Crude Oil (CL1) Fares the Worst Out of Energy Commodities, Down 9.29%; Breaks Below 20 Day Average

Crude Oil Daily Price Recap

The back and forth price flow continues for Crude Oil, which started today off at 22.76 US dollars, down 9.29% ($2.33) from the previous day. On a relative basis, Crude Oil was the worst performer out of all 5 of the assets in the energy commodity asset class today. The daily price chart of Crude Oil below illustrates.

Crude Oil Technical Analysis

Moving average crossovers are always interesting, so let’s start there: Crude Oil crossed below its 20 day moving average yesterday. 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 18 of the previous 30 trading days.

Overheard on Twitter

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

  • From spectatorindex:

    JUST IN: Crude oil prices up by over 4% on hopes of OPEC-Russia meeting resulting in production cuts

  • From PDP_2023:

    @AfricaFactsZone @chris_ezihuo He is the only son of Billionaire Chief Joseph Ezeokafor. Funny how people think he’s just lavishing his father’s wealth. Someone that use to be at their Apapa Jetty tank farm around 2am offloading crude oil.Dude works wayy too hard!

  • 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!

In terms of news links for Crude Oil here’s one to try:

Nigeria faces breaking point as India’s global crude oil demand drops by 70% | Nairametrics

India, one of Nigeria’s largest crude oil buyers has reduced its demand for crude oil by a whopping 70%….Nigeria’s reliance on India for crude exports shows a 70% drop in crude oil demand will significantly impact on Nigeria’s crude oil export earnings.