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SIP Nordic – Råvaruguiden – augusti 2012

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SIP Nordic - RåvaruguidenDet är inte bara vi människor som tar semester under sommaren. Råvaror har också en tendens att lugna ned sig och dessutom backa en del under sommarens sista månader.

Sommarmånaderna, med augusti i spetsen, är historiskt sett svaga månader för råvaror. Faktum är att endast två råvaror, av de tretton som vi bevakar, historiskt har presterat bättre under augusti månad jämfört med utvecklingen under sept-dec (hösten).

Med nedtrappningen i den västerländska industrin under slutet av sommaren kommer även större lager av råvaror med sjunkande priser som följd. Till exempel har koppar under de senaste 27 åren haft stigande lager under 24 av dessa i augusti månad. Vilket också visar sig historiskt då koppar underpresterat under augusti jämfört med de fyra sista månaderna av året.

Lägg därtill den minskade aktiviteten från spekulanter vilket till viss del sänker volatiliteten under dessa månader.

De fyra sista månaderna har även historiskt sett varit positiva för de övriga råvaror vi bevakar. Hela 11 av råvarorna har sedan 1997 haft en positiv utveckling under sept-dec. Med ökad industriell aktivitet, återkomsten av spekulanter på marknaden och ett potentiellt QE3 kan vi få se detta mönster upprepa sig under 2012.

Diagram för råvaror

Råvaror – Energi

Brent olja

Graf över oljepriset (brent) år 2010 till 2012

  • Brentoljan har under 2012 åkt berg och dalbana. För året är brent ned ca 2%.
  • Brent har haft en stark period sedan mitten av juni. Brent har sedan mitten av juni stigit med 20%.
  • Spekulationer om ett eventuellt QE3 eldar på utvecklingen i oljan. Om Ben Bernanke bestämmer att det krävs en kvantitativ lättnad kan oljan leta sig upp mot topparna i mars.
  • Oroligheter i mellanöstern kan också driva brentoljan till högre nivåer.

Prognos för framtida oljepris tom 2013

Naturgas

Prisutveckling på naturgas - Graf över (nästan) 2 år

  • Naturgas fortsätter sin klättring uppåt och befinner sig nu i en kortsiktigt positiv trend. Naturgas är för året upp drygt 1%.
  • Sedan botten i mitten av april har priset på naturgas ökat med drygt 60%.
  • En stor anledning till uppgången är att många spekulanter, däribland hedgefonder ligger i korta positioner. Detta kan fortsatt driva priset uppåt.

Prognos på naturgaspriser år 2012 och 2013

Råvaror – Metaller

Guld

Prisutveckling - Gold pris 2 år

  • För året är guld upp ca 3%.
  • Juli månad resulterade inte i några större rörelser. Guld är upp 1,4% under juli månad.
  • Thomson Reuters släppte förra månaden sin rapport om ädelmetaller där analytikerna reviderade sin syn för guldpriset under 2012-2013. Analytikerna spår att guldpriset kommer att ligga på samma nivå året ut för att sedan öka något under 2013.
  • Guldpriset har i år varit starkt korrelerad med hur den europeiska och amerikanska centralbanken har agerat.. Ett eventuellt QE3 kan få guldet att röra på sig ordentligt.

Analytikers prognoser för guldpriset tom 2013

Silver

Hur silverpriset har utvecklats under 2 år

  • Silver är för året upp knappa 1%.
  • Sedan slutet av februari har silver tappat mer än 25,9 %.
  • Likt guldet kommer silvers utveckling till stor del styras av huruvida den amerikanska centralbanken trycker nya pengar eller inte.
  • Andelen spekulanter som tror på nedgång i silver ökar. Andelen långa kontrakt i silver är nu 2 195 ton. Den lägsta siffran sedan i slutet av 2001.
  • Om QE3 blir verklighet kan många spekulanter ligga på fel sida vilket kan få silver att få samma utveckling som under april 2011.

Prognoser för silverpriset till och med Q2 2013

Platina

Prisutveckling på platina tom augusti 2012

  • Platina är för året upp nästan 3 %.
  • Sedan toppen i februari har dock platina tappat nästan 18 %.
  • Platina fortsätter at handlas till en billigare kurs än guld.
  • Likt silver ökar andelen spekulanter som tror på nedgång i platina.
  • Tillgången av platina spås vara oförändrat under 2012 samtidigt som konsumtionen väntas sjunka med 0,2 %.

