WTI Crude Daily 27Feb

Thursday’s Auction

via The Daily
As noted in Thu’s analysis, focus in Fri’s auction on response to Thu’s Sell Spike was key as buying interest drove price aggressively higher, developing Balance, 49.50s-48.80s, through most of the Globex and NY auctions as end of the month position squaring occurred. Initiative sell programs entered at/near 49.30s, driving price aggressively lower, encountering buying interest, rejecting the low, forming a Structural Buying Tail, 48.45s-48.75s. Focus on response to undefined resistance at/near 50s, into Mon’s auction.

Friday’s Auction

WTI Crude Daily 25Feb

Tuesday’s Auction 
via The Daily 
As noted in Tue’s analysis, focus on response to Tue’s Sell Spike, 49.80s-49.20s, was key Wed’s auction as Globex selling interest drove price lower from the Spike, ultimately encountering a Structural Buying Tail, 48.40s-48.90s, on “bearish” EIA data, resulting in price discovery higher toward the 5DVWAP where buying interest emerged driving price higher toward 51.10s.  Focus on response to Wed’s Buy Spike, 50s-51.10s, into Thu’s auction.
Wednesday’s Micro-Blog Excerpt 
Noted here (highlighted in yellow):
  • Development of the Low via Structural Buying Tail, 48.40s-48.80s. 
  • The Buying Tail holding as support, implying the potential for price discovery higher.
  • Initiative Buy Programs (IBP) at/near 49.80s and the expectation for price discovery higher.
  • Key Upside Reference Levels (the market traded toward the 5DVWAP ahead of the NY close)


Wednesday’s Auction