NRGU - Surging oil copper prices 'completely detached from reality' - Commerzbank

Rising commodity prices are "completely detached from reality," with oil (CL1:COM) in particular unmoved by news that typically would push it lower, Commerzbank analysts say."Nothing seems capable of halting the surge in oil prices at present," says the bank's Carsten Fritsch, noting Brent crude's (CO1:COM) $10/bbl climb in the past three weeks and asserting certain developments are being ignored, including reports that higher prices have prompted OPEC and its allies to consider gradually ramping up oil supply from April, and the likelihood that Saudi Arabia will not extend its voluntary cuts beyond the end of March."Normally oil prices should have responded to such news by falling significantly, because this will probably see up to 1.5M additional barrels of crude oil reach the market per day in April," Fritsch says. "This selective perception is characteristic of markets in phases of excess."The detachment to reality also is clear for copper (HG1:COM), which

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Surging oil, copper prices 'completely detached from reality,' - Commerzbank