It predicts that in the first half of 2025, oil prices will reach a 3-year high globally

Published 2024년 10월 17일

Tridge summary

Oil prices have surged, with notable increases in hydrogenated palm olein, palm oil, soybean oil, and sunflower oil across various regions. Analysts anticipate a temporary dip in prices before they hit a three-year high by the end of the marketing year, driven by a significant rise in sunflower oil prices due to decreased global exports. Contributing factors include crop losses in France from excessive rainfall and production declines in the Black Sea region caused by drought, leading to higher prices for sunflower and other oils.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

According to APC-Inform, oil prices rose significantly during the month. Thus, as of October 10, hydrogenated palm olein in Malaysia traded at $1,065/t FOB, palm oil in Indonesia at $1,120/t, Argentine soybean oil at $1,029/t, Black Sea sunflower oil at $1,100-1,180 /t CIF-Mersin with the nearest shipment. Analysts believe that oil prices may fall temporarily in the near future after a sharp rise, but will approach a 3-year high by the end of the marketing year. According to forecasts of OIL WORLD, the leader of price growth will be sunflower oil, the premium for which will increase compared to soybean, rapeseed and palm oils against the ...

Source: Graintrade