Crude Oil 4 Hour Price Update
Updated July 24, 2020 11:08 AM GMT (07:08 AM EST)
Crude Oil closed the previous 4 hours down 1.98% ($0.83); this denotes the 2nd candle in a row a decrease has occurred. Out of the 6 instruments in the energy commodity asset class, Crude Oil ended up ranking 5th 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 down 1.98% ($0.83) from the open of the day prior, marking the 2nd day in a row a decrease has occurred. Relative to other instruments in the energy commodity asset class, Crude Oil ranked 5th since the day prior in terms of percentage price change. Here is a daily price chart of Crude Oil.
Crude Oil Technical Analysis
Coming into today 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. 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. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. For another vantage point, consider that Crude Oil’s price has gone up 5 of the previous 10 trading days.
Overheard on Twitter
Behold! Here are the top tweets related to Crude Oil:
- From jupoce:
granted resource control of gold to some States.That is why all Niger Delta/South East States has to demand control of their crude oil and other mineral resources.Buhari’s agenda in Nigeria is only to empower the north at the detriment of the South and that is why I feel bad
- From salmakwana90:
We are not worried because as soon as they open international boarders our Bauchi crude oil will start shipping out through our brand new Baro port, and then we will use the proceeds to buy planes for our recently launched Air Nigeria with that wonderful logo.
- From pelhambluefund:
Stock Watch – OVH Small share baseSarawak counter – orderbook replenishment should not be an issueO&G exposure – though small, they are profitableCheap proxy to crude oil movementThese are the simple uncle-type explanations.. but they are worth something to the market
In terms of news links for Crude Oil here’s one to try:
Two Nigerian oil companies, Sahara Energy and AA Rano Oil were used by late Chief of Staff to President Mohammadu Buhari, Mallam Abba Kyari, to illegally sell 48 million barrels of stolen cude oil worth $2.5billion,
fresh facts obtained by Pointblanknews.com have revealed….Sources knowledgeable about the whole deal that prefers to remain anonymous told Pointblanknews.com that the late Chief of Staff after confirming the existence of the stolen crude in China, directed the current GMD of NNPC, Mele Kyari, who was then Group General Manager, Crude, to take over the crude stored in several tanks in China.