USO - WTI Weekly: Price Discovery Lower To 53.71s Late Into The Week Before Aggressive Price Discovery Higher To 56.33s
As noted in last week’s WTI Weekly, the primary expectation for this week was for price discovery higher, barring failure of 55.41s as support. This expectation did not play out as selling interest emerged early week, driving price lower through key support to 53.71s. Buying interest emerged there in Thursday’s trade before aggressive price discovery higher developed to 56.33s, ahead of Friday’s close, settling at 56.12s.
27 October-01 November 2019
This week’s auction saw narrow balance in Monday’s auction at key supply where buyers trapped, 56.78s, as structural sell excess formed. Price discovery lower