Analytiker om platinapriset - Augusti 2012

Koppar

Graf över utveckling på kopparpris

  • För året är kopparpriset i princip oförändrat. Upp 0,5 % sedan slutet av december 2011.
  • Sommarmånaderna innebär industrisemester vilket historiskt har pressat priset på koppar under augusti månad. Återstår att se vad som händer i år.
  • Det finns fortsatt en rädsla för minskad kinesisk tillväxt. Kina står för 40 % av världskonsumtionen.

Prognos för kopparpris - Q3 2012 till Q1 2013

Zink

Diagram över utveckling på zinkpris - Augusti 2012

  • Zink är upp knappa 1,3 % för året.
  • Under juli månad har zinkpriset ökat 0,5 %.
  • Likt andra metaller har zinkpriset fallit kraftigt sedan månadsskiftet januari/februari.
  • Tillgången på zink är stort och priset påverkas negativt av rapporter om stigande lager. Detta kan trycka ned priset ytterligare.

Analytiker om zinkpriset tom Q2 2013

Nickel

Nickelpriset har tappat - Graf

  • Nickel presterade sämst av alla basmetaller under 2011.
  • Nickel fortsätter sin kräftgång under 2012 är för året ned nästan 13 %.
  • Sedan toppen i februari har nickel tappat mer än 27 %.
  • Nickelmarknaden är mättad med ökande lager.
  • Många stora projekt inom nickelproduktion är redan finansierade och irreversibla vilket kommer att öka tillgången av nickel ytterligare.

Analytikers prognoser på nickelpriset

Råvaror – Jordbruk

Socker

Prisutveckling på sockerpris - Graf år 2010 - 2012

  • Jordbruksråvarorna sommarutveckling fortsätter att vara stark.
  • Sedan början av juni är socker upp närmare 20 %.
  • För året är dock sockerpriset ned dryga 4 %.
  • Många spekulanter ligger fel i sina positioner. Många hedgefonder ligger i stora korta positioner vilket pressar priset på socker uppåt.

Prognos på sockerpris tom Q3 2013

Bomull

Graf över prisutveckling på bomull

  • Bomull är för året ned ca 24 % där merparten av nedgången kom i maj. I maj föll bomullspriset med närmare 20 %.
  • Rekordexport av bomull från Indien pressar priset.
  • Bomullspriset konsoliderar nu kring 71 cents. Viktig nivå hittar vi kring 66 cents.
  • Trots att bomullspriset fallit kraftigt under 2012 är det fortfarande nästan dubbelt så högt som priset för några år sedan. Fallhöjden är således stor.

Prognos för pris på bomull tom Q3 2013

Majs

Majspriset har skjutit i höjden

  • Priset på majs har ökat kraftigt sedan i början av juni. +51 %.
  • För året är majs upp 28 %.
  • Tidigare spekulationer visade att skörden av majs i USA skulle vara mycket god. Extrem torka gör dock att kommande skörd ser ut att vara mycket dålig vilket driver priset på majs till de högsta nivåerna sedan juni 2011.
  • Knappt 40 % av skörden spås vara av god kvalitet.

Lägre prognoser på majspriset

Vete

Vetepriset skjuter i höjden

  • Likt majs rusade vete under juni och juli månad. Upp nästan 51 % sedan mitten av juni
  • För året är priset på vete upp 40 %.
  • Torkan i USA gör att den kommande skörden inte blir så stor som förutspått.
  • Gemensamt för både majs och vete är att de kraftiga uppgångarna skett mycket snabbt vilket har resulterat i en liten rekyl nedåt. Nu konsoliderar vete kring 900. Med viktig nivåer kring 950 och 875.

Lägre prognoser för vetepriset

Apelsinjuice

Apelsinjuice har sjunkigt i pris

  • Efter återhämtningen under maj-juni har priset på apelsinjuice tappat under juli.
  • Apelsinjuice är ned ca 10 % under juli månad vilket gör att priset på apelsinjuice nu har tappat 36 % för året.
  • Priset på apelsinjuice är fortfarande 85 % högre än botten 2009. Fallhöjden är således hög.

[box]Denna uppdatering är producerat av SIP Nordic och publiceras i samarbete och med tillstånd på Råvarumarknaden.se[/box]

Ansvarsbegränsning

Detta produktblad utgör endast marknadsföring och har sammanställts av SIP Nordic Fondkommission AB.

