Crude Oil (CL1) Down $0.15 On 4 Hour Chart, Makes Big Move Relative to Two Week Trend; 3 Day Up Streak Broken

Crude Oil 4 Hour Price Update

Updated January 05, 2021 01:52 AM GMT (09:52 PM EST)

The choppiness in the recent four-hour candle price action of Crude Oil continues; to start the current 4 hour candle, it came in at a price of 46.6 US dollars, down 0.32% ($0.15) since the previous 4 hours. On a relative basis, Crude Oil was the worst performer out of all 6 of the assets in the energy commodity asset class the current 4 hour candle.

Crude Oil Daily Price Recap

Crude Oil’s 3 day positive streak has officially concluded, as the candle from yesterday closed down 1.85% ($0.9). Relative to other instruments in the energy commodity asset class, Crude Oil ranked 5th since yesterday in terms of percentage price change. Here is a daily price chart of Crude Oil.

CL1

Crude Oil Technical Analysis

Coming into today the current price of Crude Oil is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. For another vantage point, consider that Crude Oil’s price has gone up 6 of the previous 10 trading days.

Overheard on Twitter

For laughs, fights, or genuinely useful information, let’s see what the most popular tweets pertaining to Crude Oil for the past day were:

  • From AgMastersMrktng:

    During Aug/Sept in 2012, corn prices reached $8.49, beans $17.89, Chicago & KC wheat near $9.50, crude oil $112.00, and the USD index was around 80. The USD is in a solid downtrend. If it breaks 88, it will target 80 to 82. History does repeat. We will see if 2021 is repetitious!

  • From cchukudebelu:

    I was surprised to hear that Nigeria does more trade with India than the UK. Then I realized that India is our major crude oil customer. There are no political strings attached to that relationship right now, but politics tends to follow the economics, just a matter of time.

  • From ncitayim:

    #Opec Secretary General Barkindo: “We anticipate that crude oil demand will shift from reverse to forward gear and rise to 95.9 mn b/d this year, a gain of 5.9 mn b/d from 2020. The non-OECD will be in the driver’s seat with growth of around 3.3 mn b/d.” #oott

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

OPEC Forecasts 5.9mb Rise in 2021 Daily Crude Oil Demand – Arise News

The Organisation of Petroleum Exporting Countries (OPEC) has projected a daily crude oil demand increase by 5.9 million barrels per day this year, against the 2020 market figures, following the discovery of COVID-19 vaccines and the ramping up of economic activities in China….Barkindo stated that the global economy is now forecast to grow by 4.4 per cent in 2021, noting that the recent developments of the COVID-19 vaccine have injected optimism into the economy and the oil market….“Our analysts in the secretariat anticipate that crude oil demand will shift from reverse to forward gear and rise to 95.9 million b/d this year, a gain of 5.9 million b/d from 2020.