Crude gains 5% in 2010 ! (Almost)

Thats right, looking strictly at the February '11 contract, Jan 4th 2010 printed 88.35 and today's high of 92.58 gives it a grand total gain of just under 5% for the year. WOW. With all the excitement re the commodity space you can be forgiven for thinking it might have been a little different figure.
It did move around some in the meantime..
Feb 2011 Daily 

click to enlarge
Note the $11.65  nosedive into the Feb. 8th low.  The contract has yet to exceed the $93.87 high of May 3rd
Of course rolling spot month longs through the 2010 period would have produced even more feeble returns as holders of USO discovered; DOWN 2.5 %  on year.
  USO Weekly



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