Innehållet ger inte fullständig information avseende det finansiella instrumentet. Investerare uppmanas att del av prospekt och slutliga villkor, vilka finns tillgängliga på: www.rbsbank.se/markets, innan ett investeringsbeslut tas.

Förekommande exempel är simulerade och baseras på SIP Nordics egna beräkningar och antaganden, en person som använder andra data eller antaganden kan nå andra resultat. Administrativa avgifter och transaktionsavgifter påverkar den faktiska avkastningen.

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Analys

Brent gains on positive China data and new attacks on Russian oil processing

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SEB - analysbrev på råvaror

Positive China data and further attacks on Russian oil processing facilities lifts Brent yet higher. Brent crude gained 4.1% last week with a close on Friday 15 March at USD 85.3/b. Continued declines in US inventories, a bullish oil market outlook from the IEA and damages on Russia’s Rosneft Ryazan oil processing plant by Ukrainian drones helped Brent crude to break above the USD 85/b level. This morning Brent is adding another 0.4% to USD 85.7/b driven by a range of additional attacks on Russian refineries over the weekend and positive Chinese macro data also showing Chinese apparent oil demand  up 6.1% YoY for Jan+Feb.

Bjarne Schieldrop, Chief analyst commodities at SEB
Bjarne Schieldrop, Chief analyst commodities, SEB

Brent crude is getting a steady tailwind from declining US oil inventories. Steady and continued declines in US inventories since the start of the year has been nudging the oil price steadily higher but there has clearly been some resistance around the USD 85/bl level. US inventories continued that decline in data also last week with commercial crude and product stocks down 4.7 m b. Total US stocks including SPR declined 4.1 m b to 1580 m b which is now only 2 m b above the low point on 30 December 2022 at 1578 m b. These persistent declines in US oil inventories is a clear reflection of the global market in deficit where demand is sufficiently strong, cuts by OPEC+ are sufficiently deep while US shale oil production is close to muted with hardly any growth projected from Q4-23 to Q4-24.

Bullish report from IEA last week indicates that further inventory declines is to be expected. The monthly report from IEA last week gave an additional boost to this picture as it lifted projected oil demand for 2024 by 0.2 m b/d, reduced non-OPEC production by 0.2 m b/d and thus increased its estimated call-on-OPEC by 0.4 m b/d for 2024. The world will need steadily more oil from OPEC every quarter to Q3-24 and by Q4-24 the world will need 0.8 m b/d more from the group than it did in Q4-23. That is great news for OPEC+. There is no way that they’ll move away from current strategy of ”Price over volume” with this backdrop. The report from IEA last week is indicating that the gradual declines in US inventories we have seen so far this year will likely continue. And such a trend will give continued support for oil prices in the coming quarters. Oil price projections are lifted in response to this and last out is Morgan Stanley which raises its Q3-24 Brent forecast by US 10/b to USD 90/b.

SEB’s Brent crude forecast for 2024 is USD 85/b (average year) which implies that we’ll likely see both USD 70/b as well as USD 100/b some times during the year.

Attacks on Russian oil processing will mostly impact refining margins and crude grade premiums as crude supply is unlikely to be disrupted. The Ukrainian drone attacks on Russian oil infrastructure has surprised the market as many of them are deep within Russia. Facilities in Russia’s Samara region which is more than 1,000 km away from the Ukrainian border were attacked on Saturday. Oil processing plants and oil refineries are highly complex structures. If damaged by drones they can potentially be out of operation for extended periods. Plain oil transportation systems are much simpler and easier and faster to repair. The essence here is that we’ll likely not lose any oil supply while we might lose oil refining capacity due to these attacks. Most of the impact from these attacks should thus be on refining margins and not so much on crude oil prices. But when diesel cracks, gasoil cracks and gasoline cracks goes up then typically also light sweet crude prices goes up. As such there is a spillover effect from damages to Russian oil refineries to Brent crude oil prices even if we don’t lose a single drop of Russian crude oil production and supply.

Total US crude and product stocks incl. SPR has been ticking lower and lower so far this year and are now only 2 m b/d above the low-point in late December 2022. This is a solid indication that the global oil market is running a deficit.

Total US crude and product stocks incl. SPR
Source: SEB graph and calculations, Blbrg data

Total commercial crude and product stocks (excl. SPR) has been ticking lower and lower so far this year. This has helped to nudge oil prices steadily higher. 

