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 lower within the context of an uncomplete corrective phase from 60.94s. This expectation played out, following a meaningful relief rally early week to 58.82s, near key supply where selling interest emerged in Wednesday's auction, driving price aggressively lower to 53.59s in Thursday's trade where buy excess formed, halting the sell-side sequence ahead of Friday's auction, settling at 55.29s.
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