My column for UncommonWisdomDaily.com that posted today, The Coming Emergency in Energy, is already out of date. That’s because I used the International Energy Agency’s February estimate for global oil demand, when they raised the estimate for 2010 to 86.5 million barrels. Today, the IEA raised their 2010 estimate to 86.6 million barrels a day , or 1.6 million barrels a day higher than in 2009. That’s a HUGE jump.
As I said in today’s UWD column, auto sales are zooming in Asia and other emerging markets. But it’s not just new drivers hitting the road. Emerging markets are also expected to lead a rebound in air travel as well.
One other thing. The IEA’s estimate for oil used in 2009 was revised upwards to 85 million barrels a day. Why do they need to do that revision? Because oil use at the end of the year was much stronger than expected.
What does that tell you about the estimates they have for 2010? It tells me that they could be raising those estimates again.
Crude is above $82 now. If it can hold this level with a convincing close, my targets for crude are $91.50 and possibly $103.
And yes, this will be great news for many of the recommendations in Crisis Profit Hunter.
Related Posts
- IMF Raises Global Growth Forecasts (04/22/10)
- Map of Global GDP Growth (04/25/10)
- As US Harvests Rise, China Demand Is Insatiable (02/19/10)
- Laughing About The Global Financial Crisis (05/22/10)
- Latest Post on Global Wealth Report Blog — Gold and More (03/11/09)
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