Commodity Markets Outlook, January 2015

Broad-based commodity price declines occurred in the second half of 2014. Crude oil prices declined the most, down 55 percent to $47 per bbl (barrel) in early January, from a high of $115 per bbl in late-June 2014, bringing an end to a four-year period of high and stable prices. The oil price drop is the third-largest seven-month decline of the past three decades - only the 67 percent drop from November 1985 to March 1986 and the 75 percent drop from July to December 2008 were larger. Agricultural, metal, and precious metal prices weakened as well, down by 6, 8, and 9 percent, respectively, in 2014 fourth quarter (Q4) from the previous quarter. Ample supplies, disappointing global growth prospects, and an appreciating Unites States (U.S.) dollar have all weighed on prices. In oil markets, a sequence of (upward) supply and (downward) demand revisions, along with organization of petroleum exporting countries (OPEC's) abandoning of supply management, have played a pivotal role in the price collapse.

Bibliographic Details

Main Author:	World Bank Group
Format:	Working Paper biblioteca
Language:	English en_US
Published:	Washington, DC 2015-01
Subjects:	AGRICULTURAL COMMODITIES, AGRICULTURAL CROPS, AGRICULTURAL PRICE, AGRICULTURAL PRICES, AIR-DRY, ALUMINUM PRICES, APPROACH, AUCTIONS, AVERAGE PRICE, BALANCE, BARREL, BARREL OF OIL, BARRELS PER DAY, BIRDS, BORDER PRICE, BRANDS, CO2, CO2 EMISSIONS, COAL, COAL LIQUEFACTION, COCOA PRICES, COFFEE PRICES, COMMODITY PRICE, COMMODITY PRICES, CONSUMPTION OF OIL, CONVENTIONAL OIL, COTTON PRICES, CRUDE OIL, CRUDE OIL PRICE, CRUDE OIL PRICES, CRUDE OIL PRODUCTION, CRUDE OIL SUPPLIES, CRUDE PRICES, DEMAND GROWTH, DRILLING, EMISSIONS, ENERGY CONSUMPTION, ENERGY ECONOMICS, ENERGY INFORMATION ADMINISTRATION, ENERGY INTENSIVE, ENERGY MARKETS, ENERGY PRICE, ENERGY PRICES, ENVIRONMENTAL IMPLICATIONS, ETHANOL, EXTRACTION, FAIR, FUEL, FUEL COST, FUEL DEMAND, FUEL PRICES, FUELS, GAS PRODUCTION, GLOBAL ENERGY CONSUMPTION, GLOBAL LEVEL, GOLD PRICES, GROSS DOMESTIC PRODUCT, HIGH ENERGY INTENSITY, INCOME, INFLATION, INTERNATIONAL ENERGY AGENCY, INVENTORIES, LIQUEFACTION, LNG, MARGINAL COST, MARKET ANALYSIS, MARKET DEVELOPMENTS, MARKET PRICES, MARKET SHARE, MILLION BARRELS, MILLION BARRELS PER DAY, NATURAL GAS, NATURAL GAS MARKET, NATURAL GAS MARKETS, NATURAL GAS PRICES, NITROGEN, OIL, OIL CONSUMPTION, OIL DEMAND, OIL EQUIVALENT, OIL EXPLORATION, OIL FUTURES, OIL IMPORTERS, OIL INDUSTRY, OIL MARKET, OIL MARKET REPORT, OIL MARKETS, OIL OUTPUT, OIL PRICE, OIL PRICE BAND, OIL PRICE CHANGES, OIL PRICE COLLAPSE, OIL PRICES, OIL PRODUCER, OIL PRODUCERS, OIL PRODUCTION, OIL RESERVES, OIL REVENUES, OIL SUPPLY, OILS, OPEC, PETROLEUM, PIPELINES, POTASSIUM, PRICE CHANGE, PRICE CHANGES, PRICE FORECAST, PRICE FORECASTS, PRICE INDEX, PRICE INDICES, PRICE OF OIL, PRICE SUPPORT, PRICE VOLATILITY, PRIMARY ENERGY, PRIMARY ENERGY CONSUMPTION, PRODUCTION LEVEL, RAW MATERIAL, RAW MATERIALS, REFINERIES, SALE, SHALE OIL, SOYBEAN MEAL, SOYBEAN OIL, SPOT PRICE, SPREAD, STABLE PRICES, STOCKS, SUBSTITUTE, SUBSTITUTE PRODUCT, SUBSTITUTE PRODUCTS, SUGARCANE, SULFUR, SUPPLIER, SUPPLIERS, SUPPLY MANAGEMENT, TROPICAL TIMBER, VEHICLES, WAREHOUSE, WHOLESALE PRICE, WORLD ENERGY, WORLD OIL, WORLD OIL DEMAND, WORLD OIL DEMAND GROWTH,
Online Access:	http://hdl.handle.net/10986/21348
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