{"id":13597,"date":"2011-03-30T05:33:28","date_gmt":"2011-03-30T03:33:28","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/13597\/wti-oil-price-holds-firm-on-extremely-light-trading-volume\/"},"modified":"2011-03-30T05:33:28","modified_gmt":"2011-03-30T03:33:28","slug":"wti-oil-price-holds-firm-on-extremely-light-trading-volume","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/13597\/wti-oil-price-holds-firm-on-extremely-light-trading-volume\/","title":{"rendered":"WTI oil price holds firm on extremely light trading volume"},"content":{"rendered":"

WTI oil prices open Wednesday’s trading session firm near $104 a barrel as crude oil futures trading volumes this week are extremely quiet, marking the lowest activity of the year so far.<\/p>\n

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

US Light crude oil futures for May 2011 delivery was trading at $104.27 a barrel, 04.20 GMT this moring in electronic trading on the NYMEX. Yesterday saw NYMEX WTI oil futures close 0.6 higher at $104.46 a barrel.<\/p>\n

Oil trading volume in electronic trading on the NYMEX was 402,405 contracts as of 20.35 GMT, while oil trading volume totaled 386,621 contracts on Monday, 52 percent below the average of the past three months and the lowest level since 31st December 2010.<\/p>\n

Lighten Positions in Oil Futures<\/strong><\/p>\n

Yesterday’s volatility was magnified by low trading volume. US Light crude oil futures on the NYMEX posted the lowest trading volume of the year, while Monday saw the second lowest trading volume of 2011.<\/p>\n

“People are lightening their positions here before the end of the month, the end of the quarter. Nobody wants new risk.” said Zachary Oxman, managing director at TrendMax Futures.<\/p>\n

Oil Trading Sideways or Profit Taking?<\/strong><\/p>\n

“The market\u2019s just kind of trading sideways waiting for some other piece of information, either news that the US economy is worse or is going to get better or some other shoe to drop on the oil production side, such as will some other country become involved.” said Adam Sieminski, chief energy economist at Deutsche Bank in Washington.<\/p>\n

“All these long positions have to be got out of at some stage, so it\u2019s time for the market to have a correction. What you have seen is basically profit taking.” according to Glen Ward, head of retail derivatives of London Capital Group.<\/p>\n

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