Commodity Markets Outlook, October 2021

Commodity prices have risen to high levels by historical standards. Energy prices have increased sharply, especially for natural gas and coal, while most non-energy prices have plateaued after steep increases earlier in the year. Crude oil prices are forecast to average $74/bbl in 2022, up from a pr...

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Main Author: World Bank Group
Format: Serial
Published: World Bank, Washington, DC 2021
Subjects:
Online Access:http://hdl.handle.net/10986/36350
id okr-10986-36350
recordtype oai_dc
spelling okr-10986-363502021-10-22T17:52:19Z Commodity Markets Outlook, October 2021 World Bank Group COMMODITY PRICES ENERGY AGRICULTURE METALS AND MINERALS PRECIOUS METALS PRICE FORECASTS PRICE SERIES OIL PRICES FOOD PRICES ECONOMIC OUTLOOK PANDEMIC IMPACT Commodity prices have risen to high levels by historical standards. Energy prices have increased sharply, especially for natural gas and coal, while most non-energy prices have plateaued after steep increases earlier in the year. Crude oil prices are forecast to average $74/bbl in 2022, up from a projected $70/bbl in 2021. After registering more than 48 percent increase this year, metal prices are projected to decline 5 percent in 2022. Agricultural prices, which are projected to rise more than 20 percent this year, are expected to broadly stabilize in 2022. These forecasts are subject to substantial risks, from adverse weather, further supply constraints, or additional outbreaks of COVID-19. Energy prices are particularly at risk of additional volatility in the near-term given low inventory levels. A Special Focus section explores the impact of urbanization on commodity demand. Although cities are often associated with increased demand for energy commodities (and hence greenhouse gas emissions) the report finds that high-density cities, particularly in advanced economies, can have lower per capita energy demand than low-density cities. As the share of people living in urban areas is expected to continue to rise, these results highlight the need for strategic urban planning to maximize the beneficial elements of cities and mitigate their negative impacts. 2021-10-12T21:07:18Z 2021-10-12T21:07:18Z 2021-10-21 Serial http://hdl.handle.net/10986/36350 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Publications & Research
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
topic COMMODITY PRICES
ENERGY
AGRICULTURE
METALS AND MINERALS
PRECIOUS METALS
PRICE FORECASTS
PRICE SERIES
OIL PRICES
FOOD PRICES
ECONOMIC OUTLOOK
PANDEMIC IMPACT
spellingShingle COMMODITY PRICES
ENERGY
AGRICULTURE
METALS AND MINERALS
PRECIOUS METALS
PRICE FORECASTS
PRICE SERIES
OIL PRICES
FOOD PRICES
ECONOMIC OUTLOOK
PANDEMIC IMPACT
World Bank Group
Commodity Markets Outlook, October 2021
description Commodity prices have risen to high levels by historical standards. Energy prices have increased sharply, especially for natural gas and coal, while most non-energy prices have plateaued after steep increases earlier in the year. Crude oil prices are forecast to average $74/bbl in 2022, up from a projected $70/bbl in 2021. After registering more than 48 percent increase this year, metal prices are projected to decline 5 percent in 2022. Agricultural prices, which are projected to rise more than 20 percent this year, are expected to broadly stabilize in 2022. These forecasts are subject to substantial risks, from adverse weather, further supply constraints, or additional outbreaks of COVID-19. Energy prices are particularly at risk of additional volatility in the near-term given low inventory levels. A Special Focus section explores the impact of urbanization on commodity demand. Although cities are often associated with increased demand for energy commodities (and hence greenhouse gas emissions) the report finds that high-density cities, particularly in advanced economies, can have lower per capita energy demand than low-density cities. As the share of people living in urban areas is expected to continue to rise, these results highlight the need for strategic urban planning to maximize the beneficial elements of cities and mitigate their negative impacts.
format Serial
author World Bank Group
author_facet World Bank Group
author_sort World Bank Group
title Commodity Markets Outlook, October 2021
title_short Commodity Markets Outlook, October 2021
title_full Commodity Markets Outlook, October 2021
title_fullStr Commodity Markets Outlook, October 2021
title_full_unstemmed Commodity Markets Outlook, October 2021
title_sort commodity markets outlook, october 2021
publisher World Bank, Washington, DC
publishDate 2021
url http://hdl.handle.net/10986/36350
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