Sumitomo Forecasts Crude to Trade at $90-$100 Next Year

Sumitomo Corp. (8053), the third-largest Japanese trading house, expects crude oil to trade between $90 per barrel and $100 next year, chief economist Soichi Okuda said.

“That will be the core range unless a temporary halt in supplies from the Middle East occurs, which could push prices to $120,” Okuda told reporters in Tokyo today. New York-traded crude oil futures have averaged $94.98 this year.

The following table shows Sumitomo’s forecasts for the first and second halves of 2012, according to a research report distributed by the company today. Sumitomo trades commodities including coal, copper and oil products.

All prices are given in U.S. dollars.


Commodity and Exchange             First Half        Second Half

Crude Oil per barrel (WTI)             80-120          85-130
Natural Gas per million Btu (Nymex)   3.0-4.50        3.5-5.0
Copper per metric ton (LME)         6,000-8,500     6,500-9,000
Aluminum per metric ton (LME)       1,800-2,200     1,900-2,500
Nickel per metric ton (LME)        15,000-22,000   15,000-24,000
Gold per troy ounce      (Spot)     1,400-1,900     1,500-2,100
Silver per troy ounce    (Spot)      24.0-35.0       28.0-40.0
Platinum per troy ounce  (Spot)     1,350-1,700     1,400-1,700
Palladium per troy ounce (Spot)       550-750         600-800
Soybeans per bushel      (Cbot)      10.0-13.0        9.0-13.0
Corn per bushel          (Cbot)       4.0-7.0         4.0-7.0


Source: Sumitomo, data compiled by Bloomberg

To contact the reporters on this story: Yuriy Humber in Tokyo at; Ichiro Suzuki in Tokyo at

To contact the editor responsible for this story: Rebecca Keenan at

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