Oil & Gas Daily 24Jun

Wednesday's Auction

WTI Daily Auction 24Jun

WTI

  • Wednesday's Auction Saw Narrow Balance Develop At Key Support Into The London Auction. Sell Excess Then Formed As A Sellside Breakdown Developed Through Key Support To 39.36s As A Gap Lower Open Formed Into The NY Open. 
  • Sell Excess Formed As Buyers Trapped Early In NY Trade Confirming The Breakdown And Gap Lower Open. Aggressive Price Discovery Lower Continued Through The EIA Release (+1.4mil v +229k exp) To 37.31s Near Wed's 2SD Low Target. Buying Interest Emerged There Amidst Buy Excess, Halting The Selloff. Balance Developed, 38.60s-37.65s, Into The NY Close....