A recent survey of 33 analysts conducted by Bloomberg revealed that crude oil is seen averaging $60 a barrel in 2009, up from just under $40 currently. OPEC’s pledge of a 14 percent supply cut is seen crimping inventories, and the U.S. economy is also seen improving by year-end. Crude oil futures averaged $100 in 2008.
Lind Plus Senior Market Strategist Phil Streible said traders looking to establish long positions could consider the December 2009 $50/$60 crude oil call spread or $55/$66 call spread. Strife in the Gaza strip gave crude oil futures a 12 percent boost on Monday, December 29, but the market has pulled back before the Department of Energy’s inventory report, coming up Wednesday. An increase in stockpiles is expected.
