Weekend News 03May

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 multiday Balance, closing at/near 99.81s.

Graphics

Central Banks

  • BOE Needs To Decide When And How To Remove Stimulus. (Guardian)
  • Student Loan Bubble Tied To 10yr Yield. Pretext For Untaper of Taper? (Bloomberg) 

Geopolitics

  • Canada Learns China Oil Option No Easy Answer For Keystone. (Bloomberg)
  • Geopolitical Shocks From Ukraine. (CSIS)

    Supply/Demand & Markets