Views on commodities and energy
Roundup: Cross currents in the oil market
Oil tops $100; Washington’s plans to mop up bad assets bolster oil trading. Yet open the lens a little wider on commodities trends and note that the Reuters-Jeffries CRB index is trading at its lowest level since last October.
“The growth we saw in emerging economies from 2004-2007 was extraordinary — we may not get to that level again,”Tony Dolphin at Henderson Global Investors tells Humeyra Pamuk and Jane Merriman in an analysis on commodities investing trends here.
Meanwhile, Goldman Sachs energy equities analyst Arjun Murti, one of the first to predict $100 a barrel crude, cut his 2009 oil price forecast to $110 from $140 a barrel this week due to global economic weakness.
On the plate today:
- U.S. Energy Secretary Sam Bodman said the US will not ask members of the International Energy Agency to release emergency gasoline and diesel supplies.
- Venezuela will sign deals to explore gas fields in the Caribbean with foreign companies, including U.S.-based Chevron, in a sign it is open to outside investment despite a wave of energy nationalizations.
- A bill to curb speculation in the oil markets could be too restrictive and reduce liquidity, a spokeswoman for the ICE says.