Crude Oil (CL1) Up $0.35 Over Past 4 Hours, Outperforms All energy commodity; Price Base in Formation Over Past 14 Days

Crude Oil 4 Hour Price Update

Updated August 03, 2020 07:08 AM GMT (03:08 AM EST)

Crude Oil entered the current 4 hour candle at $40.27, up 0.88% ($0.35) from the last 4 hour candle. On a relative basis, the current 4 hour candle were pretty good: Crude Oil bested all 6 of the assets in the energy commodity class 🙂

Crude Oil Daily Price Recap

The choppiness in the recent daily price action of Crude Oil continues; to start today, it came in at a price of 40.27 US dollars, up 0.88% ($0.35) since the previous day. Crude Oil outperformed all 6 assets in the energy commodity asset class since the previous day. Below is a daily price chart of Crude Oil.


Crude Oil Technical Analysis

The first thing we should note is that the current price of Crude Oil is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 6 out of the past 10 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

Overheard on Twitter

Over on Twitter, here were the top tweets about Crude Oil:

  • From MoiraWetherell:

    @martinstewart @RonJere24404501 @Francis92802166 @StevenM95164330 @standfree3 @ColinMair3 @aBStRactARtiSTe @andrewskea @scotfax @2351onthelist @DhuisgearN @steveja89368890 @_Caledonia @Chunkyferryman @DarkSideoDunoon @BagginsGSX1250 @notmydaughteru_ @AndrewH42746433 @edglasgow59 @CraigGlasgow2 @D4444Syd @Jamesreilly65 @BAZ__17 @WeeMac_donald @A_Atkinson1962 @VoteSNPOut @Notinmy45877876 @Douglas4Sandra @salvai6 @RobertK44648171 @bigscrab @bellesareblue @SabaidSionnach @JimMcMenamin8 @ScreamNevermore @Jim1Jas @dougie_mitch @Kat_Bee_123 @NorthOfTheCrap @sunshineonleith @ScobbieJames @keirhardie4 @Peterbojangles @maskeldie @JohnDunipace @Bobbofitz @LadySandison @IanAbNe @BigBhoy18881 @AudioKid3 Refined oil, crude oil and petroleum gas all feature in the top 10 of UK exports ( 🏴󠁧󠁢󠁥󠁮󠁧󠁿 ) , which as we know, Scotland is largely responsible for producing 😊

  • From Samir_Madani:

    Venezuela’s crude oil exports are down by nearly 90% over the past dozen years, however for a country that produced 480T of gold in 2017, even 400T of gold is valued today at nearly $26B. Oil shipments barely bring in half a billion dollars a month. Gold is easier to move. #OOTT

  • From Greatman__:

    why do some of you find it amusing when a female insults a male on here, but are very quick to pull the ” be a gentleman ” card when the action is reciprocated? ei the male dier ebe crude oil dey run through his veins?

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

Crude Oil: If it Doesn’t Bleed, it Doesn’t Lead

Front-month WTI crude oil prices ended July slightly higher than where they began the month….This is always the case with energy in bear markets, especially a market that has just dealt with negative spot prices….As in, cash prices (aka spot prices) need to lead the market higher….Because commodities like crude oil and refined products can be stored and this fact anchors future prices to spot prices despite short-term disconnects….Spot prices hovering aimlessly around the $40 level for over a month do not prove-up a bullish case for spreads….After all, it was spot prices that took the entire complex down, it will need to be spot prices that take the complex back up.