Crude Oil (CL1) Down $0.15 Over Past 4 Hours, Started Today Down 0.56%; in an Uptrend Over Past 14 Days

Crude Oil 4 Hour Price Update

Updated June 08, 2021 01:53 AM GMT (09:53 PM EST)

Crude Oil entered the current 4 hour candle at $46.6, down 0.32% ($0.15) from the last 4 hour candle. 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 $69.23, down 0.56% ($0.39) from yesterday. 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 yesterday. The daily price chart of Crude Oil below illustrates.

CL1

Crude Oil Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 14 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 Truthfully83:

    If you are a Southerner, & you are yet to realize that the core-north, is at war with the south, then you are sleeping on a bicycle.
    If the north should ban agricultural produce like beef & Onions to the south, then the south must cut her palm & crude oil produce to the north.

  • From XL2LETTERS:

    If we are being fair, PDP no bad reach this one. APC have set the bar so low, it has reached crude oil! Anybody saying PDP and APC are the same is lying to themselves.Don’t get me wrong, PDP failed the exam, but APC got expelled from the school!

  • From ElizManresa:

    @johncardillo FACTS: Over 300,000 Americans died of Covid under Trump, millions lost their jobs and filed for unemployment.
    Under Biden the US economy has added 1,572,000 since January.
    Your gas prices? Crude oil price is the single biggest factor in the price of gas— not Biden. 🙄

For a longer news piece related to CL1 that’s been generating discussion, check out:

Crude Oil: Ain’t No Stopping Us Now

In fact, since the beginning of the year, crude oil prices have risen over $20/bbl (left chart, green line vs yellow line)….In addition, monthly spread backwardation has also increased by more than $ 0.60/bbl since the beginning of the year (right chart, green line vs yellow line)….U.S. imports of gasoline and blending components typically rise in the summer months….Several significant supply events have forced East Coast markets — where a high percentage of gasoline imports land — to rely on outside product more than usual because of the rationalization of refining capacity in PADD 1….It should be noted that several gasoline components that might fall under gasoline blending component umbrella like naphtha, reformate and alkylate are not subject to RINs. As of last Friday’s close, the spread between US ethanol and US gasoline futures was almost $10/bbl (blue line below)….However, even demand picking up in those parts of the world is not likely to deter hefty imports coming to the U.S. as gasoline prices in the futures market and in U.S. spot markets trade at multi-year highs.