Structural Buying Tail, 93.25s-93.60s, buyside programs drove price out of balance in a buyside directional phase achieving the Stopping Point High, 95.63s, near the Daily 1st Std Dev High. 
Knowledge of the Structural development of a multi-day Balance phase following the Structural Stopping Point Low informed our subscribers of the potential buyside inventory adjustment in the event the referenced Buying Tails held as support. As inferred, the 93.50s held as support, resulting in a buyside directional phase, stopping at/near the Daily 1st Std Dev High, the probability of which was illustrated in the frequency table, in congruence with the market structure. 

Holistic analysis based on the market generated data and probability logic. 
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Weekend News 16Nov

The market opened this week at/near 94.45s, balancing, 94s-95.40s, as responsive sell programs re-entered at Prior Overhead Supply, driving price lower breaking down below 94s as the market retested Major Structural Support at/near 93s. The market achieved a Stopping Point there as responsive buy programs entered and balanced, 93s-94.50s, during midweek. 

Midweek, the market encountered sell programs that drove price toward the Key Support, 93s, breaking down as the Yellen Senate testimony was priced in. 
The market plunged to 92.50s, encountering buy programs and a quick rejection of the low there. This rejection formed a Structural Buying Tail, 92.50s-92.90s, as price was driven back into prior Balance, 93s-94.50s, closing the week at/near 93.84s. 

Graphics

Central Banks

  • Northern & Southern Europe Divided In Monetary Policy. (Quartz)

Geopolitics

  • GCC’s Oil & Gas Subsidies Unsustainable, Sayeth Oman’s Oil/Gas Minister. (Oil Price)
  • Leaked “Free” Trade Draft Shows US Pushing Hard On Intellectual Property. (Quartz)
  • South Korea’s Iranian Crude Imports  Drop 47%, YoY. (Platts)

Supply/Demand & Markets

  • EIA: +2.6mil v +1mil exp. (EIA)
  • IEA World Energy Outlook. (IEA)
  • US/Canadian Crude & Shipment Elsewhere. (Platts)
  • Platts System Could Be Prone To Collusion, Sayeth EU Officials. (Bloomberg)