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 57.37s as support. In a tale of two markets, this expectation did not play out as balance development continued, 57.20s-58.68s, forming a D-Shape cluster through Thursday’s holiday-shortened Globex auction. The D-Shape structure implied growing potential for directional activity, and this development unfolded in Friday’s trade as an aggressive sell-side breakdown developed to 55.02s ahead of