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WTID - WTI Weekly: Last Week's Key Support Holds Rotation Within Last Week's Range
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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 lower barring sell-side failure at the key demand cluster, 54s-53.24. This expectation did not play out as key demand held in Monday’s auction. Buying interest then drove price higher to 56.89s into key supply overhead, before aggressive selling developed to 54.55s ahead of Friday’s auction, settling at 55.17s.