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 57.70s as support. This expectation did play out as key support held amidst narrow balance development, 58.14s-59.76s, during the mid-to-late week January/February contract liquidity roll. A buy-side breakout and price discovery higher developed to 60.48s ahead of Friday’s close, settling at 60.07s.
08-13 December 2019
This week’s auction saw price discovery lower in Monday’s trade,