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
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