Crude Oil 4 Hour Price Update
Updated December 30, 2020 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 entered today at $48, up 0.8% ($0.38) from the day prior. Relative to other instruments in the energy commodity asset class, Crude Oil ranked 3rd since the day prior in terms of percentage price change. Let’s take a look at the daily price chart of Crude Oil.
Crude Oil Technical Analysis
The first thing we should note is that 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. Or to view things another way, note that out of the past 14 days Crude Oil’s price has gone up 9 them.
Overheard on Twitter
Over on Twitter, here were the top tweets about Crude Oil:
- From danishhen2:
@olusogaowoeye People still don’t know that our local economy is booming. What they think is we get our forex solely from Crude Oil. If you know the amount of factories, farm lands and all sort of industries this Buhari govt has brought back to this country, you will not slush your country!
- 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)
In terms of news links for Crude Oil here’s one to try:
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.