WTI Crude Daily 23Feb



Friday's Auction
 
As noted in Fri's analysis, focus on response to developing Balance, 52s-51s, was key in Mon's auction as selling interest drove price lower toward the Daily 1st Std Dev Low. Buying interest emerged there, developing Balance before initiative buying interest drove price higher on OPEC chatter, only to be rejected, forming a nested Selling Tail, 50.55s-49.75s, into the NY close. Focus on response to Selling Tail into Tue's auction. 




Monday's Micro-Blog Excerpt

As noted here (highlighted in yellow) during Mon's auction was the emergence of responsive buy program activity (RBP) near our Daily 1st Std Dev Low expectation, which had an approx. 81% probability of holding as support based on a rolling 20day basis.  This statistical support held and as noted the lack of selling interest early in the NY auction resulted in price discovery toward the 49.85s through mid-session.



Monday's Auction
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