WTI 14Jul

Thursday’s Auction
via The Daily

As noted in Tue’s analysis, the focus into Wed’s auction on response to Tue’s Unsecured High, 46.93s, was key as minor Globex selling interest drove price lower as two-sided trade developed into the NY auction ahead of the EIA data release as the D shape distribution matured, implying potential for directional activity. A false Buyside breakout developed as initiative buy programs failed followed then by initiative sell programs at/near 46.20s, driving price lower to 44.56s near our Daily 1st Std Dev Low Expectation at Key Structural Support, closing at/near 44.75s.  Focus into Thu’s auction on response to Wed’s Stopping Point Low, 44.56s. [huge_it_gallery id=”175″]