In this article, we examine the significant weekly order flow and market structure developments driving WTI's price action.
As noted in last week's WTI Weekly, the primary expectation for this week was for price discovery higher within the context of a potentially completed corrective phase from 60.94s. This expectation played out as balance continued early week within last week's supply cluster before buying interest emerged, 54.60s, driving price higher to 57.47s in Tuesday's trade. Selling interest emerged there, halting the buy-side sequence, driving price lower to 53.77s ahead of Friday's auction, settling at 54.81s.