Čína a ropa

The market has spoken. For once the machinations of the market are being based not on herd mentality, software, technicals or the whims of the mass media. Instead the worrying thing is the moves to $100 oil are based on reality, demand. Chinese demand.

It has not mattered a jot to China as oil has risen in price. Some people might want to buy a house because they think they may make money, other people buy a house because they love someone and they want to live in the city without renting. China is the latter. China is not interested in a few billion dollars this way or that every month, it wants to live in the city called 21st century prosperity and it is going to do everything in its power to stay there. And it ain’t gonna rent.

If Chinese demand were going to slacken off it would have happened by now. But nothing of the sort is going on. Although, as we have said before here, the figures that come out of Beijing can be slightly odd, it appears Chinese demand is rising somewhere around 10 per cent per year at the moment.

When the price of crude fell, after its first foray into $100 territory, it reached around $86 per barrel. Far higher than this column predicted, when we were talking about it falling to the high sixty dollar range. There it stuck for a while as the market started sending more and more crude over the seas…to China.

Zdroj: Commodityonline.com

29.02.2008