Crude Oil 4 Hour Price Update
Updated September 03, 2020 11:08 AM GMT (07:08 AM EST)
41.51 was the closing price of the four-hour candle for Crude Oil, resulting in the current 4 hour candle being one in which price moved down 2.92% ($1.25) from the previous 4 hours. Relative to other instruments in the energy commodity asset class, Crude Oil ranked 4th since the previous 4 hours in terms of percentage price change.
Crude Oil Daily Price Recap
Crude Oil entered today at $41.51, down 2.92% ($1.25) from the day prior. 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 the day prior. Below is a daily price chart of Crude Oil.
Crude Oil Technical Analysis
Notably, Crude Oil crossed below its 20 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For another vantage point, consider that Crude Oil’s price has gone down 7 of the previous 14 trading days.
Overheard on Twitter
Behold! Here are the top tweets related to Crude Oil:
- From TonyMicelliAyOh:
@Yooperfun @EdwardGouin @VincentCrypt46 Oil chemistry and geology. Crude oil is not produced by living organisms. We have more oil (and more is always being produced) than we will ever use. Don’t believe the lying sacks that want us to live like cavemen while they drive Maybachs and fly around on G6’s.
- From 80_mcswan:
why are the British are so desperate to hold on to Scotland?
65% of the UK natural gas production
90% of UK’s Fresh Water
60% of the Uks fish landings
92% of Uks hydro-electric production
40% of UKs wind wave & solar energy production
96% of UK’s crude Oil production!
- From ONGC_:
#ONGC registered Profit After Tax of INR496 crore for 1st quarter of fiscal 2020-21, despite Net Realization on crude Oil dipping 56% and lower gas prices due to pandemic. The Oil major maintained level of crude oil production notwithstanding lockdown in April June. #ProudONGCian
For a longer news piece related to CL1 that’s been generating discussion, check out:
The area has capacity to store up to another +25 million bbl if necessary:via John Kemp @JKempEnergy WTI Crude Oil Futures Weekly Chart Outlook via @KnovaWave In any break key is crowd behavior to help tell the story….Crude build of +19.2MM as crude stocks hit above 500MM for the first time since June 2017….Cushing +5.7MM and +15.66 in the last 3 weeks….EIA Products: EIA Products:Products build of +7.99MM as gasoline and disty build +4.9MM and +6.28MM.
“Energy Ellen” is the collective pseudonym used by several writers who contribute to our energy commentary who are passionate about the intersection of energy, economics, and investing. Follow Energy Ellen on social media: Instagram