Weekend News 08Jun

The market auctioned lower early week 
from last week’s Settlement, 93.40s,
achieving the Stopping Point, 91.25s,
at/near Key Structural Support, 91.50s.

Following Balance, 91.25s-92s, initiated
buying drove price higher into midweek, achieving the Stopping Point, 94.40s. at/near the Wkly 2nd Std Dev High. 

Following midweek VWAP algo Balance, 94.40s-93.60s, price discovery continued higher, as the buyside auction continued into Fri’s key NFP release. 

Following the release, initiated selling drove price lower, shaking out weak long inventory toward the Wkly POC, 93.80s, where the buy response quickly drove the market higher, achieving the Stopping Point, 96.40s, within the Key Overhead Supply Cluster, 94.50s-97.30s, at/near the Avg Daily Range High. The market closed at/near 96s. 


Central Banks

  • BOE Holds Policy Steady, Meryn King Exits. (Reuters)
  • Draghi’s Introductory Remarks. (ECB)
  • Fed Seen Holding To QE Strategy. (Bloomberg)
  • Japan’s Growth Strategy. (Reuters)


Supply/Demand & Markets

  • Key Factors In Brent-WTI Spread Narrowing. (EIA)
  • BP Spill Deal Sours As Claims Add To Cost. (Bloomberg)
  • WTI Specifications To Change At Year End, Sayeth CME. (Bloomberg)