In this article, we examine the significant weekly order flow and market structure developments driving WTI's price action.
As noted in last week's WTI Weekly, the primary expectation for this week was for price discovery higher, barring failure of 49.31s as support. This expectation did play out as a pullback to 51.15s developed early week before price discovery higher resumed to 54.66s into Thursday's auction. Structural sell excess developed there, halting the buy-side sequence before retracement developed to 52.55s ahead of Friday's close, settling at 53.38s.
17-21 February 2020
This week's auction saw narrow