{"id":12921,"date":"2011-01-01T09:05:24","date_gmt":"2011-01-01T08:05:24","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/12921\/wti-oil-price-ends-the-year-at-91-2011-looks-bullish\/"},"modified":"2011-01-01T09:05:24","modified_gmt":"2011-01-01T08:05:24","slug":"wti-oil-price-ends-the-year-at-91-2011-looks-bullish","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/12921\/wti-oil-price-ends-the-year-at-91-2011-looks-bullish\/","title":{"rendered":"WTI oil price ends the year at $91, 2011 looks bullish"},"content":{"rendered":"

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.<\/p>\n

WTI Oil Futures – Closing Price<\/strong><\/p>\n

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.<\/p>\n

Getting Long on Oil for 2011<\/strong><\/p>\n

“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.<\/p>\n

“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.<\/p>\n

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