Spoken like a true professional. Great job

Good explanation but I have a somewhat different take. The buy-side programs ARE price sensitive (to an extent), which is the reason they're hedging. Even if they were price insensitive, their executor has a target average price in mind that they want to provide to their client -they get bonuses based on this. Thus, like you said, the programs activate once price is within their target range. They do not, however, drive price up (using long example). They simply provide tremendous liquidity that prevents the market from moving lower. What drives price up is speculative shorts being forced to cover. They get short expecting a breakout at the bottom of the range but the buy-side program prevents the breakout, drives price back up to the top of the range, and shuts off. As price nears the top of the range (or exceeds it), the shorts get nervous, long-breakout traders get on board, and the shorts get stopped out. The short covering in combination with the bandwagon long-breakout traders is what causes the pop up. Goldman Sachs (or whoever is executing the buy-side program) will let price run a bit but then they'll start absorbing on the offer; they're goal is to push it back down into the range so that they can continue executing their buy-side program. They have tremendous capital to do so. Moreover, they were planning on doing this in advance, so they [earlier] biased their book long while price was still in the program range; i.e. they bought along with their buy-side program. Now, once it's broken out a bit, GS is more than happy to rebalance their book by absorbing a ton of buying and/or selling a massive amount at market in order to force it back down. This is my own opinion/story that I tell myself. I don't have any insider knowledge. Overall, good video, thank you for taking the time to create it. Note that the hedgers are much less price sensitive than we are but that doesn't mean that they're price insensitive.

i have a question, why after institutional buying price gonna go down? isn't that bad for the institution/government that bought oil at those levels? i am a little confuse, help me out pls