WTI Crude: Daily Structure & Price. 07Aug

Wednesday's Auction 

As noted in Wed's analysis, response to 96.70s-97s was key as minor range extension lower occurred in Thu's Globex session. Buying interest emerged upon both retests.

As noted to subscribers overnight, the expectation that a Structural Stopping Point Low, 96.55s, was in place has confirmed as price discovery above Key Structural Resistance, 97.50s, has unfolded during Fri's Globex Asia session. Focus on Balance development, 96.50s-98.75s, into Fri's auction.

Thursday's Auction