Crude Oil (CL1) Up $1.02 in Last 4 Hours, Moves Up For the 2nd Day In A Row; in a Downtrend Over Past 14 Days

Crude Oil 4 Hour Price Update

Updated September 17, 2020 12:50 AM GMT (08:50 PM EST)

38.28 was the closing price of the four-hour candle for Crude Oil, resulting in the current 4 hour candle being one in which price moved up 2.74% ($1.02) from the previous 4 hours. Relative to other instruments in the energy commodity asset class, Crude Oil ranked 2nd since the previous 4 hours in terms of percentage price change.

Crude Oil Daily Price Recap

Crude Oil came into today up 4.91% ($1.88) from the open of the day prior, marking the 2nd day in a row it has gone up. Out of the 6 instruments in the energy commodity asset class, Crude Oil ended up ranking 2nd for the day in terms of price change relative to the day prior. Here is a daily price chart of Crude Oil.

CL1

Crude Oil Technical Analysis

The first thing we should note is that Crude Oil is now close to its 20, 50 and 200 day averages, located at 40.82, 41.12 and 40.47 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 16 out of the past 30 days.

Overheard on Twitter

For laughs, fights, or genuinely useful information, let’s see what the most popular tweets pertaining to Crude Oil for the past day were:

  • From OvieSheikh:

    is $40/ barrel , or around N150 when oil is $60/ barrel.The shipping rate of moving crude oil from Nigeria to the refineries in Europe is $30,000 a day. These companies then add labour cost of refining, electricity bills, taxes, insurance and profit margins to the crude oil.

  • From Samir_Madani:

    US imports of crude oil are so low now that Canada accounts for 60% of it, and that amount is transported mostly by land. Only around 2Mbpd is imported by sea from other countries. That’s the equivalence of just one VLCC supertanker a day, on average.#OOTT #EIAReport

  • From JavierBlas:

    For the 3rd consecutive month, Chinese refineries swallowed >14 million b/d of crude oil in August. True, a chunk of the output is stored or exported, but it feels like Chinese demand is stronger than thought (and certainly, refineries didn’t cut runs over the summer) |#OOTT

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

Around The Barrel – Crude Oil Draws as Production Returns From Laura

DOE Weekly Petroleum Status Report: 9/9/20 -381k +400k Note in bbls *exp = Reuters poll est except Cushing Summary of Weekly Petkoleum Data for the Week (Live Link) Weather Watch Gulf of Mexico API Crude Inventories WTI Crude Oil Futures Weekly Chart Outlook via @KnovaWave In any break key is crowd behavior to help tell the story….We watch ABC corrections from here….That is -59.5 mil YoY US consumers spent $81779.10 million dollars per day for gasoline last week.


“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