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

WTI Crude Daily 24Mar

 Monday’s Auction
As noted in Mon’s analysis, focus on response to Key Supply Cluster, 47s-47.50s, was key  in Tue’s auction as Globex buying interest drove price higher, achieving a Stopping Point High at/near 48.60s. Responsive sell programs enteed, developing Balance within the Prior Key Supply Cluster, 47s-47.50s. Focus into Wed’s auction on response to Tue’s Key Structural Support, 47.15s, an unsecured low.

Tuesday’s Micro-Blog Excerpt
Noted here during Tue’s auction 
(highlighted in yellow)
  • Following the development of the NY auction Selling Tail, 48.50s-48s, responsive selling interest re-emerged at/near 48s with the Low unsecured. 
  • Initiative sell programs (ISP) entered at/near 47.35s, implying potential for price discovery lower. 
  • Key downside reference levels included Globex Buy Program Support, 47.20s. 
  • Ultimately, the market auctioned lower to 47.15s in minor range extension.  
    Tuesday’s Auction