(Last Updated February 24, 2021)
Welcome to the news page for Crude Oil (CL1). Below you’ll find our daily market updates. Here’s a technical and fundamental summary of where things currently stand:
If we observe the 90, 30 and 14 day timeframes, we see an uptrend in place for CL1.
CL1’s moving averages suggest the trend on a number of time horizons is bullish.
Below is a chart showing CL1’s price with its moving averages.
At the time of this writing, CL1’s price is up $2.41 (4.07%) from the week prior. Moreover, note that this is a reversal of the price action on the previous week, in which price moved down. Regarding the trend, note that the strongest trend exists on the 20 week timeframe. Looking further out, the moving averages on the weekly timeframe suggest a choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders. The weekly chart below shows CL1’s price action over the past year.
Price modulation, meaning government continuing to set prices through the pppra will mean not taking advantage of the situation and eventually returning to a very wasteful subsidy in the near future where petroleum resources are not optimized in full for the benefit of the country.
Funny how people think he’s just lavishing his father’s wealth.