{"id":10256,"date":"2010-03-09T08:37:20","date_gmt":"2010-03-09T07:37:20","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/10256\/oil-prices-trading-steady-next-moves-higher-to-90\/"},"modified":"2010-03-09T08:37:20","modified_gmt":"2010-03-09T07:37:20","slug":"oil-prices-trading-steady-next-moves-higher-to-90","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/10256\/oil-prices-trading-steady-next-moves-higher-to-90\/","title":{"rendered":"Oil prices trading steady, next moves higher to $90?"},"content":{"rendered":"

Oil prices have been “buoyed by continued positive macroeconomic data flow and a gradual tightening of oil market balances,” Barclays Capital said in a report. “The dominant range is moving upward, and a rough $70 to $80 range will ultimately transition to a $80 to $90 range.” US Light crude oil futures for April delivery was down 40 cents to $81.47 a barrel at midday Singapore time in electronic trading on the NYMEX, while in London, Brent crude oil futures was down 42 cents at $80.05 on the ICE Futures Exchange. Several Wall Street analysts say the market is poised to flip even further, with spot prices rising above longer-dated futures for the first time since mid-2008. The inverted price pattern they envisage \u2013 called \u201cbackwardation\u201d among economists \u2013 would signal a world in which oil demand catches up with supply after a severe, recession-induced lag. This would skim excess inventories from storage terminals. David Greely, of Goldman Sachs, anticipates global inventories will keep falling, changing price spreads and lifting crude into the $85 to $95 a barrel range in the second half of the 2010. Oil traders say a popular recent bet was \u201ccalendar spread options\u201d, profitable if April crude loses its discount to May. Oil prices trading near 2010 highs on latest US jobs data Brent oil price near $80 mark, OPEC oil shipments down Oil prices trading steady, awaits US crude inventory data The Weekly Oil Futures Wrap at Live Oil Prices Brent oil price trading up on latest positive US GDP data Oil prices trading around $77 after US oil demand data Light oil prices end the week well above $80 trading range Oil prices trading steady around $80, stronger US dollar Oil prices trading around $80 on latest US inventory data Oil prices trading steady after Thursday loss, eyes on dollar Oil prices trading down two percent on latest US jobs data Crude oil prices trading steady on US oil stocks data Oil prices trading down two percent on stronger US dollar Light oil trading up on heavy buying ahead of EIA report Oil prices trading steady on higher dollar, awaits EIA data Light oil prices trading around $74, eyes on US Dollar Oil prices slip lower on new China bank reserve rules Brent oil price trading static, awaits US oil inventory data Oil prices trading higher on EIA data and Europe problems Oil prices trading with support around $73 on profit taking <\/p>\n

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\nOil prices trading steady, next moves higher to $90?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Oil prices have been “buoyed by continued positive macroeconomic data flow and a gradual tightening of oil market balances,” Barclays Capital said in a report. “The dominant range is moving upward, and a rough $70 to $80 range will ultimately transition to a $80 to $90 range.” US Light crude oil futures for April delivery was down 40 cents to $81.47 a barrel at midday Singapore time in electronic trading on the NYMEX, while in London, Brent crude oil futures was down 42 cents at $80.05 on the ICE Futures Exchange. Several Wall Street analysts say the market is poised to flip even further, with spot prices rising above longer-dated futures for the first time since mid-2008. The inverted price pattern they envisage \u2013 called \u201cbackwardation\u201d among economists \u2013 would signal a world in which oil demand catches up with supply after a severe, recession-induced lag. This would skim excess inventories from storage terminals. David Greely, of Goldman Sachs, anticipates global inventories will keep falling, changing price spreads and lifting crude into the $85 to $95 a barrel range in the second half of the 2010. Oil traders say a popular recent bet was \u201ccalendar spread options\u201d, profitable if April crude loses its discount to May. Oil prices trading near 2010 highs on latest US jobs data Brent oil price near $80 mark, OPEC oil shipments down Oil prices trading steady, awaits US crude inventory data The Weekly Oil Futures Wrap at Live Oil Prices Brent oil price trading up on latest positive US GDP data Oil prices trading around $77 after US oil demand data Light oil prices end the week well above $80 trading range Oil prices trading steady around $80, stronger US dollar Oil prices trading around $80 on latest US inventory data Oil prices trading steady after Thursday loss, eyes on dollar Oil prices trading down two percent on latest US jobs data Crude oil prices trading steady on US oil stocks data Oil prices trading down two percent on stronger US dollar Light oil trading up on heavy buying ahead of EIA report Oil prices trading steady on higher dollar, awaits EIA data Light oil prices trading around $74, eyes on US Dollar Oil prices slip lower on new China bank reserve rules Brent oil price trading static, awaits US oil inventory data Oil prices trading higher on EIA data and Europe problems Oil prices trading with support around $73 on profit taking <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lightning_design_setting":[],"footnotes":""},"categories":[1],"tags":[],"class_list":["post-10256","post","type-post","status-publish","format-standard","hentry","category-welcome-start-here-tradecrudeoilchatroom"],"_links":{"self":[{"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/posts\/10256","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/comments?post=10256"}],"version-history":[{"count":0,"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/posts\/10256\/revisions"}],"wp:attachment":[{"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/media?parent=10256"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/categories?post=10256"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/tags?post=10256"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}