Crude Oil (CL1) Up $0.39 On 4 Hour Chart, in an Uptrend Over Past 14 Days; Price Base in Formation Over Past 30 Days

Crude Oil 4 Hour Price Update

Updated November 19, 2020 01:49 AM GMT (09:49 PM EST)

Crude Oil came into the current 4 hour candle up 0.94% ($0.39) from the open of the previous 4 hours, marking the 3rd straight candle an increase has occurred. Out of the 6 instruments in the energy commodity asset class, Crude Oil ended up ranking 3rd for the four-hour candle in terms of price change relative to the previous 4 hours.

Crude Oil Daily Price Recap

Crude Oil came into today up 0.94% ($0.39) from the open of the previous day, marking the 3rd consecutive day an increase has occurred. Relative to other instruments in the energy commodity asset class, Crude Oil ranked 3rd since the previous day in terms of percentage price change. Let’s take a look at the daily price chart of Crude Oil.


Crude Oil Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Price action traders in particular will want to note that the 30 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.

Overheard on Twitter

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

  • From JavierBlas:

    And it’s not just China who’s buying: Japanese, Indian, and South Korean firms were all on the market buying crude from WAF, US, Middle East and Russia. In the meantime, crude oil floating storage in Asia drops further. But yes, the picture is quite different West of Suez | #OOTT

  • From mickiebrownkie:

    The HoR summoned the Group Managing Director of the @NNPCgroup, Mele Kyari; and the Governor of the @cenbank, Godwin Emefiele, over non-remittance of $19.25bn (approximately N3.24tn) revenue that accrued from sales of crude oil in 2014.

  • From UchePOkoye:

    I’d like to see media houses invite the finance minister to explain to us why PMS is very expensive despite the falling of crude oil.
    NOI was harassed on a daily basis.

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

China makes rare, but small, draw on crude oil inventories: Russell | Reuters

A combination of record refinery processing and an easing of import volumes, as the last of the cheap crude bought during a brief price war in April was delivered, led to a likely small draw on inventories in October….While the small apparent draw in inventories in October may suggest Chinese refiners will use up stockpiled crude, it’s far too early to say for certain this is the case.

“Energy Ellen” is the collective pseudonym used by several writers who contribute to our energy commentary who are passionate about the intersection of energy, economics, and investing. Follow Energy Ellen on social media: Instagram