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

Dec. 21 (Bloomberg) -- Sumitomo Corp., 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 yhumber@bloomberg.net; Ichiro Suzuki in Tokyo at isuzuki@bloomberg.net

To contact the editor responsible for this story: Rebecca Keenan at rkeenan5@bloomberg.net

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