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NRGD - WTI Weekly: Buy-Side Continuation To 59.93s Within Late May's Key Supply
MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN
In this article, we examine the significant weekly order flow and market structure developments driving WTI's price action.
As noted in last week's WTI Weekly, the primary expectation for this week was for price discovery higher. This expectation did play out as balance development early week gave way to buying interest in Tuesday's auction within last week's key supply. Price discovery higher developed to 59.93s into mid-week where sell excess developed, developing balance before aggressive selling developed ahead of Friday's close to 57.75s, settling at 58.47s.