Crude Oil (CL1) Down 1.54%; in a Downtrend Over Past 90 Days

Crude Oil Daily Price Recap

Crude Oil came into today down 1.54% ($0.35) from the open of yesterday, marking the 2nd day in a row it has gone down. Relative to other instruments in the energy commodity asset class, Crude Oil ranked 5th since yesterday in terms of percentage price change. Here is a daily price chart of Crude Oil.

Crude Oil Technical Analysis

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 90 day horizon; over that time period, price has been moving down. For another vantage point, consider that Crude Oil’s price has gone down 6 of the previous 10 trading days.

Overheard on Twitter

Behold! Here are the top tweets related to Crude Oil:

  • From cchukudebelu:

    Ghana is obviously, better governed than Nigeria.Only thing Nigeria has is a lot of people and the ability to sell nearly 2 million barrels of crude per day.By the end of this decade, the crude oil advantage will be gone, and not much left – except millions of angry people

  • From timkmak:

    The president said his administration would “purchase, at a very good price, large quantities of crude oil for storage in the U.S. Strategic Reserve.”Not a drop has been purchased. When he made the pledge he hadn’t secured funds from Congress. And still hasn’t.

  • From William_Ukpe:

    2015 election was when I realised that..Nigerians will drown south-south minorities in Crude Oil if the right propaganda works on una..So I don’t know why you people are mad Sha.Them done see us finish, you played along in 2015.Enjoy the insults.

As for a news story related to Crude Oil getting some buzz:

Nigeria must optimize crude oil exports value for growth – Isong – Daily Trust

In this interview, he speaks on crude oil price crash, what OPEC should do and what the Nigerian government should do to attract investors to the oil sector this trying time to improve its contributions to the nation’s GDP and by implication, the country’s sustainable development   Do you think Nigeria can sustain its recent growth trajectory in this fiscally trying time for the country as the volatility in the international oil market lingers?…What is your advice now for the Federal Government on the new pump price?  Successive governments have tried to deregulate fuel prices and have struggled to do so for socio-political reasons….Price modulation, meaning government continuing to set prices through the PPPRA will mean not taking advantage of the situation and eventually returning to a very wasteful subsidy in the near future where petroleum resources are not optimized in full for the benefit of the country.  By advising the move to price deregulation we advocate setting up the conditions for and encouraging price competition under the watchful oversight of a competition czar….Price deregulation sustainably eliminates arbitrage or smuggling across the border and over time, sanitizes the entire downstream petroleum industry, saving the country billions of naira which could then be spent on social services such as education and health as well as infrastructure investments….We need to deregulate prices now….We need to deregulate prices to avoid sharp practices and cutting corners.