Crude Oil (CL1) Down $0.83 in Last 4 Hours; Entered Today Down 1.98%

Crude Oil 4 Hour Price Update

Updated July 24, 2020 11:06 PM GMT (07:06 PM EST)

Crude Oil closed the last 4 hour candle down 1.98% ($0.83); this denotes the 2nd candle in a row a decrease has occurred. Out of the 6 instruments in the energy commodity asset class, Crude Oil ended up ranking 5th for the four-hour candle in terms of price change relative to the last 4 hour candle.

Crude Oil Daily Price Recap

Crude Oil came into today down 1.98% ($0.83) from the open of yesterday, marking the 2nd day in a row a decrease has occurred. Out of the 6 instruments in the energy commodity asset class, Crude Oil ended up ranking 5th for the day in terms of price change relative to yesterday. The daily price chart of Crude Oil below illustrates.

CL1

Crude Oil Technical Analysis

Coming into today Crude Oil is now close to its 20 day moving averages, which may act as price barrier for the asset. 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 30 day timeframe, which shows price moving up over that time. For another vantage point, consider that Crude Oil’s price has gone up 5 of the previous 10 trading days.

Overheard on Twitter

Over on Twitter, here were the top tweets about Crude Oil:

  • From jupoce:

    granted resource control of gold to some States.That is why all Niger Delta/South East States has to demand control of their crude oil and other mineral resources.Buhari’s agenda in Nigeria is only to empower the north at the detriment of the South and that is why I feel bad

  • From salmakwana90:

    We are not worried because as soon as they open international boarders our Bauchi crude oil will start shipping out through our brand new Baro port, and then we will use the proceeds to buy planes for our recently launched Air Nigeria with that wonderful logo.

  • From pelhambluefund:

    Stock Watch – OVH Small share baseSarawak counter – orderbook replenishment should not be an issueO&G exposure – though small, they are profitableCheap proxy to crude oil movementThese are the simple uncle-type explanations.. but they are worth something to the market

As for a news story related to Crude Oil getting some buzz:

How Sahara Energy, AA Rano Oil Sold Stolen $2.5billion Crude Oil in China, Shared proceeds With Buhari’s cabal – Pointblank News

Two Nigerian oil companies, Sahara Energy and AA Rano Oil were used by late Chief of Staff to President Mohammadu Buhari, Mallam Abba Kyari, to illegally sell 48 million barrels of stolen cude oil worth $2.5billion,
fresh facts obtained by Pointblanknews.com have revealed….Sources knowledgeable about the whole deal that prefers to remain anonymous told Pointblanknews.com that the late Chief of Staff after confirming the existence of the stolen crude in China, directed the current GMD of NNPC, Mele Kyari, who was then Group General Manager, Crude, to take over the crude stored in several tanks in China.