OIL: Oil End of Day Summary: WTI Falls

• RES 4: 0.8769 High Jul 28  
• RES 3: 0.8744 High Aug 7 
• RES 2: 0.8682 High Aug 8  
• RES 1: 0.8652 20-day EMA 
• PRICE: 0.8648 @ 15:57 BST Aug 19
• SUP 1: 0.8597 Low Aug 14 
• SUP 2: 0.8562 50.0% retracement May 29 - Jul 28 upleg 
• SUP 3: 0.8540 Low Jun 30 
• SUP 4: 0.8514 61.8% retracement May 29 - Jul 28 upleg

Recent weakness in EURGBP resulted in a breach of key support at 0.8611, the Jul 31 low, and pierced the 50-day EMA, at 0.8616. A continuation lower would strengthen a bearish threat and highlight a stronger reversal of the uptrend between May 29 and Jul 28. This would open 0.8562, a Fibonacci retracement point. For bulls, a reversal higher would instead refocus attention on key resistance and the bull trigger at 0.8769, the Jul 28 high.

• Date $MM Issuer (Priced *, Launch #)
  • 08/19 $5B *IBRD (World Bank) 10Y SOFR+60
  • 08/19 $4B *EIB 5Y SOFR+39
  • 08/19 $1.25B #Allianz Perp-NC8.7 6.55%
  • 08/19 $1B #DBJ 3Y SOFR+50
  • 08/19 $1B #MetLife $600M 3Y +45, $400M 3Y SOFR+70
  • 08/19 $750M #CCDJ 5Y +75
  • 08/19 $700M #National Rural Utilities 3Y +48
  • 08/19 $600M #Pricoa Global Funding 7Y +73
  • 08/19 $600M #MassMutual 10Y +78
  • 08/19 $500M #Hanover Insurance 10Y +120
  • 08/19 $500M #American National Grp 30NC5 7%
• Expected Wednesday:
  • 08/20 $Benchmark British Colombia 5Y SOFR+56
  • 08/20 $Benchmark ADB 5Y SOFR+42a

RRP usage retreats to $22.344B this afternoon from $38.240B yesterday, total number of counterparties at 29. Nearing last Thursday's lowest usage of the year at $28.818B on Wednesday, April 16 -- in turn the lowest level since April 2021.