Since the beginning of the week, the raw oil variety WTI has shown a strange pattern of behavior. In part, maybe a coincidence, perhaps a logical connection because of the opening of the NYSE, but the constant sale at one particular hour for the whole week can not be noticed and trigger our attention and curiosity.
For the past five days, WTI has been sold out with a heavy volume at exactly 16:30 when it opens the US session. In view of the usual sharp oil reactions after good or bad news, this pattern stands out, with sell-off following a slight consolidation before the same thing happens again.
Maybe oil producers begin to hedge?
Trader Martin Nikolov