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, barring failure of 61.06s as support. This expectation did play out muted, holiday balance trade developed, 62.35s-60.64s, through Wednesday’s New Year’s holiday into Thursday’s auction. A buy-side breakout developed early in Friday’s auction on the back of the headline of the US killing of the head of the Iranian Quds Force. Price discovery higher developed to 64.09s before