Crude Oil (CL1) Fares the Worst Out of Energy Commodities, Down 8.05%; in a Downtrend Over Past 90 Days

Crude Oil Daily Price Recap

18.27 was the closing price of the day for Crude Oil, resulting in today being one in which price moved down 8.05% ($1.6) from the day prior. Those trading within the energy commodity asset class should know that Crude Oil was the worst performer in the class today. Let’s take a look at the daily price chart of Crude Oil.

Crude Oil Technical Analysis

The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For another vantage point, consider that Crude Oil’s price has gone down 19 of the previous 30 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 ImtiazMadmood:

    WTI crude oil is very low at $18.07 due to most countries storage full, hence there are no buyers. Pundits expect it to drop to $15. But world’s economy is opening up in May and storage oil will be consumed. Perhaps it’s good opportunity to buy this week at whatever low it traces

  • From FinPlanKaluAja1:

    The cold had fact that cannot escape me is that the Nigerian Federation spent more money on fuel subsidies than on healthcare and education combined.The irony is that a virus has shut down the largest economy in Africa and crude oil (WTI) is $20 a barrel Selah.

  • From RealOlaudah:

    Bonny Light, our sweet crude has hit $12/barrel yet nobody is buying it! What a year 2020 has turned out to be! Remember that we planned our budget on $57/barrel? Maybe these serial crisis will eventually force our mentally lazy leadership to think beyond crude oil!

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

JUST IN: Ijaw youths protest as crude oil pollutes Bonny, Forcados, others

Speaking on the matter, Olorogun said: “The coastal communities of Bonny, Forcados and other surrounding communities are presently facing severe cases of oil pollution and other toxic substances in the midst of the global pandemic….“There are reports that some of the major oil companies operating in these areas may have discharged very dangerous toxic substances into their rivers and creeks; coupled with oil spills which have resulted in the death of marine and aquatic life….“The Council is calling on relevant government institutions and agencies to swiftly come to the aid of these Ijaw Communities of Bonny, Forcados,Kula and other riverine communities in the area to mitigate the effect of the oil pollution and the discharge of toxic substances that are presently destroying aquatic and marine life”.