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Prices in the $2.8 trillion global petrochemicals business continued to forge ahead in March hitting new six-month highs and continuing to build on the dramatic gains seen in January when the Platts Global Petrochemical Index (PGPI) rose 10.4%. The index, a basket of the most widely-used petrochemicals prices expressed in dollars per metric ton ($/mt), advanced 0.7% in February and rose again in March to close the month at $1,233/mt, compared to $1,192/mt at the end of February, Platts reports.

China's apparent oil demand in February jumped 16.6% from a year ago to a historic high of around 8.5 million barrels per day (b/d) or about 33.28 million tonnes, according to a Platts analysis of official data just released.

The Organization of Petroleum Exporting Countries' (OPEC) crude oil production rose to 29.31 million barrels per day (b/d) in February, an increase of 60,000 (b/d) from an estimated January level of 29.25 million b/d, according to a just-released Platts survey of OPEC and oil industry officials and analysts.

Davis, Industrial Info's manager of research for the oil & gas industry markets, spoke about project spending for the North American oil & gas industry at Industrial Info's "Twenty-Ten Industrial Market Outlook," held in Houston on January 27.

Although the speed and extent of the global economic recovery remain uncertain, commodity prices are likely to put up strong performance in 2010. This will boost the worldwide mining industry, although challenges particular to South Africa may dampen local prospects.

A growing weight of investment money is poised to enter the gold market in the first half of 2010 and is likely to push gold prices to fresh records, according to the latest Gold Survey Update from leading international precious metals consultancy, GFMS.

Looking ahead to 2010, Jeffrey Nichols, Senior Economic Advisor to Rosland Capital, made the following comments on the outlook for the price of gold based on a series of key fundamentals trending into the New Year, including U.S. monetary policy, strong central bank and investment demand and declining mine production.

China's apparent oil demand in November soared 18.7% from a year ago as the country's economic recovery picked up momentum. November's surge in oil demand marked the third straight month that the world's second largest oil consumer posted double-digit yearly growth in oil demand.

Platts - The Organization of the Petroleum Exporting Countries(OPEC) crude oil production rose to 28.94 million barrels per day (b/d) in November, an increase of 50,000 b/d from an estimated October level of 28.89 million b/d, a Platts survey of OPEC and oil industry officials and analysts showed Friday.

United States crude oil production for 2009 is on target to have its biggest one-year jump since 1970, according to a Platts analysis of industry data.