WTI 16May

Tuesday’s Auction

As noted in Mon’s analysis, the focus into Tue’s auction on Mon’s Upper Cluster, 49.40s-49.85s, was key as selling interest emerged near 49.10s, driving price lower in a Sellside Breakdown achieving the Stopping Point, 48.61s, at Mon’s Key Buy Program Support. Responsive buy programs entered there, developing Balance, 48.60s-49s, into mid-auction, before selling interest drove price lower to 48.50s, closing at 48.66s.

Focus into Wed’s auction on response to Tue’s Unsecured Low, 48.50s.