Crude Oil (CL1) Up $0.03 in Last 4 Hours, Started Today Down 0.19%; in a Downtrend Over Past 14 Days - CFDTrading

Crude Oil (CL1) Up $0.03 in Last 4 Hours, Started Today Down 0.19%; in a Downtrend Over Past 14 Days - CFDTrading


Crude Oil (CL1) Up $0.03 in Last 4 Hours, Started Today Down 0.19%; in a Downtrend Over Past 14 Days - CFDTrading

Posted: 14 Sep 2020 05:50 PM PDT

Crude Oil 4 Hour Price Update

Updated September 15, 2020 12:49 AM GMT (08:49 PM EST)

The back and forth price flow continues for Crude Oil, which started the current 4 hour candle off at 37.33 US dollars, up 0.08% ($0.03) from the last 4 hour candle. Out of the 6 instruments in the energy commodity asset class, Crude Oil ended up ranking 2nd for the four-hour candle in terms of price change relative to the last 4 hour candle.

Crude Oil Daily Price Recap

37.26 was the closing price of the day for Crude Oil, resulting in today being one in which price moved down 0.19% ($0.07) from yesterday. Out of the 6 instruments in the energy commodity asset class, Crude Oil ended up ranking 4th for the day in terms of price change relative to yesterday. The daily price chart of Crude Oil below illustrates.

CL1

Crude Oil Technical Analysis

The first thing we should note is that the current price of Crude Oil is sitting close to its 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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. As for those who trade off of candlesticks, we should note that we're seeing doji and pin bar patterns appearing here.

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 TankerTrackers:

    As for gas condensate, it is NOT gasoline. It can be refined into things like high octane gasoline and jet fuel with ease (since it is not crude oil) but it will likely be used as a blending agent to improve flow of Venezuela's very heavy crude oil in order to boost production.

  • From jumaf3_:

    East African neighbors no longer want to work with Kenya. Museveni has thrown away the Lapset project (useless project) & signed agreement with Magufuli for the construction of 1,445Km crude oil pipeline from Uganda's oil fields to the port of Tanga. Not even Somalia wants us.

  • From _SirWilliam_:

    Nobody can fool me with fantasies about Nigeria.2015 opened my eyes, Nigeria will drown my region in crude oil if they could.Border closure for you in the South, while no borders shut in the North.Now your judiciary is getting attacked because you hurt Elrufai's ego

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

Museveni, Magufuli sign pact to commission 1,445-km East African Crude Oil Pipeline » Capital News

Speaking when he hosted President Museveni in Chato District, northwestern Tanzania, President Magufuli said the project will see that Tanzania makes more than USD 3.24 billion and see the creation of over 18,000 jobs.


"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


The Oil Bulls Are Back - OilPrice.com

Posted: 19 May 2020 12:00 AM PDT

The latest Global Energy Alert report on 'How To Profit From The Oil Market Crash' is an absolute must-read for everyone from crude oil traders to energy investors. Sign up for your risk-free trial today and get the report for free.

(Click to enlarge)

(Click to enlarge)

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Chart of the Week

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-    U.S. natural gas production is expected to decline by 2 percent in 2020, averaging 97.1 billion cubic feet (Bcf/d), down from 99.2 Bcf/d in 2019.

-    Gas output was already expected to flatten heading into 2020, prior to the onset of the global pandemic. 

-    The EIA expects Henry Hub prices to average $2.14/MMBtu in 2020, or $0.43 cents lower than the 2019 average.

Market Movers

-    EQT (NYSE: EQT) began curtailing natural gas production in Pennsylvania and Ohio, according to a regulatory filing by Equitrans Midstream Corp. (NYSE: ETRN).

-    Oasis Petroleum (NYSE: OAS) reported a larger-than-expected first-quarter loss, and cut spending by 50 to 60 percent. 

-    Petronas farmed out its 50 percent stake in an offshore block in Suriname to ExxonMobil (NYSE: XOM).

Tuesday, May 19, 2020

Oil prices have climbed to their highest level in months, with WTI at $32 and Brent breaking $35 per barrel. Sentiment has vastly improved over the past few weeks, and recent promising news about a potential coronavirus vaccine has boosted energy and equity markets.

