Crude Oil (CL1) Down $0.15 On 4 Hour Chart; Started Today Up 0.83%

Crude Oil 4 Hour Price Update

Updated December 31, 2020 01:52 AM GMT (09:52 PM EST)

The back and forth price flow continues for Crude Oil, which started the current 4 hour candle off at 46.6 US dollars, down 0.32% ($0.15) from the last 4 hour candle. Those trading within the energy commodity asset class should know that Crude Oil was the worst performer in the class the current 4 hour candle.

Crude Oil Daily Price Recap

Crude Oil is up 0.83% ($0.4) since the day prior, marking the 2nd consecutive day it has gone up. Out of the 6 instruments in the energy commodity asset class, Crude Oil ended up ranking 3rd for the day in terms of price change relative to the day prior. Below 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 7 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 thebardogbamola:

    How do you know that Nigerian leaders are not serious. Their obvious neglect of the IT industry. We have seen IT sectors rake in money in short periods that it will only take Nigeria a year of crude oil production to earn, yet our leaders are not looking in the direction.

  • From savndaniel:

    If crude oil was discovered in the north, what we know today as ‘Nigeria’, would have long cease to exist. And yes, discussing Nigeria’s unity or its seemingly continuous existence would not be seen as a taboo, an act of treason nor cession.

  • From PAU_Uganda:

    Why is Uganda opting for devt of a Refinery & a crude oil export pipeline?@GovUganda undertook a feasibility study on in-country refining in 2010.The study recommended devt of a refinery was the most economic option for the utilisation of Uganda’s crude oil#UgandaOil (Thread)

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

UAE-owned oil tankers transport Venezuela’s crude oil, evading U.S. sanctions | CP24.com

Within weeks, a little-known company based in the United Arab Emirates took over management of several tankers that had been shipping Venezuelan oil….The company, Muhit Maritime FZE, is one of three UAE-based entities identified by Reuters that have shipped Venezuelan crude and fuel during the second half of this year….A representative of the Fujairah Free Zone, where Issa Shipping and Asia Charm are based, said he was not aware of the two companies’ involvement in transporting Venezuelan oil….Then, in June, Washington sanctioned the vessels that it accused of transporting Venezuelan oil and their registered owners….The three supertankers – the Kelly, Marbella and Rene – each transported nearly 2 million barrels of Venezuelan crude and fuel in the first half of 2020 after coming under Issa’s management, a batch of internal PDVSA shipping documents show….Thirty-eight of the 75 tankers that transported Venezuelan crude or fuel between July and November got new owners, managers or both in 2020, according to internal PDVSA documents and Equasis.