WTI oil price ends the year at $91, 2011 looks bullish

1 January 2011 1 January 2011

BonTrade

WTI oil prices ended 2010 at two year trading highs on New Year’s Eve, closing off firm over $91 a barrel and the new year is set to see oil futures in a bullish mood when the market opens next week.

WTI Oil Futures – Closing Price

US Light crude oil futures for February 2011 delivery ended the week at $91.38 a barrel on the NYMEX in very light trading, with less than 260,000 contracts exchanged at settlement, one of the lighest daily trading volumes of 2010.

Getting Long on Oil for 2011

“Ultimately, this market is going as high as $120 to $130 by July, and there are more and more people coming out and saying that. It’s inevitable.” said Mark Waggoner, president of Excel Futures.

“Next year, some of the froth will come out of the other markets, such as metals, and head into food and energy. Alot of people are setting themselves up for a long play in oil.” said Rich Ilczyszyn, a broker with Lind-Waldock in Chicago.