Crude Oil 4 Hour Price Update
Updated September 16, 2020 12:49 AM GMT (08:49 PM EST)
Crude Oil entered the current 4 hour candle at $37.25, down 0% ($0) from the previous 4 hours. Out of the 6 instruments in the energy commodity asset class, Crude Oil ended up ranking 5th for the four-hour candle in terms of price change relative to the previous 4 hours.
Crude Oil Daily Price Recap
The choppiness in the recent daily price action of Crude Oil continues; to start today, it came in at a price of 38.28 US dollars, up 2.74% ($1.02) since yesterday. Crude Oil outperformed all 6 assets in the energy commodity asset class since yesterday. Congrats to its holders! Here is a daily price chart of Crude Oil.
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 down. For additional context, note that price has gone down 16 out of the past 30 days.
Overheard on Twitter
Over on Twitter, here were the top tweets about Crude Oil:
- From OvieSheikh:
is $40/ barrel , or around N150 when oil is $60/ barrel.The shipping rate of moving crude oil from Nigeria to the refineries in Europe is $30,000 a day. These companies then add labour cost of refining, electricity bills, taxes, insurance and profit margins to the crude oil.
- From JavierBlas:
For the 3rd consecutive month, Chinese refineries swallowed >14 million b/d of crude oil in August. True, a chunk of the output is stored or exported, but it feels like Chinese demand is stronger than thought (and certainly, refineries didn’t cut runs over the summer) |#OOTT
- From bbhavyabishnoi:
Tax on 1l of diesel• Dr. Manmohan Singh gov: ₹3
• Narendra Modi gov: ₹31.83 (highest in the world)While fiscal discipline is required, the gov should pass on some of the benefits of lower crude oil prices to consumers, esp farmers.जागो भारत जागो! 🇮🇳 #letstalkeconomy
As for a news story related to Crude Oil getting some buzz:
Speaking when he hosted President Museveni in Chato District, northwestern Tanzania, President Magufuli said the project will see that Tanzania makes more than USD 3.24 billion and see the creation of over 18,000 jobs.
“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