Good day! Could you tell me what is the volume on WTI after 2pm(near 2:30pm EST) every day at the same time?
The most probable cause is this.... In India, 2:30pm EST - 12pm Indian time. The volume is high. So, that's the time most intraday positions are closed. So naturally, the rest of the world conditioned themselves into trading this volume surge which leads to more higher volumes.
I noticed that this volume and direction of this movement usually anticipate future direction for next several days, not always but often
1-1:30pm CT is the Houston window for Platts' product assessments, when most of the volume in cracks and related fixed price futures are traded OTC. Related but not directly is the CME's own settlement period for WTI futures, the VWAP between 1:28-1:30pm CT. The WTI/Brent screen volume increases during the window as most of the market trades cracks to get into fixed price positions or vice versa to get into cracks - whichever is more liquid for the product in question. You can see the same uptick during the Singapore and London windows in Brent, however both at 4-4:30pm local time.