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 62.35s as support. This expectation did play out as price discovery higher developed to 65.65s upon the Iranian response to last week’s US operations. Sell-side rejection developed in the aftermath of the Iran operations, driving price lower to 58.66s settling at 59.04s.
05-10 January 2020
This week’s auction saw price discovery lower in Monday’s auction