WTI Crude Daily 26Mar

Wednesday’s Auction
As noted in Wed’s analysis, focus on Buy Spike, 48.40s-49.45s, into Thu’s auction was key as buying interest emerged within the Buy Spike on geopolitical narrative, driving price higher beyond the Daily 2nd Std Dev High, ultimately developing value higher. Focus into Fri’s auction on response to the Key Overhead Supply Cluster, 52s-50.80s. 
 
Thursday’s Micro-Blog Excerpt I
Noted here during Thu’s auction
(highlighted in yellow)

  • Filling in of the early Buying Tail, implying potential for price discovery below 50.10s.
  • Key downside reference levels including the Globex Buy Program Support, 49.80s. 
  • Sellside momentum extreme developing into the 49.80s.  

 
Thursday’s Micro-Blog Excerpt II
Noted here during Thu’s auction
(highlighted in yellow)
  • Following development of the sellside momentum low at/near 49.80s, buying interest emerges at/near Globex Buy Program Support, 49.80s, as the NY auction developed a D shape structure, implying the potential for directional activity.
  • Initiative buy programs (IBP) entered at/near 50.45s-50.50s as price discovery higher unfolded toward 15.65s. 

Thursday’s Auction

WTI Crude Daily 25Mar

Tuesday’s Auction
As noted in Tue’s analysis, focus into Wed’s auction on response to Tue’s Key Structural Support, 47.15s, was key as buying interest entered there, ultimately resulting in price discovery higher despite the “bearish” EIA data narrative toward the Avg Daily Range High. Focus on Buy Spike, 48.40s-49.45s, into Thu’s auction.
Wednesday’s Micro-Blog Excerpt
Noted during Wed’s auction
(Highlighted in yellow)
  •  Sellside momentum extreme reached early in NY auction at/near 47.35s.
  • Responsive buy programs (RBP) enter at/near 47.45s-47.55s.
  • Key Structural Support holds as a Structural Buying Tail, 47.40s-47.70s, develops, implying potential for price discovery higher.
  • Buy programs at/near 48.05s. Ultimately, the market auctioned higher toward our Avg Daily Range High Expectation, 49.25s, to 49.46s. 

Wednesday’s Auction