Crude Oil Daily Price Recap
22.76 was the closing price of the day for Crude Oil, resulting in today being one in which price moved down 9.29% ($2.33) from yesterday. On a relative basis, Crude Oil was the worst performer out of all 6 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. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Or to view things another way, note that out of the past 30 days Crude Oil’s price has gone down 18 them.
Overheard on Twitter
For a longer news piece related to CL1 that’s been generating discussion, check out:
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.