Crude Oil 4 Hour Price Update
Updated July 21, 2020 11:08 AM GMT (07:08 AM EST)
40.81 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 up 0.54% ($0.22) from the previous 4 hours. Out of the 6 instruments in the energy commodity asset class, Crude Oil ended up ranking 2nd for the four-hour candle in terms of price change relative to the previous 4 hours.
Crude Oil Daily Price Recap
Crude Oil entered today at $40.81, up 0.54% ($0.22) from yesterday. Out of the 6 instruments in the energy commodity asset class, Crude Oil ended up ranking 2nd for the day in terms of price change relative to yesterday. Let’s take a look at the daily price chart of Crude Oil.
Crude Oil Technical Analysis
Notably, Crude Oil is now close to its 20 day averages, located at 40.08 respectively, and thus may be at a key juncture along those timeframes. 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 5 of the previous 10 trading days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.
Overheard on Twitter
Behold! Here are the top tweets related to Crude Oil:
- From Pankaj66467860:
@PiyushGoyal @RailMinIndia Wow! never ever seen such things before. One more video please in which a train is carrying thousands of passengers sitting on the roof or a train carrying milk/crude oil. Saheb, how do you do this? Is this the thing you have been appointed for? Declare #NTPCEXAMDATE
- From IndoPac_Info:
The US is increasingly becoming a key partners in India’s energy security. India has been importing oil and gas from the US since 2017, and discussions are underway to store crude oil in American strategic reserves, the people said on condition of anonymity.
- From A_Melikishvili:
1/2 It turns out SOCAR’s oil refinery in Baku processed some of the crude oil from Turkmenistan, according to SOCAR’s VP for Investments and Marketing Elshad Nassirov, who also says that trans-Caspian gas transport can be arranged without building costly underwater pipeline.
For a longer news piece related to CL1 that’s been generating discussion, check out:
India plans to store its crude oil in US strategic petroleum reserves for use not just during emergencies but also for trading to capture any price advantage, officials said….The oil stored in the US reserves can be used for the nation’s own needs or can be traded to capture price advantage, he said adding these two scenarios work when oil prices rise after India has bought and stored oil in US reserves….The US has 714 million barrels of oil storage capacity in its strategic petroleum reserve, the world’s largest supply of emergency crude oil.