WTI 24Feb

Friday’s Auction

As noted in Thu’s analysis, the focus into Fri’s auction on response to Thu’s Key Demand Cluster, 54.20s-54.50s, as initiative selling interest emerged early in Globex, driving price lower in a Sellside Breakdown, achieving the Globex Stopping Point Low, 53.79s, near the Avg Daily Range Low Expectation as the market opened Gap Lower. Selling interest emerged early in the NY auction at 85s, driving price modestly lower, achieving the Stopping Point Low, 53.76s. Responsive buy programs entered, driving price higher in short covering inventory adjustment through Fri’s Value, filling the Gap to 54.25s. Selling interest emerged there, driving price lower as Balance developed, 54.25s-53.95s, closing at 53.99s.

Focus into Mon’s auction on response to Fri’s Key Demand Cluster, 53.80s-53.95s.

WTI 23Feb

Thursday’s Auction

As noted in Wed’s analysis, the focus into Thu’s auction on response to Wed’s Stopping Point Low, 53.35s, was key as buying interest emerged in early Globex, driving price aggressively higher to 54.74s, near our Daily 1st Std Dev High Expectation into the NY open as a Gap Higher developed. Initiative buying interest emerged at 54.75s, driving price modestly higher to 54.89s, where selling interest emerged, developing Balance, 54.90s-54.55s, into the EIA release. Initiative buy programs entered post-EIA at 54.83s, driving price higher in range extension to 54.94s, near our Daily 2nd Std Dev High Expectation. Selling interest emerged there, driving price aggressively lower as the Buyside Breakout failed. The market achieved a Stopping Point, 54.19s, into mid -auction, where buying interest emerged, developing Balance, 54.20s-54.50s, closing at 54.45s.

Focus into Fri’s auction on response to Thu’s Key Demand Cluster, 54.20s-54.50s.

WTI 22Feb

Wednesday’s Auction

As noted in Tue’s analysis, the focus into Wed’s auction on response to Buyside Breakout Area, 54.10s-54.30s, was key as Globex selling interest emerged driving price lower through this area as a False Breakout was confirmed. Price discovery lower developed to 53.69s near our Avg Daily Range Low Expectation as a Gap Lower open developed at 53.71s. Selling interest emerged early in NY, confirming the Gap, as Sellside continuation developed to 53.35s at the Daily 1st Std Dev Low Expectation. Buying interest emerged there, closing at 53.59s.

Focus into Thu’s auction on response to Wed’s Stopping Point Low, 53.35s.

WTI 21Feb

Tuesday’s Auction

As noted in Mon’s analysis, the focus into Tue’s auction on response to Structural Resistance, 54.10s-54.24s, was key as Globex buying interest drove price higher in a Buyside Breakout to 54.85s near the Avg Daily Range High into the NY open as the market opened Gap Higher. Buying interest emerged early in the NY, confirming the Gap, driving price higher in Buyside continuation to 55.03s at the Daily 1st Std Dev High. Selling interest emerged there, driving price lower to 54.25s, closing at 54.33s.

Focus into Wed’s auction on response to Buyside Breakout Area, 54.10s-54.30s.

WTI 20Feb

Monday’s Auction

As noted in Fri’s analysis, the focus into Mon’s auction on response to developing Balance, 53.30s-53.90s, was key as minor price discovery higher above Key Structural Resistance, 54.10s, to 54.24s amidst holiday-shortened Globex trade, closing at 53.99s.

Focus into Tue’s auction on response to Key Structural Resistance, 54.10s-54.24s.