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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 higher. This expectation did not play out as selling interest emerged early week forming structural sell excess near key resistance. Price discovery lower then developed through Thursday’s trade, achieving the weekly stopping point low, 54.85s, near Sharedata’s weekly 1st standard deviation low target ahead of Friday’s auction, settling at 55.76s.