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)