WTI Crude Daily 28Apr

Monday’s Auction
As noted in Tue’s analysis, focus into Tue’s auction on response to 56.50s was key as price discovery lower toward 56s developed. Buying interest developed there, driving price higher through the remainder of the Globex auction toward Mon’s Settlement. Buying interest emerged early in the NY auction, driving price higher toward Mon’s Selling Tail within the Key Resistance Area. Focus on response to 57.30s-56.90s, into Wed’s auction.
Tuesday’s Micro-Blog Excerpt
As noted during Tue’s auction
(highlighted in yellow) 
  • The early NY auction selling was to be monitored for confirmation of either a long liquidation break or something more structurally significant. The focus on response to 56.80s-56.90s was key. 
  • Responsive buy programs (RBP) entered at/near 56.90s-56.95s with the High unsecured amidst overlapping higher Value. This implied structural risk to Sellside and potential for price discovery higher. 
  • Initiative buy programs (IBP) entered, 57.30s-57.35s, as expectation for price discovery higher developed. 
  • Key upside reference levels included Mon’s Selling Tail, 57.70s-57.90s. Ultimately, the market developed a buyside momentum high into 57.75s before achieving the Stopping Point High, 57.83s, within Mon’s Selling Tail. 

Tuesday’s Micro-Blog Excerpt

WTI Crude Daily 27Apr

Friday’s Auction
As noted in Fri’s analysis, focus into Mon’s auction on response to continued Balance development, 56s-58.50s, was key as filling of the double distribution, 55s-59s, continues. Focus into Tue’s auction on response to 56.50s. 
Monday’s Micro-Blog Excerpt
Noted here during Mon’s auction
(highlighted in yellow)
  • Controlled selling from the Stopping Point High early in the NY auction, forming a Structural Selling Tail, 57.90s-57.70s. This structural development implied the potential for price discovery back lower through the Globex range.
  • Both the false Buyside breakout and Selling Tail developments implied price discovery potential lower. Initiative sell programs (ISP) entered at/near 57.40s, and ultimately, the market auctioned to both the Globex Low and Fri’s NY Low Areas before a halt in the sellside auction occurred. 

Monday’s Auction