In this article, we examine the significant weekly order flow and market structure developments driving WTI price action.
The primary expectation for this week was for price discovery higher, barring failure of 20.53s as support. This expectation did play out, within the context of a balance following Sunday’s re-test of key support as price discovery higher developed to 25.24s into Wednesday’s trade. Selling interest emerged there, developing balance, 25.24s-22.90s, through Thursday’s trade. Selling interest emerged near 23s, driving price lower 20.88s ahead of Friday’s close, settling at 21.51s.
22-27 March 2020
This week’s auction saw