Crude Oil Daily Price Recap
Crude Oil’s 4 day negative has officially concluded, as the candle from the day prior closed down 0% ($0). Out of the 6 instruments in the energy commodity asset class, Crude Oil ended up ranking 4th for the day in terms of price change relative to the day prior. Below is a daily price chart of Crude Oil.
Crude Oil Technical Analysis
Volatility for Crude Oil has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For another vantage point, consider that Crude Oil’s price has gone down 6 of the previous 10 trading days.
Overheard on Twitter
Over on Twitter, here were the top tweets about Crude Oil:
- From NarenMenon1:
India’s strategic petroleum reserves, which became active between 2015 to 2017, has a maximum capacity of around 40 million barrels of crude oil. That translates to translates to 10 days of consumption. Not ideal at all! In contrast China’s strategic reserves has 90 days worth!
- From NarenMenon1:
Ideally India should have between 60-90 days worth of storage. Based on average daily consumption of crude oil that translates to around 300 to 450 million barrels of crude oil. The strategic reserves should be located on both sides of the coast & close to major refining centers
- From NeerajCNBC:
– US and EU markets close lower
– Corona impact on economy visible now in numbers
– ETF based selling
– Crude Oil slips, Brent below $30 ($28)
– IEA predicts low global oil demand
– China growth numbers awaited
As for a news story related to Crude Oil getting some buzz:
The Federal Government had recently slashed the pump price of Premium Motor Spirit, PMS, also known as petrol; while it said nothing about deregulation of the downstream sector, but went ahead to add that it would hands off the management of the country’s refineries, as well as discontinue fuel subsidy payments….Speaking yesterday, at a virtual workshop for journalists on the oil sector reforms, Ms. Ronke Onadeko, a downstream petroleum industry expert, noted that the stakeholders in the Nigerian petroleum industry and potential investors were yet to understand the policy behind the Federal Government’s recent fuel price reduction and the claims by the Nigerian National Petroleum Corporation (NNPC), that fuel subsidy is gone forever….She called on the government to immediately commence a sensitization of Nigerians on the benefits of deregulation and on what would happen to the pump price of petrol if the prices of crude oil in the international market rises above its current levels; and if the naira is eventually devalued.