Friday, November 11, 2011

$110 WTI Oil By February 2012?

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Given the current backwardation in the WTI futures curve, expect oil to move above $100 as early as next week, with the upside target being $104.60 -- which is the recent high from May 2011,

ITZ has over the months highlighted the Gold ~ Oil trend that WTI Oil has lagged gold by about 4 months. ITZ is targeting $105 in December and $110 early 2011. Expect pullbacks, which should by bought.

Click on chart to expand image

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