WTI 28Mar

Tuesday’s Auction

As noted in Mon’s analysis, the focus into Tue’s auction on response to prior Supply Cluster, 47.75s-47.85s, was key as Globex buying interest emerged near Mon Settlement, driving price higher in the London auction to 48.33s where micro-balance developed as the mkt opened Gap Higher. Two-sided trade dominated early NY, 48.40s-48.05s, as the Gap held before initiative buying interest emerged at 48.35s, driving price higher to 48.74s at the Avg Daily Range High where responsive selling interest emerged, closing at 48.37s.

Focus into Wed’s auction on response to Tue’s Upper Cluster, 48.75s-48.50s, within the context of a potential Stopping Point High development.

WTI 27Mar

Monday’s Auction

As noted in Fri’s analysis, the focus into Mon’s auction on response to the developing Balance Cluster, 47.60s-48.05s, was key a failed Globex Buyside Breakout attempt abv Fri’s Key Cluster to 48.28s resulted in price discovery lower to 47.08s at our Avg Daily Range Low expectation. Buying interest emerged there, driving price aggressively higher in short covering inventory adjustment to Key Sell Program Resistance, 45.85s, closing at 47.73s.

Focus into Tue’s auction on response to prior Supply Cluster, 47.75s-47.85s.

WTI 24Mar

Friday’s Auction

As noted in Thu’s analysis, the focus into Fri’s auction on response to the developing Balance Cluster, 47.60s-47.95s, was key as Globex buying interest drove price higher in a Buyside Breakout Attempt, auctioning to 48.12s. Selling interest emerged there, driving price back into Balance as the Buyside Breakout failed. Rotation through the prior Balance, consistent with market logic, as selling interest emerged at 47.65s, attempting to drive price lower in a Sellside Breakdown Attempt to 47.54s. Buying interest emerged there, driving price back into Balance, as two-sided trade developed, closing at 47.97s.

Focus into Mon’s auction on response to the developing Balance Cluster, 47.60s-48.05s.

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.