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NEW YORK, June 3 /PRNewswire/ -- Standard & Poor's, the world's leading index provider, announced today that the S&P GSCI ended May with a 13.19% decline as global economic concerns pressured the Index during the month. Energy (-15.92%) was the worst performing sector in May, while Precious Metals (+2.33%) was the only sector to post a positive monthly return. Economic sensitive assets were highly correlated in May, as the 14% plunge in front month crude oil futures drove down the returns of several other S&P GSCI components," says Michael McGlone, Director of Commodity Indexing at S&P Indices and author of the Market Attributes Commodities posted monthly to www.spgsci.standardandpoors.com. "When the world's most widely traded commodity futures contract declines this rapidly, it often ...
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LONDON, March 9, 2011 /PRNewswire/ -- Platts - The 12-member Organization of the Petroleum Exporting Countries' (OPEC) crude oil production output jumped to an average 29.8 million barrels per day (b/d) in February, as Saudi Arabia continued to boost production, according to a just-released Platts survey of OPEC and oil industry officials and analysts. This is up 230,000 b/d from an estimated 29.57 million b/d in January. The increase more than offset the drop in Libyan supplies, estimated to have averaged 190,000 b/d over the month, as the deepening conflict hit the North African country's oil production and exports in the final week of February.
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The motivation for this paper began with casual empiricisms regarding the brief distributed lag of retail gasoline prices behind crude oil futures. We developed a model consistent with our hypothesis and tested it with econometrics using statistical data that include the sharp decrease in crude oil price futures in late summer 2008. We found that our model is a consistent and efficient estimator of the actual gasoline prices over most of our sample period. However, random shocks to gasoline prices, like Hurricane Ike in 2008, cause the model to have problems accurately predicting gas prices. We conclude that our estimated model and simulations provide reasonable support for our hypothesis that crude oil price futures can predict spot retail unleaded gasoline prices.
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LONDON, Dec.12, 2011 /PRNewswire/ -- The Organization of the Petroleum Exporting Countries' (OPEC) crude oil output jumped by 550,000 barrels per day (b/d) to 30.6 million b/d in November from 30.05 million b/d in October, mainly on higher volumes from Libya, Saudi Arabia, Nigeria and Angola, a just-released Platts survey of OPEC and oil industry officials and analysts showed. The Platts survey results put OPEC production levels above the group's own forecasted demand for OPEC crude next year," said John Kingston, Platts global director of news. "In recent months, OPEC has out-produced its own projections, which was worrisome for consumers. However, this significant jump in production puts OPEC above its expected 2012 total, and at least near the individual quarter-by-quarter projectio...
