Wednesday's Auction
via The Daily
As noted in Tue's analysis, the focus
into Wed's auction on response to the Composite Cluster, 41.50s-42.30s, was key
as selling interest emerged, driving price below the Cluster Low forming a Gap
Lower open, resulting in long liquidation toward the Daily 2nd Std Dev Low.
Focus into Thu's auction on the Breakdown Point/Prior Support, 40.30s, for
confirmation/negation of the Sellside directional attempt.
WTI Gap Lower Opens
via The Daily
via The Daily
Wednesday's auction saw a Structural Gap Lower open. Based on the market generated data, this structure implied asymmetric potential for lower prices. Although the EIA data release did cause an aggressive short covering inventory adjustment, the market ultimately traded toward the Daily 2nd Std Dev Low, consistent with market logic.
