Crude Oil (CL1) Up 3.05%; in an Uptrend Over Past 14 Days

Crude Oil Daily Price Recap

Crude Oil came into today up 3.05% ($0.99) from the open of the previous day, marking the 5th day in a row an increase has occurred. Relative to other instruments in the energy commodity asset class, Crude Oil ranked 2nd 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

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 14 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 10 out of the past 14 days.

Overheard on Twitter

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

  • From Maywinzy:

    @davoe005 @Coded_MONK @dmightyangel @fimiletoks @OfficialPDPNig Can u see what u are doing. Exactly what I expected u to do. Now from doing ds exchange conversion & problems listed, can u include d price of crude oil as at both periods & revenue generated by previous & present administration via crude to progress. Smh

  • From rozirozay:

    Akwa Ibom state government has directed the slashing of salaries of  all political office holders  by 20%. This will be until the return of crude oil price to normalcy. Sad, but a good move by Governor Udom Emmanuel. Will it be a tall order to ask the State HOA to do same?

  • From Rudy28402798:

    EIA puking oil inventories last two weeks, large negative adj’s. Past three week’s neg adj’s lowered US crude oil inventories ~15mm bbls or nearly 5mm bbls/wk. EIA way behind the curve on US oil production. How much of that 100mm bbl inventory build was fairy dust?
    #oott #wti

For a longer news piece related to CL1 that’s been generating discussion, check out:

Nigeria’s crude oil demand is cimbing back to pre-coronavirus levels | Nairametrics

the Central Bank of Nigeria surprised the market by injecting estimated $90-$100million to the system….Published on By The Central Bank of Nigeria, in its quest to stabilize Naira injected funds to the currency market yesterday through the Wholesale Secondary Market Interventions….However, the Central Bank of Nigeria surprised the market by injecting estimated $90-$100million to the system…. All eyes are now set on silver as its prices started with huge follow-through buying after a convincing breakout this week.  Published on By Silver has finally joined its other rivals as the metal market has been performing well lately.