{"id":13429,"date":"2016-05-28T02:21:57","date_gmt":"2016-05-28T06:21:57","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=13429"},"modified":"2016-05-28T02:21:57","modified_gmt":"2016-05-28T06:21:57","slug":"a-tale-of-two-gluts-oil-and-iron-ore-cross-us50-on-opposite-paths","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2016\/05\/28\/a-tale-of-two-gluts-oil-and-iron-ore-cross-us50-on-opposite-paths\/","title":{"rendered":"A tale of two gluts: oil and iron ore cross $US50 on opposite paths"},"content":{"rendered":"

\"\"<\/a><\/p>\n

From Eddie van der Walt:<\/p>\n

Crude oil and iron ore are two of the world’s most important industrial commodities, where supply and demand are tied to the fate of the global economy. Yet, they’re doing very different things right now.<\/p>\n

Oil traded above $US50 a barrel for the first time this year while iron, moving in the opposite direction, fell below $US50 a ton on Thursday. It’s a slightly artificial comparison — there’s little physical equivalence between a barrel of oil and a ton of ore — but their differing paths tell us something about how the aftermath of the global commodities crash is playing out in different industries.<\/p>\n

…Iron ore has been on a wild ride in 2016 following three years of losses spurred by rising low-cost production. A speculative trading frenzy in China helped to lift prices above $US70 last month from below $US40 in December, but they’ve fallen back on signs that global stockpiles are still building.<\/p>\n

Port inventories in China increased 1.6 per cent to 100.45 million tons last week, the highest level since March 2015, according to data from Shanghai Steelhome Information Technology Co. They’re up 7.9 per cent this year.<\/p>\n

Citigroup Inc. said in a report on Tuesday it remained bearish on iron ore, forecasting persistent oversupply on rising output from the top miners like Brazil’s Vale SA and BHP Billiton Ltd. as well as Gina Rinehart’s Roy Hill project in Australia.<\/p>\n

“It takes a long time to turn output in mining on and off; the oil tap is arguably easier to open and close,” Robin Bhar, an analyst at Societe Generale SA in London, said by phone. “There was also a lot more to be done in metals, where demand collapsed. Oil hadn’t experienced a similar collapse.”\n<\/p><\/blockquote>\n

Source: A tale of two gluts: oil and iron ore cross $US50 on opposite paths<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

From Eddie van der Walt: Crude oil and iron ore are two of the world’s most important industrial commodities, where supply and demand are tied to the fate of the global economy. Yet, they’re doing very different things right now. Oil traded above $US50 a barrel for the first time this year while iron, moving … <\/p>\n

Continue reading “A tale of two gluts: oil and iron ore cross $US50 on opposite paths”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[57],"tags":[],"class_list":["post-13429","post","type-post","status-publish","format-standard","hentry","category-stock-markets"],"yoast_head":"\nA tale of two gluts: oil and iron ore cross $US50 on opposite paths - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A tale of two gluts: oil and iron ore cross $US50 on opposite paths - the patient investor\" \/>\n<meta property=\"og:description\" content=\"From Eddie van der Walt: Crude oil and iron ore are two of the world’s most important industrial commodities, where supply and demand are tied to the fate of the global economy. 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Demand normally fluctuates in line with the business cycle but supply only increments in large steps -- the primary cause of commodity cycles. Mothballed mines, for instance, may be brought back into production with a lag of less\u2026","rel":"","context":"In "Commodities"","block_context":{"text":"Commodities","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/gold-commodities\/commodities-gold-commodities\/"},"img":{"alt_text":"Brent Crude","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-02-01-cb.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-02-01-cb.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-02-01-cb.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-02-01-cb.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":19673,"url":"https:\/\/thepatientinvestor.com\/index.php\/2020\/01\/22\/global-commodities-economic-growth\/","url_meta":{"origin":13429,"position":1},"title":"Commodities & Global Growth","author":"Colin Twiggs","date":"January 22, 2020","format":false,"excerpt":"Commodity prices warn that the global economy is still in a slump. The Dow Jones - UBS Commodity Index remains at one-third of its 2007 peak, with no sign of recovery. The fall in crude prices hasn't been as severe, but Brent Crude is again weakening and looks set for\u2026","rel":"","context":"In "Commodities"","block_context":{"text":"Commodities","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/gold-commodities\/commodities-gold-commodities\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":42289,"url":"https:\/\/thepatientinvestor.com\/index.php\/2023\/05\/26\/dr-copper-warns-of-global-recession\/","url_meta":{"origin":13429,"position":2},"title":"Dr Copper warns of global recession","author":"Colin Twiggs","date":"May 26, 2023","format":false,"excerpt":"Copper (black below) shows a bearish divergence from the Dow Jones Global Index (GDOW). Expect another test of the July '22 low (at $7000\/tonne), with global stocks likely to follow copper lower. Often referred to as \"Dr Copper\" because of its \"PhD in economics\", copper has an enviable reputation as\u2026","rel":"","context":"In "Base Metals"","block_context":{"text":"Base Metals","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/gold-commodities\/commodities-gold-commodities\/base-metals\/"},"img":{"alt_text":"Copper & Global Dow (GDOW)","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-05-25-copper-gdow.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-05-25-copper-gdow.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-05-25-copper-gdow.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":20784,"url":"https:\/\/thepatientinvestor.com\/index.php\/2020\/06\/18\/iron-ore-fails-to-lift-heavyweight-miners\/","url_meta":{"origin":13429,"position":3},"title":"Iron ore fails to lift heavyweight miners","author":"Colin Twiggs","date":"June 18, 2020","format":false,"excerpt":"Iron ore is sitting at $103.18 per metric ton after breaking resistance at 95.00. Expect retracement to test the new support level. Rising troughs on the Trend Index signal buying pressure and respect would signal another advance. Steel rebar futures (June '20) found support at 400 but only breakout above\u2026","rel":"","context":"In "China & HK"","block_context":{"text":"China & HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":21204,"url":"https:\/\/thepatientinvestor.com\/index.php\/2020\/08\/08\/commodities-technical-outlook\/","url_meta":{"origin":13429,"position":4},"title":"Commodities: Technical outlook","author":"Colin Twiggs","date":"August 8, 2020","format":false,"excerpt":"West Texas Crude recovered above $40\/barrel but seems to have run into resistance. We are likely to see another test of support, though nowhere near as severe as the April lows. Natural gas is in over-supply but breakout above resistance at 2.10 suggests that a base has formed. Expect retracement\u2026","rel":"","context":"In "Commodities"","block_context":{"text":"Commodities","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/gold-commodities\/commodities-gold-commodities\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":35001,"url":"https:\/\/thepatientinvestor.com\/index.php\/2022\/07\/02\/signs-of-a-global-recession\/","url_meta":{"origin":13429,"position":5},"title":"Global recession warning","author":"Colin Twiggs","date":"July 2, 2022","format":false,"excerpt":"Copper broke primary support at $9,000 per metric ton, signaling a bear market. Known as \"Dr Copper\" because of its prescient ability to predict the direction of the global economy, copper's sharp fall warns of a global recession dead ahead. The Dow Jones Industrial Metals Index broke support at 175,\u2026","rel":"","context":"In "Base Metals"","block_context":{"text":"Base Metals","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/gold-commodities\/commodities-gold-commodities\/base-metals\/"},"img":{"alt_text":"Copper (S1)","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-07-01-copper.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-07-01-copper.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-07-01-copper.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-07-01-copper.png?resize=700%2C400&ssl=1 2x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/13429","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=13429"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/13429\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=13429"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=13429"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=13429"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}