YGRN - WTI Weekly: Price Discovery Lower Continued Early Week To 57.36s Where Buy Excess Halted The Sell-Side Auction
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 failure of 62.22s as resistance. This expectation did play out as price discovery lower developed to 57.36s into Wednesday’s trade amidst the February-March contract liquidity roll. Buy excess developed there, halting the sell-side sequence as price discovery higher ensued to 59s ahead of Friday close, settling at 58.58s.
12-17 January 2020
This week’s auction saw price discovery