The market auctioned higher early week from last week’s Settlement, 97.85s, early in the week, achieving a Stopping Point, 99.21s, at/near the Average Weekly Range High into Wed’s session.
The usual focus midweek on Wed EIA data was trumped by the late session FOMC statement and Bernanke speak which followed. Responsive selling drove price from the Key Structural Resistance Area, 99.20s, lower toward the Key Structural Support, 97.40s.
There, initiated selling entered, driving price lower, confirming a Structural breakdown, resulting in a substantial long liquidation inventory adjsutment, as inferred last week. The market achieved the Stopping Point, 93.12s, at/near the Lower Jun POC, closing the week at/near 93.75s.
- YTD Country Performance. (Bespoke)
Supply/Demand & Markets
- Global Technically Recoverable Shale Resources. (EIA)