FINWIRES · TerminalLIVE
FINWIRES

Bank of Canada Is in No Hurry to React to Higher Oil Prices, Says Desjardins

作者

-- The Bank of Canada's Governing Council left rates unchanged at 2.25% on Wednesday and signaled that elevated oil prices won't do much to boost gross domestic product or underlying inflationary pressures, said Desjardins.

For its projections, the BoC assumed that Brent oil prices will fall to around US$75/barrel by mid-2027, roughly in line with the bank's forecasts.

That said, policymakers expect investment and employment to be less responsive to higher crude prices than in the past, leaving real gross domestic product up just 1.2% in 2026, while previously it saw at 1.1%. So while the composition of growth will look different -- many households and businesses will be squeezed by higher energy costs even as some firms and governments benefit -- the economy is still expected to absorb slack only slowly this year, stated Desjardins.

The good news is that officials share the bank's view that spillovers to core inflation will be limited. The BoC expects core inflation to end 2026 at 2.0%, which is actually a touch lower than the 2.1% penciled in back in January's Monetary Policy Report (MPR).

The commentary accompanying the rate decision also highlighted the favorable starting point for underlying inflation, with the BoC's preferred core measures just slightly above 2% in March and the proportion of components rising above 3% also having declined in recent months. So while officials acknowledged the cost pressures associated with high oil prices, they implied that their operational target, underlying inflation, wouldn't be impacted, added the bank.

Wednesday's MPR also included projections for an alternative scenario in which oil prices remain around US$100 per barrel. Even in that scenario, the economy is expected to struggle over the next few years, as many households and businesses would face higher costs and the benefits of elevated crude prices would translate into increased activity in oil-producing regions with a lag.

That said, the forecasts include a further rise in headline inflation, which is substantially more persistent and broad-based than in the base case projections. Governor Tiff Macklem appears to suggest that such a situation could warrant consecutive increases in the policy rate, according to Desjardins.

Overall, the BoC appears comfortable leaving rates unchanged for the rest of the year, unless oil prices remain high, added the bank. Assuming oil prices decline to levels consistent with their assumptions, the central bank's communications suggest that any changes in the target rate will be small.

Desjardins takes that to mean that once the economy recovers to full health, central bankers will raise the policy rate gradually to 2.75%, the mid-point of their estimated neutral rate range. The bank's expectation is that those rate increases aren't in the cards until 2027.

相关文章

Research

更新:瑞穗维持对Immix Biopharma的目标股价为15美元,并维持“跑赢大盘”评级。

(更新:目标价保持不变) (报道北美、亚洲和欧洲主要银行及研究机构的股票、商品和经济研究。研究机构可通过以下链接联系我们:https://www..com/contact-us)Price: $8.57, Change: $-0.04, Percent Change: -0.41%

$IMMX
Australia

加拿大皇家银行表示,Bloom Energy燃料电池的需求受供电时间、电网限制和水资源短缺等因素驱动。

加拿大皇家银行资本市场(RBC Capital Markets)周三表示,鉴于电力供应时间、电网限制、水资源短缺以及与替代能源相关的社区空气质量问题,Bloom Energy (BE) 的燃料电池解决方案需求强劲。 报告指出,随着需求加速增长,Bloom Energy 正在将其产能从 2 吉瓦扩大到 5 吉瓦。该公司最近获得的空气排放许可证表明,其已获得监管部门批准,可以开始扩大其位于加利福尼亚州的工厂规模。 RBC 估计,Bloom Energy 的设备积压订单超过 150 亿美元。该券商表示,如果订单量与之前的预测保持一致,那么到 2027 年,需求量可能超过 2 吉瓦,并在 2028 年翻一番,超过 4 吉瓦。 RBC 维持对 Bloom Energy 的“跑赢大盘”评级,并将目标价从 143 美元上调至 335 美元。 该公司股价在周三的交易中上涨了 21%。Price: $278.74, Change: $+52.37, Percent Change: +23.13%

$BE
Commodities

美国石油和天然气储量下降,阿拉斯加新项目带来收益,美国能源信息署称

美国能源信息署(EIA)策略师周三在一份报告中指出,受油价下跌影响,美国2024年已探明油气储量预期下降,但阿拉斯加州逆势增长,这主要得益于开发活动的增加。 EIA分析师史蒂文·格雷普表示,截至2024年底,美国原油和凝析油已探明储量总量下降1%,至约460亿桶;天然气储量下降3%,至584万亿立方英尺。 相比之下,阿拉斯加州的原油和凝析油已探明储量均有所增长。该州原油和凝析油已探明储量增长5%,达到31亿桶;天然气储量增长近7%,达到103万亿立方英尺。 2024年基准油价连续第二年下跌,对全国储量预期造成压力。西德克萨斯中质原油现货平均价格较2023年水平下降1%,亨利枢纽天然气价格下跌13%。 美国能源信息署(EIA)表示,油价下跌导致主要产油州的石油储量减少。德克萨斯州原油储量降幅最大,减少5.29亿桶,降幅3%;其次是北达科他州,减少4.87亿桶,降幅11%。 天然气方面,德克萨斯州再次领跌,储量减少10.2万亿立方英尺,降幅7%;路易斯安那州储量减少8.4万亿立方英尺,降幅26%。 阿拉斯加州的储量增长得益于勘探和开发活动的增加,尽管油价疲软,但相关数据仍被上调。EIA分析师表示,康菲石油公司(COP)运营的努纳(Nuna)项目投产,推动了阿拉斯加州年内石油储量的增长。 预计未来的项目将进一步提升阿拉斯加州的石油储量,包括在普拉德霍湾的新钻探以及阿拉斯加液化天然气项目等基础设施建设。 与此同时,美国近期出台的政策措施也旨在加速阿拉斯加州的资源开发。 2025年1月,特朗普总统签署了一项行政命令,旨在加快阿拉斯加能源项目的审批和租赁,并促进液化天然气(LNG)向国内及周边市场的出口。 今年3月,土地管理局授予了阿拉斯加国家石油储备区内130万英亩土地的租赁权。Price: $126.79, Change: $+2.47, Percent Change: +1.99%

$COP