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 56.43s as support. In a tale of two markets, this expectation did not play out early week as price discovery lower developed in a sell-side breakdown through key support, driving price lower to 54.85s into Wednesday’s auction. Structural buy excess developed there, driving price aggressively higher to 58.75s, negating the breakdown ahead of Friday’s close,