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 16.53s as support. This expectation played out early week as balance continued, 18.05s-20.48s, in Monday’s auction before sellers trapped, 20.17s. A buy-side breakout developed as the rally phase continued to 26.74s into Thursday’s auction where sell excess formed amidst a failed breakout, driving price lower to 22.93s ahead of Friday’s close, settling at 24.74s.
03-08