Oil prices rise, but too far? WTI has rocketed into the $30s on hopes of supply cuts and demand rebound. Fears of storage tank topping have subsided, which has helped boost prices. But there is still plenty of downside risks to the rally.

China's oil demand rises back to pre-pandemic levels. China's oil demand is thought to have rebounded to about 13 mb/d, just shy of the 13.4 mb/d level seen before the initial lockdown. Meanwhile, China's air quality is now worse than it was before the pandemic.

Deferred maintenance creates new problems. With so much of the global oil industry idled, maintenance is being deferred en masse. That could cause problems later, driving up maintenance costs and also potentially leading to more unplanned outages.

Shale cuts deeper than expected. The U.S. and Canada have lost somewhere between 3.5 and 4.5 mb/d from shut-ins. In North Dakota, more than 7,000 wells have been closed, shutting down 950,000 bpd of production. Related: Oil Jumps 11% On Signs Of Demand Recovery

India's fuel demand rises. India's fuel demand is rising as the government moves to lift restrictions. Petrol sales from state-owned refiners plunged by 61 percent in April, year-on-year, but has been down 47.5 percent in May, a sign of a pickup in demand.

Natural gas storage running out. Natural gas could suffer a similar fate as crude oil, with oversupply leading to rapidly filling up storage.

COVID-19 does not stop EV revolution. The coronavirus will hit EV sales hard this year, but sales of gasoline and diesel vehicles will suffer worse in percentage terms. In the long run, the pandemic won't change the trajectory for EVs. In 2020, EV sales will drop by 18 percent, according to BNEF, while the internal-combustion engine will see sales fall by 23 percent. "The long-term electrification of transport is projected to accelerate in the years ahead," the report said.

Petrobras downgraded as pandemic rages. Petrobras (NYSE: PBR) saw its outlook downgraded by Raymond James because of the rapid spread of COVID-19 in Brazil, which now holds the fourth-largest number of cases. "The pandemic is totally out of control," analysts at Raymond James wrote. They view a lockdown as likely.

Companies worth $2 trillion calling for "green" recovery. A group of more than 150 companies worth $2 trillion are calling on governments to ensure that their economic stimulus packages are "grounded in bold climate action."

New York kills Williams gas pipeline. New York and New Jersey blocked key water permits for the controversial $1 billion Northeast Supply Enhancement natural gas pipeline owned by Williams Cos. (NYSE: WMB). Williams said it would not reapply at this time.

EIA: Shale to decline by 200,00 bpd in June. The EIA said that U.S. shale production will decline by 197,000 bpd June, compared to May. The Permian will lose 87,000 bpd. Gas production will also decline by 779 mcf/d, with losses from the Permian and Anadarko leading the way.

Exports fall 35 percent from Corpus Christi. Crude oil shipments from the U.S. from the port of Corpus Christi have declined by 35 percent since the first quarter.

More oil bankruptcies this week. Gavilan Resources LLC, an oil company formed by Blackstone Group, filed for bankruptcy on Monday. Offshore drillers Fieldwood Energy LLC, which operates in the Gulf of Mexico, filed for bankruptcy this week, its second Chapter 11 filling in two years. Ultra Petroleum (OTCMKTS: UPLC) also filed for bankruptcy for the second time.

Net Zero claims from Big Oil questioned. A new report casts doubt on the seriousness of the net-zero promises from the oil majors. None of the companies are aligned with 1.5C warming targets. Related: Battery Metal Demand Set To Soar By 500%

WTI June expiring with stability. The June WTI contract expires on Tuesday and there has been on rerun of the chaos seen a month ago, when WTI crashed into negative territory.

Investors betting on gasoline. After chaos in WTI pricing, some fund managers are instead looking to invest in gasoline or Brent.

Shell-Cnooc invest $5.6 billion in China ethylene. Royal Dutch Shell (NYSE: RDS.A) and China's Cnooc (NYSE: CEO) signed an agreement to invest $5.6 billion in an ethylene project in the Chinese city of Huizhou.

Shale drillers keep drilling. A new study looks at some of the incentives that shale companies have to keep drilling, including a desire to avoid having leases expire on land.

By Josh Owens for Oilprice.com 

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