Posts Tagged ‘Prices’
These days it gave an upward revision of forecast global oil consumption by 2011 that the strong rise in demand from China and India, and the Organization of Petroleum Exporting Countries (OPEC) should respond to this increasing production in order to stop what may happen to the markets during the coming months and a possible sharp rise.
In the monthly report which addresses the situation of the oil market, the IEA stresses that more oil is not injected to the market; the market may be too nervous and reflect on the price of oil and an increase in prices such as gasoline and other.
Among the causes of lack of oil in quantity demanded is partly due to the conflict in Libya as reported, it halted the extraction and export from Libya. As is muster last May, in which Libya’s oil output was only 100,000 barrels a day, far below the 1.5 million bpd by OPEC required prior to the conflict.
Another fact that helps is unmet demand is that the United Kingdom, United States, Canada, Argentina, Yemen, Sudan and Kazakhstan, agreed supply cuts temporary even if these countries do not belong to the so-called oil cartel. But if the groups these continue to produce 200,000 bpd by 2011.
This led to the passage of a demand to OPEC from 29.7 million barrels per day during the second quarter of 2011 to demand a 30.7 million during the third quarter and for the fourth quarter that would drop to 30.1 million demand barrels a day.
All this global oil demand in 2011 will be 89.3 million barrels a day, about 120,000 barrels more than estimated 1 month ago compared with 2010, this means that there is an increase of 1.4%.
The price of copper like other commodities and especially oil prices and the price of gold one can already estimate that will be affected by the consequences of the approval or disapproval of the U.S. debt ceiling, of which happens to the dollar as reference currency and the occasional tremor.
Yet the price of copper is trading at levels acceptable in the short term if we see markets as they move around.
By now the copper is in a slight correction once reached a strong resistance came to the ($ 9,695) a ton of copper and industry experts say its price matches the short-term trend so removing the uncertainty, the outlook is good.
One aspect to consider is also that it is closing below support; there is some difference in the MACD, being able to give rise falls reaching $ 9,465 a ton.
It is expected that the price of raw materials undergo substantial changes if the crisis and uncertainty hardening ceases to be such and becomes certainty.