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 54.70s as support. This expectation played out as buying interest emerged after last Friday’s NY close, and price discovery higher developed to 57.85s into mid-week. Buyers trapped there, developing balance, 57.88s-55.76s, ahead of Friday’s close, settling at 57.24s.
03-08 November 2019
This week’s auction saw price discovery higher in Monday’s auction as Friday’s late buyers