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 54.66s holding as resistance. This expectation did not play out buyers trapped early week before price discovery lower developed toward key support into Tuesday’s auction. Key support failed in Tuesday’s trade before aggressive price discovery lower ensued, driving price beyond all weekly statistical support targets to 43.85s into Friday’s auction. Structural buy excess developed there, halting the