Crude Oil (CL1) Underperforms All Energy Commodities, Down 10.26%; in a Downtrend Over Past 90 Days

Crude Oil Daily Price Recap

Crude Oil came into today down 10.26% ($2.3) from the open of yesterday, marking the 3rd day in a row a decline has happened. On a relative basis, Crude Oil was the worst performer out of all 6 of the assets in the energy commodity asset class today. Let’s take a look at the 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. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 9 out of the past 14 days.

Overheard on Twitter

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

  • From russian_market:

    we will see crude oil by $6

  • From dpradhanbjp:

    Thanked Mr Sechin for facilitating the delivery of the first cargo of Urals Grade Russian crude oil at Paradip port last month- under the first-ever Term Contract between Rosneft and @IndianOilcl.

  • From OsosaChris:

    Jonathan was Presi 4 almost 6 years. Can any1 point 2 any critical infrastructure he established that is of benefit 2 d nation today? Have in mind what his govt earned from crude oil sale was almost more than what all other administrations combined earned. How GOOD was his LUCK?

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

Why is Nigeria not hedging its crude oil like Mexico? | Nairametrics

Crude oil producers can, therefore, hedge against crashes in oil prices by taking a position in the crude oil futures market….Mexico has a sovereign oil hedge that insures it against low prices….According to Silas Ozoya, the President/CEO of Suba Capital: “Nigeria does not have a crude oil hedging program because those in the front line of such policies and decisions believe the crude oil and the market will always be there.  “Hedging in all ramifications means to protect your investment against a future occurrence in the market, whether bullish or bearish.  “What we need are crude market analysts with anticipation of the market to be able to convince these policies and decision makers to make such policies compulsory to hedge out crude revenue against market movements.  “The excess crude reserves we currently have and operate are like savings accounts; we go there to dip our hands every time we have a need.