WTI 23Mar

Thursday’s Auction

As noted in Wed’s analysis, the focus into Thu’s Auction on to Wed’s High, 48.32s, was key as Globex Buying Interest drove price modestly higher in a stop clearing probe of the High to 48.48s where selling interest emerged, driving price lower back into Balance as the Buyside Breakout failed. Controlled selling followed as initiative sell programs entered at 48.05s, driving price lower into the NY auction, achieving the Stopping Point Low, 47.58s, where responsive buying emerged, developing Balance, 47.60s-47.95s, closing at 47.70s.

Focus into Fri’s auction on response to the developing Balance Cluster, 47.60s-47.95s, within the context of a potential Higher Low above the current Stopping Point Low, 47s.

WTI 22Mar

Wednesday’s Auction

As noted in Tue’s analysis, the focus into Wed’s Auction on response to Tue’s Unsecured Low, 47.99s, was key as selling interest drove price lower, forming a Gap Lower open as price discovery to 47.01s developed into early NY. Buying interest emerged there, driving price higher post-EIA in short covering inventory adjustment toward Tue’s Settlement 48.32s, closing at 48.04s.

Focus into Thu’s Auction on to Wed’s High, 48.32s, within the context of a potential Stopping Point Low development & Buying Tail formation, 48.01s-48.40s.

WTI 21Mar

Tuesday’s Auction

As noted in Mon’s analysis, the focus into Tue’s auction on response to developing D-Shape Distribution, 48.46s-49.36s, was key as a failed Globex Buyside Breakout above the D-Shape resulted in a Sellside Breakdown, achieving the Stopping Point Low, 47.99s at our Avg Daily Range Low Expectation before short covering inventory adjustment emerged, closing at 48.24s.

Focus into Wed’s Auction on response to Tue’s Unsecured Low, 47.99s.

WTI 20Mar

Monday’s Auction

As noted in Fri’s analysis, the focus into Mon’s auction on response to Fri’s Balance, 49.10s-49.71s, was key as Globex selling interest emerged near Fri Settlement, driving price lower to 48.46s, at our Avg Daily Range Low Expectation as a Gap Lower Open developed. Responsive buying interest emerged, driving price higher in short covering inventory adjustment to 49.36s, as the Gap was filled and negated. Responsive selling interest emerged, developing Balance around the VWAP, 48.75s-49.20s, before closing at 48.91s.

Focus into Tue’s auction on response to developing D-Shape Distribution, 48.46s-49.36s.

Week In Review 19Mar