USL - WTI Weekly: Balance Early Week Amidst The 'New Roll' Before The Rally Resumed To 29.78s
In this article, we examine the significant weekly order flow and market structure developments driving WTI price action.
As noted in last week’s WTI Weekly, the primary expectation for this week was for price discovery higher, barring failure of 22.58s as support. This expectation played out as balance developed, 23.68s-25.58s, early week amidst the new, earlier contract liquidity roll from June to July. A buy-side breakout developed in Thursday’s auction as the rally phase continued to 29.78s ahead of Friday’s close, settling at 29.52s.
10-15 May 2020
This week’s auction saw narrow balance continue