WTI Crude Daily 11Dec

Wednesday’s Auction 
As noted in Wed’s analysis, focus on response to 60.40-61s, was key in Thu’s auction as selling interest drove price lower, achieving a Stopping Point, 60.10s, during Pit session hours before selling off toward 58.80s. Focus on response to the unsecure low area, 58.80s-60s, into Fri’s auction. 

Thursday’s Micro-Blog Excerpt
via The Daily

Noted here during Thu’s auction was the shakedown of the weak Globex long inventory, the failure of the initiative sellside to defend low which resulted in the formation of a Buying Tail, 60.10s-60.45s. As noted, this formation implied the potential for price discovery higher and expectation levels provided, 68.10s/61.40s were both achieved before the Stopping Point High, 61.50s. Finally, noted was the implication of the failure of the Buying Tail for price discovery lower, which ultimately unfolded toward the Daily 1st Std Dev Low, 58.83s.  
Thursday’s Auction

Midweek News 10Dec

Tuesday’s Auction 
As noted in Tue’s analysis, focus on response to the Balance, 62.25s-64.20s, was key in Wed’s auction as selling interest emerged there, forming a Sell Spike, 62.80s-62.25s, into the Pit session open, implying potential for price discovery lower. The market auctioned lower, exacerbated by the bearish EIA data, achieving a Stopping Point, 60.43s. Focus on response to 60.40-61s, into Thu’s auction. 

 Wednesday’s Micro-Blog Excerpt
                 via The Daily

Noted here during Wed’s auction, the development of the Structural Sell Spike, 62.80s-62.25s, and the implication for price discovery lower. The market ultimately traded toward, 60.43s.

Wednesday’s Auction

Central Banks

Geopolitics

  • “Data Is The New Oil”: EU Declares War On Silicon Valley. (Telegraph)
  • Iran Faces Budget Shortfall Amid Oil Price Decline. (Bloomberg)

    Supply/Demand & Markets

    • EIA: +1.5mil v -2.6mil exp. (EIA)
    • Why Oil Companies Should Be More Profitable Than They Are. (Reuters)