SZO - WTI Weekly: Last Week's Key Demand Holds Early Week Before Price Discovery Higher Develops To 59.85s Through OPEC Meeting
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 lower, barring failure of 58.30s as resistance. This expectation did not play out as last week's key demand held early week as balance developed, 56.76s-55.45s, into Wednesday's auction. A buy-side breakout developed in Wednesday's trade, driving price higher to 59.78s through the EIA and OPEC releases ahead of Friday's close, settling at 59.08s.
01-06 December 2019
This week's auction