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 HalfCrude 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