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 52.19s as support. This expectation did not play out as selling interest early week drove price lower to 52.39s where buying interest emerged, halting the sell-side sequence through mid-week. Price discovery higher then ensued in Thursday’s trade, driving price higher to 54.69s as the November-December contract liquidity roll developed ahead of Friday’s close, settling at