As noted in last week’s WTI Weekly, the primary expectation for this week was for price discovery higher, barring failure of 22s as support. This expectation did not play out as the key support area, 29s-30s, held early week before a pullback to 23.54s developed into mid-week. Rotation higher then developed to 28.36s into Thursday’s OPEC+ announcement where buyers trapped amidst sell excess. An aggressive sell-off developed to 22.50s near key support ahead of Thursday’s close, settling at 22.76s.
05-09 April 2020
This week’s auction saw a lower open in Sunday’s auction as last