Barclays Capital
Barclays Capital
Barclays Investment Bankis the investment banking division of the British multinational Barclays bank headquartered in London. It provides advisory, financing and risk management services to large companies, institutions and government clients. It is a primary dealer in U.S. Treasury securities and various European Government bonds...
demand miss price remain supply
Don't miss the boat, again. Supply and demand fundamentals remain constructive for the price up-trends to persist.
apparent believe chinese crude demand figures imports october oil period rise signals stronger
We believe the rise in Chinese crude oil imports in October signals a period of stronger Chinese apparent demand figures over Q4 2005 and Q1 2006.
balances below current demand estimates fallen further gasoline indicate market oil relative remains year
U.S. gasoline inventories have fallen further below their five-year average, while U.S. oil demand remains strong. Our estimates of current market balances indicate a significant tightening relative to a year ago.
chile copper demand disruption environment given lack last lend prices production rarely shipments spare strikes strong support tend
While strikes in Chile rarely tend to last for very long, any disruption to production or shipments will lend support to copper prices given the strong demand environment and lack of spare material.
believe commodity data demand few growth looks past pickup risk sharp short strong
After the very strong pickup in U.S. growth data over the past few weeks, we believe the risk of a sharp slowdown in commodity demand looks negligible in the short term.
believe commodity data demand few growth looks past risk sharp short strong
After the very strong pick-up in U.S. growth data over the past few weeks, we believe the risk of a sharp slowdown in commodity demand looks negligible in the short term.
although comfort crude current demand falling given growing high inventory levels oil product stocks unusually
The current high levels of U.S. inventory is of little comfort given that it is the product of an unusually high level of seasonal maintenance. Although crude stocks are rising, product stocks are falling and U.S. oil demand is growing strongly.
capacity crude lacks oil refine short spare
Crude oil was the one thing not in short supply. What the U.S. lacks is oil products, especially gasoline, and it lacks the spare capacity to refine more crude.
break continue likely looks potential prices though trade upside
Range-bound trade looks likely to continue for some time, though we see potential for prices to break on the upside after this consolidation phase.
appears bullish continue downside limited near prices range remains sentiment though underlying wide
Prices should continue to consolidate in the wide range of $535-$555 in the near term, though the underlying sentiment remains bullish and downside appears limited at present.
beyond context global grind inclined interest numbers respond suffering weekly
Some (traders) are suffering risk-fatigue and are not inclined to respond to anything much beyond the grind of the weekly U.S. numbers and have little interest in the geopolitical context or the global context of the data.
begin data early later product situation sooner supply though weekly
Sooner or later the seriousness of the situation for U.S. product supply will begin to show in the weekly U.S. data releases, though it may still be too early for that today.
above balance cannot commodity dominating further gains gold high inventory market momentum oil prices ruled strong terms
While we think such high prices are not justifiable by gold 's commodity fundamentals in terms of market balance and inventory levels, the combination of a surge in oil prices above $70/barrel, geopolitical tensions and strong momentum is dominating at present, and further gains cannot be ruled out.
area close company complete continue due either lack obvious question situation strike workers
We continue to question how close the situation now is to either complete company withdrawal from the area or a strike by workers due to the obvious lack of security.