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

WTI 17Mar

Friday’s Auction

As noted in Thu’s analysis, the focus into Fri’s auction on response to developing Balance, 48.45s-48.90s, was key as buying interest emerged, driving price higher during Globex, achieving the Stopping Point High, 49.62s, near the Avg Daily Range High as the market opened Gap Higher. Initiative buy programs entered at 49.55s, driving price modestly higher to 49.71s where responsive selling interest emerged, driving price lower back into Balance, signaling a False Breakout. Controlled selling unfolded, driven price lower through Globex Balance amidst the Apr-May contract roll, closing at 49.31s.

Focus into Mon’s auction on response to Fri’s Balance, 49.10s-49.71s.