{"id":13303,"date":"2011-02-18T09:03:51","date_gmt":"2011-02-18T08:03:51","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/13303\/wti-oil-trading-at-86-analysts-forecast-higher-oil-prices\/"},"modified":"2011-02-18T09:03:51","modified_gmt":"2011-02-18T08:03:51","slug":"wti-oil-trading-at-86-analysts-forecast-higher-oil-prices","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/13303\/wti-oil-trading-at-86-analysts-forecast-higher-oil-prices\/","title":{"rendered":"WTI oil trading at $86, analysts forecast higher oil prices"},"content":{"rendered":"

WTI oil futures open Friday’s trading session up over $86 a barrel as many analysts remain bullish over short term oil price direction for WTI, while Brent crude oil remains trading at a record spread to US Light crude.<\/p>\n

Latest WTI Oil Price<\/strong><\/p>\n

US Light crude oil futures for March 2011 delivery was trading at $86.10, 08.05 GMT this morning on the NYMEX, the March 2011 WTI oil contract expires on Tuesday after the Presidents Day holiday shuts the exchange on Monday.<\/p>\n

“Thursday’s advance also narrowed the spread against Brent. For now, we are not viewing this spread activity as the beginning of a trend but instead consider it to be a deserved correction. We are maintaining a bullish trading posture in anticipation of fresh highs in the product markets and a further advance in nearby Brent values of some $4-$5 a barrel.” said Jim Ritterbusch, president of Ritterbusch & Associates.<\/p>\n

Brent and WTI Spread<\/strong><\/p>\n

Brent’s premium to WTI crude hit a record of $18.79 a barrel, as the domestic price is pressured by near record high storage levels at Cushing, the contract’s delivery point, which isn’t accessible to most US refineries.<\/p>\n

WTI Oil Futures Heading to $90?<\/strong><\/p>\n

“As the unrest continues the market has no other choice but to head higher,” said Tony Rosado, a broker at GA Global Markets, who expects NYMEX WTI crude oil to climb to $90 a barrel, last seen two weeks ago, even as the US petroleum products market is well supplied.<\/p>\n

\n
\"Digg<\/a><\/div>\n
\"Reddit<\/a><\/div>\n
\"Stumble<\/a><\/div>\n
\"Buzz<\/a><\/div>\n
\"Vote<\/a><\/div>\n
\"Share<\/a><\/div>\n
\"Bookmark<\/a><\/div>\n
\"Kick<\/a><\/div>\n
\"Shout<\/a><\/div>\n
\"Share<\/a><\/div>\n
\"Bookmark<\/a><\/div>\n
\"Post<\/a><\/div>\n
\"Google<\/a><\/div>\n<\/div>\n