Total commercial crude and product stocks (excl. SPR)
Source: SEB graph and calculations, Blbrg data

Brent crude looks very fairly priced at around USD 85/b versus current US commercial oil inventories

Brent crude looks very fairly priced at around USD 85/b versus current US commercial oil inventories
Source: SEB graph and calculations, Blbrg data

Call-on-OPEC by IEA: World will need more and more oil from OPEC through the year. In Q4-24 the world will need 0.8 m b/d more oil from OPEC in Q4-24 than in Q4-23.  

World will need more and more oil from OPEC through the year.
Source: SEB graph, IEA data

ARA refining margins have moved up so far this year => Refineries want to process more crude oil and thus they want to buy more crude oil.

ARA refining margins
Source: SEB calculations and graph, Blbrg data
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Analys

When affordable gas and expensive carbon puts coal in the corner

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SEB - analysbrev på råvaror

Coal and nat gas prices are increasingly quite normal versus real average prices from 2010 to 2019 during which TTF nat gas averaged EUR 27/MWh and ARA coal prices averaged USD 108/ton in real-terms. In the current environment of ”normal” coal and nat gas prices we now see a darkening picture for coal fired power generation where coal is becoming less and less competitive over the coming 2-3 years with cost of coal fired generation is trading more and more out-of-the money versus both forward power prices and the cost of nat gas + CO2. Coal fired power generation will however still be needed many places where there is no local substitution and limited grid access to other locations with other types of power supply. These coal fired power-hubs will then become high-power-cost-hubs. And that may become a challenge for the local power consumers in these locations.

Bjarne Schieldrop, Chief analyst commodities at SEB
Bjarne Schieldrop, Chief analyst commodities, SEB

When affordable gas and expensive carbon puts coal in the corner. The power sector accounts for some 50% of emissions in the EU ETS system in a mix of coal and nat gas burn for power. The sector is also highly dynamic, adaptive and actively trading. This sector has been and still is the primary battleground in the EU ETS where a fight between high CO2 intensity coal versus lower CO2 intensity nat gas is playing out.

Coal fired power is dominant over nat gas power when the carbon market is loose and the EUA price is low. The years 2012, 2013, 2014, 2015 were typical example-years of this. Coal fired power was then in-the-money for around 7000 hours (one year = 8760 hours) in Germany. Nat gas fired power was however only in the money for about 2500 hours per year and was predominantly functioning as peak-load supply.

Then the carbon market was tightened by politicians with ”back-loading” and the MSR mechanism which drove the EUA price up to EUR 20/ton in 2019 and to EUR 60/ton in 2021. Nat gas fired power and coal fired power were then both in-the-money for almost 5000 hours per year from 2016 to 2023. The EUA price was in the middle-ground in the fight between the two. In 2023 however, nat gas was in-the-money for 4000 hours while coal was only in-the-money for 3000 hours. For coal that is a dramatic change from the 2012-2015 period when it was in the money for 7000 hours per year.

And it is getting worse and worse for coal fired generation when we look forward. That is of course the political/environmental plan as well. It is still painful of course for coal power.

On a forward basis the cost of Coal+EUA is increasingly way, way above the forward German power prices. Coal is basically out-of-the money for more and more hours every year going forward. It may be temporary, but it fits the overall political/environmental plan and also the increasing penetration of renewable energy which will push aside more and more fossil power as we move forward. 

But coal power cannot easily and quickly be shut down all over the place in preference to cheaper nat gas based power. Coal fired power will be the primary source of power in many places with no local alternative and limited grid capacity to other sources of power elsewhere.

The consequence is that those places where coal fired power generation cannot be easily substituted and closed down will be ”high power price hubs”. If we imagine physical power prices as a topological map, geographically across Germany then the locations where coal fired power is needed will rise up like power price hill-tops amid a sea of lower power prices set by cheaper nat gas + CO2 or power prices depressed by high penetration of renewable energy.

Coal fired power generation used to be a cheap and safe power bet. Those forced to rely on coal fired power will however in the coming years face higher and higher, local power costs both in absolute terms and in relative terms to other non-coal-based power locations.

Coal fired power in Germany is increasingly very expensive both versus the cost of nat gas + CO2 and versus forward German power prices. Auch, it will hurt more and more for coal fired power producers and more and more for consumers needing to buy it.

