WTI 16Feb

Thursday’s Auction

As noted in Wed’s analysis, the focus into Thu’s auction on response to Wed’s Demand Cluster, 52.80s-53s, was key as Globex buying interest emerged there amidst the Mar-Apr contract roll liquidity vacuum, driving price higher toward 53.96s, at our Avg Daily Range High Expectation as the market opened Gap Higher. Buying interest emerged early in NY at 52.85s, driving price higher, achieving the Stopping Point High, 54.06s, in a stop clearing liquidity operation. Selling interest emerged, driving price lower, filling the Gap as long liquidation unfolded, achieving the Stopping Point Low, 53.12s, within Wed’s Demand Cluster. Buying interest emerged, developing Balance into mid-auction, 53.15s-53.40s, before buying interest, emerged at 53.30s, driving price higher in rotational trade to 53.75s, closing at 53.75s.

Focus into Fri’s auction on response to Thu’s Key Demand Cluster, 53.80s-54s.