{"id":1314,"date":"2009-01-17T09:31:22","date_gmt":"2009-01-17T09:31:22","guid":{"rendered":"http:\/\/blogs.thesocialmedia.com\/leblogenergie\/2009\/01\/17\/les-cours-du-1\/"},"modified":"2012-07-12T11:17:37","modified_gmt":"2012-07-12T11:17:37","slug":"les-cours-du-1","status":"publish","type":"post","link":"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/2009\/01\/17\/les-cours-du-1\/","title":{"rendered":"Les cours du p\u00e9trole WTI am\u00e9ricain \u00e0 10$ plus bas que le baril de Brent: une situation rare"},"content":{"rendered":"<p>&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp; <strong><span style=\"font-size: 1.4em\">D<\/span><\/strong>epuis le d\u00e9but de cette ann\u00e9e les march\u00e9s ont enregistr\u00e9 une divergence entre les cours du Brent \u00e0 Londres et ceux du brut WTI cot\u00e9 \u00e0 new York et \u00e9chang\u00e9 physiquement \u00e0 Cushing, Oklahoma (FIG.).<a href=\"http:\/\/blogs.thesocialmedia.com\/leblogenergie\/files\/2012\/07\/coursbrentwti20091.jpg\"><img loading=\"lazy\" decoding=\"async\" height=\"345\" alt=\"Coursbrentwti2009\" src=\"http:\/\/blogs.thesocialmedia.com\/leblogenergie\/files\/2012\/07\/coursbrentwti2009.jpg\" width=\"480\"  \/><\/a>&nbsp; Cette diff\u00e9rence inhabituelle entre les deux cotations, g\u00e9n\u00e9ralement le Brent court derri\u00e8re le WTI, appara\u00eet lorsque les stocks \u00e0 Cushing sont satur\u00e9s. C&rsquo;\u00e9tait par exemple le cas au printemps 2007 lorsque les stocks de brut de cette bourgade de l&rsquo;Oklahoma avaient atteint la saturation, \u00e0 l&rsquo;\u00e9poque, \u00e0 28 millions de barils (FIG.II). Depuis les traders ont investi dans des capacit\u00e9s de stockage suppl\u00e9mentaires, mais le niveau atteint vendredi dernier \u00e0 33 millions de barils ne doit pas \u00eatre loin de la saturation de ces capacit\u00e9s.<\/p>\n<p><a href=\"http:\/\/blogs.thesocialmedia.com\/leblogenergie\/files\/2012\/07\/ptrolecushing2009011.jpg\"><img loading=\"lazy\" decoding=\"async\" height=\"329\" alt=\"Ptrolecushing200901\" src=\"http:\/\/blogs.thesocialmedia.com\/leblogenergie\/files\/2012\/07\/ptrolecushing200901.jpg\" width=\"480\"  \/><\/a> Les stocks de Cushing sont satur\u00e9s de p\u00e9trole vendu \u00e0 terme. Contrairement \u00e0 ce qui se raconte na\u00efvement les Etats-Unis qui importent \u00e0 tout-va du p\u00e9trole n&rsquo;attendent pas un \u00e9ventuel client. Ce p\u00e9trole est d\u00e9j\u00e0 vendu \u00e0 terme avec un mark-up de 5, de 10 ou 14 dollars par baril \u00e0 l&rsquo;\u00e9ch\u00e9ance de Mars, Avril ou Mai en raison de la situation de contango (FIG. III).<a href=\"http:\/\/blogs.thesocialmedia.com\/leblogenergie\/files\/2012\/07\/contango2009013.jpg\"><img loading=\"lazy\" decoding=\"async\" height=\"363\" alt=\"Contango200901\" src=\"http:\/\/blogs.thesocialmedia.com\/leblogenergie\/files\/2012\/07\/contango200901.jpg\" width=\"464\"  \/><\/a>&nbsp; Tout se passe comme si les Etats-Unis achetaient leur p\u00e9trole par avance pour profiter des soldes actuels. Inutile de pr\u00e9ciser que cette divergence des cours entre Europe et Etats-Unis ne durera pas, les tankers charg\u00e9s de bruts africains ou saoudiens iront livrer leur cargaison au terminal le plus offrant.<\/p>\n<p>&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp; Le march\u00e9 de New York est rong\u00e9 par la sp\u00e9culation, il faut esp\u00e9rer qu&rsquo;apr\u00e8s les aventures de cet \u00e9t\u00e9 plus personne n&rsquo;en doute et que la question ne fait plus d\u00e9bat. Les cours baissent parce que les professionnels stockent pour vendre \u00e0 terme. Ceux qui ont jou\u00e9 la hausse trop t\u00f4t en achetant des futures sont en train de perdre leur culotte et sont oblig\u00e9s de vendre leur papier \u00e0 perte. Tout le monde attend le signal du rallye \u00e0 la hausse, mais les ma\u00eetres de la sp\u00e9culation attendent les premiers effets des restrictions de quotas OPEP ou les pr\u00e9mices de la d\u00e9valuation du dollar, apr\u00e8s le plan Obama.<\/p>\n<p>&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;Un autre fait marquant sur ce march\u00e9 des produits p\u00e9troliers en d\u00e9but 2009 est la bonne tenue des cours de l&rsquo;essence (FIG.I courbe rouge) qui montre l&rsquo;effet des restrictions de raffinage et peut-\u00eatre un d\u00e9marrage de la consommation en carburants par les particuliers en raison des prix brad\u00e9s \u00e0 la pompe. Il sera int\u00e9ressant de conna\u00eetre les consommations durant ce week-end prolong\u00e9 avec le Martin Luther King Day. La divergence des cours entre essence et brut profite aux raffineurs am\u00e9ricains dont les marges de raffinage sur l&rsquo;essence ont \u00e9t\u00e9 n\u00e9gatives durant tout le quatri\u00e8me trimestre 2008 (FIG IV).<a href=\"http:\/\/blogs.thesocialmedia.com\/leblogenergie\/files\/2012\/07\/margeessence2009_011.jpg\"><img loading=\"lazy\" decoding=\"async\" height=\"331\" alt=\"Margeessence2009_01\" src=\"http:\/\/blogs.thesocialmedia.com\/leblogenergie\/files\/2012\/07\/margeessence2009_01.jpg\" width=\"480\"  \/><\/a> <\/p>\n<p>Le 17 Janvier 2009.<\/p>\n<p>&#8211;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp; Depuis le d\u00e9but de cette ann\u00e9e les march\u00e9s ont enregistr\u00e9 une divergence entre les cours du Brent \u00e0 Londres et ceux du brut WTI cot\u00e9 \u00e0 new York et \u00e9chang\u00e9 physiquement \u00e0 Cushing, Oklahoma (FIG.).&nbsp; Cette diff\u00e9rence inhabituelle entre les deux cotations, g\u00e9n\u00e9ralement le Brent court derri\u00e8re [&hellip;]<\/p>\n","protected":false},"author":341,"featured_media":11528,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-1314","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actualites"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - 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