Coal fired power in Germany is increasingly very expensive
Source: SEB calculations and graph, Blbrg data

And if we graph in the most efficient nat gas power plants, CCGTs, then nat gas + CO2 is today mostly at the money for the nearest three years while coal + CO2 is way above both forward power prices and forward nat gas + CO2 costs. 

EUR/MWh
Source: SEB calculations and graph, Blbrg data

Number of hours in the year (normal year = 8760 hrs) when the cost of coal + CO2 and nat gas + CO2 in the German spot power market (hour by hour) historically has been in the money. Coal power used to run 7000 hours per year in 2012-2016, Baseload. Coal in Germany was only in-th-money for 3000 hours in 2023. That is versus the average, hourly system prices in Germany. But local, physical prices will likely have been higher where coal is concentrated and where there is no local substitution for coal in the short to medium term. Coal power will run more hours in those areas and local, physical prices need to be higher there to support the higher cost of coal + CO2.

Number of hours in the year
Source: SEB calculations and graph, Blbrg data
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Analys

War-premium back on the agenda?

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SEB - analysbrev på råvaror

During yesterday’s trading session, Brent Crude made significant gains, marking the largest increase in global oil prices in approximately five weeks. The front-month contract is presently trading at USD 84.3 per barrel, reflecting a robust increase of USD 2.55 per barrel (above 3%) compared to Monday morning’s opening price.

Ole R. Hvalbye, Analyst Commodities, SEB
Ole R. Hvalbye, Analyst Commodities, SEB

Furthermore, US crude inventories, excluding those held in the Strategic Petroleum Reserve (SPR), experienced a notable decline for the first time in seven weeks. This decline suggests a heightened global demand for crude oil, which has played a pivotal role in driving up prices (further details below).

Additionally, of considerable significance is Ukraine’s unexpected success in executing precise drone strikes targeting key Russian oil infrastructure. Yesterday, Ukrainian drone strikes triggered a fire at Rosneft’s Ryazan plant, which has a daily production capacity of 340,000 barrels near Moscow. This facility is a significant provider of motor fuels for the capital region and stands as one of Russia’s largest crude-processing facilities. Notably, this incident marks the third Ukrainian drone attack on Russian refineries this week, following similar incidents at the Novoshakhtinsk and Norsi refineries.

Ukrainian strikes in Russian territories ”appear to aim at disrupting, if not influencing, the Russian elections,” Putin stated in an interview with the RIA Novosti news service released Wednesday. He added, ”Another objective seems to be securing leverage for potential negotiation purposes.”

i.e., we believe the statements suggest that Ukrainian strikes in Russian regions are perceived by Putin as strategic moves with dual purposes. Firstly, they are seen as attempts to disrupt or influence the upcoming elections in Russia, potentially destabilizing the political landscape or casting doubt on the legitimacy of the electoral process. Secondly, they are interpreted as efforts to gain leverage in possible negotiation scenarios, implying that Ukraine seeks to strengthen its bargaining position by demonstrating its capability to inflict economic and strategic damage on Russia.

From a market perspective, it’s crucial to highlight the escalating conflict between Ukraine and Russia, which poses a significant threat to global energy markets. Russia’s role as a major oil and gas supplier is paramount, and any disruptions in its energy infrastructure could lead to widespread supply shortages and price volatility worldwide. The recent drone strikes are a clear reminder that geopolitical tensions continue to impact global oil markets. The fading ”war-premium” should now be factored in more significantly, indicating a need to brace for increased volatility ahead.


An overall significant drawdown of US inventories. In the U.S., commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, dropped by 1.5 million barrels from the prior week to 447.0 million barrels, about 3% below the five-year average. Total motor gasoline inventories fell by 5.7 million barrels, also about 3% below the five-year average. Distillate fuel inventories rose by 0.9 million barrels, approximately 7% below the five-year average. Propane/propylene inventories increased by 0.7 million barrels, marking an 8% rise compared to the five-year average.

Overall commercial petroleum inventories decreased by 4.7 million barrels. Over the past four weeks, total products supplied averaged 19.9 million barrels per day, up by 1.0% from the same period last year. Motor gasoline product supplied averaged 8.7 million barrels per day, down by 1.3% from the same period last year. Distillate fuel product supplied averaged 3.7 million barrels per day over the past four weeks, up by 0.5% from the same period last year. Jet fuel product supplied increased by 2.0% compared to the same four-week period last year.

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