As of 730 CST, the market has balanced at/near the current cluster high/Stopping Point from Fri, 94.20s, probing the high as the market flow has rolled into the May contract.
Despite yesterday’s Cyprus/Contract roll sound & fury, sellside response at/near current cluster high remains key to further market development.
As of 730 CST,
the market has auctioned lower
approx. an avg daily range below Fri’s Settlement,
93.45s, toward the structural low at/near 92.10s.
Friday’s Gap Open higher failure implied an inventory imbalance and price discovery potential lower. The market is poised for Gap Open lower,
gap rules apply.