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FIRST ACCESS to Nadeem Walayat’s Analysis and Trend Forecasts

Rare Earths Affecting Gas Prices

Commodities / Gas - Petrol Feb 04, 2011 - 03:37 AM GMT

By: Anthony_David

Commodities

A Reuters poll indicates that oil prices in 2011 will be driven largely by Chinese demand and reach a little over $90 a barrel. Prices, however, are unlikely to cross the $100 mark given the high global inventories. Further, the current landscape is unlike that of 2008 when the supply-demand gap was massive enough to drive prices up to $147.27 per barrel.


Frank Schallenberger, head of commodity research at Germany’s LBBW, said, “I think prices above the $100 mark will not be sustainable as inventories are still very high.”

Ali al-Naimi, oil minister of Saudi Arabia said that Asia, largely India and China, would drive the rise but he did not expect to see any rapid rise this year. He said, “I expect prices to continue to be stable at last year’s rates (levels).”

A key factor driving up the cost of gasoline production in the US is the rising cost of Chinese rare earth metals. Prices of some of the refining chemicals have skyrocketed as a result of China’s restrictive quotas on rare earth exports.

Charles Drevna, president of the National Petrochemical and Refiners Association (NPRA) said, “Any kind of increase, especially in today’s markets and conditions, is significant.”

According to analysts, should oil prices rise above $100 a barrel, refiners would find processing and raw material costs increase faster than they could charge their customers.

The Organisation of Petroleum Exporting Countries (OPEC) is, however, not particularly worried about rising oil prices and sees no reason to increase their production. In fact, OPEC has released a statement that states, “There is more than enough oil in the market.” Mir-Kazemi, president of OPEC said, “The increase in oil prices toward $100 is not worrisome enough to warrant a call for an emergency meeting.”

OPEC Secretary-General Abdalla El-Badri said that the commercial stocks of oil currently stand at levels high above the 5-year average and there is enough stock to last around 60 days, requiring no increase in production.

By Anthony David

http://www.criticalstrategicmetals.com

The mission of the Critical Strategic Metals Web Site

is to serve as a monthly compass for those who take a fundamental view of investment regarding the Molybdenum, Manganese and Magnesium metals markets, are concerned with the emerging critical under-supply of these strategic metals to Western nations and wish to profitability chart their course. Each month we will research and provide, in as short and concise a manner as possible, the most applicable information available on resources that will have the biggest impact on our day to day lives. Click here to sign-up for our FREE monthly report

© 2011 Copyright  Anthony David- All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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