Crude Oil 4 Hour Price Update
Updated June 19, 2020 11:08 AM GMT (07:08 AM EST)
Crude Oil entered the current 4 hour candle at $38.84, up 2.32% ($0.88) from the previous 4 hours. 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
The choppiness in the recent daily price action of Crude Oil continues; to start today, it came in at a price of 38.84 US dollars, up 2.32% ($0.88) since yesterday. Relative to other instruments in the energy commodity asset class, Crude Oil ranked 3rd since yesterday in terms of percentage price change. The daily price chart of Crude Oil below illustrates.
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 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 9 out of the past 14 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 NekkaSmith:
Summary of NNPC’S Mele Kyari’s misyarns & my responses.Kyari : it is impossible for now to stop the smuggling of crude oil products across the country’s borders to neigbouring countries.The Joke :Where is Hameed Ali, CG of Customs, the liar whose pants are not yet on fire ?
- From jamewils:
OCentre will take an undue advantage during falling crude oil price times while States suffer due to their reduction in VAT in actual price but benefit from excise hike as they charge VAT on these. So their protest will be tokenism. When prices increase Stares benefit immensely!
- From cchukudebelu:
Those who want to be naive can continue in their naivete.Bourdillon is the future of rent seeking (in the absence of crude oil rents).Some of us are still naive enough to believe that products of Bourdillon’s rent seeking enterprise will “reduce the cost of doing business”.
For a longer news piece related to CL1 that’s been generating discussion, check out:
Dear Standard Bank, Stanbic and Sumitomo Mitsui Banking Corporation, The East Africa Crude Oil Pipeline poses unacceptable risks to both the global climate and local people and nature….This lake basin supports the direct livelihoods of more than 30 million people in the region, for whom an oil spill could prove disastrous. The climate impacts from burning the oil that the pipeline would transport will surpass the potential financial gains the host countries are expecting to generate, at a time when the world is heading for a climate crisis….Further, the project presents unacceptable risks to local people, natural ecosystems and wildlife and threatens to open up Uganda’s Murchison Falls National Park to oil extraction.