{"id":4595,"date":"2019-01-09T13:49:53","date_gmt":"2019-01-09T18:49:53","guid":{"rendered":"https:\/\/www.fundamentalanalytics.com\/?p=4595"},"modified":"2019-01-09T13:49:56","modified_gmt":"2019-01-09T18:49:56","slug":"commodity-market-update-portuguese-translation-january-08-2019","status":"publish","type":"post","link":"https:\/\/www.fundamentalanalytics.com\/pt\/commodity-market-update-portuguese-translation-january-08-2019\/","title":{"rendered":"Commodity Market Update Portuguese Translation, January 08, 2019"},"content":{"rendered":"<p>08 de janeiro de 2019 | por Joel Fingerman<br><\/p>\n\n\n\n<p>Prezado Aaron:<br><\/p>\n\n\n\n<p><strong>Energia<\/strong><br><\/p>\n\n\n\n<p>Janeiro \u00e9 o in\u00edcio da recupera\u00e7\u00e3o das refinarias, quando partes das refinarias s\u00e3o fechadas para manuten\u00e7\u00e3o e prepara\u00e7\u00e3o para a temporada de ver\u00e3o. Como mostra o Gr\u00e1fico 1, h\u00e1 uma queda nos <em>Crude Runs<\/em> nas refinarias at\u00e9 janeiro e fevereiro. Da mesma forma, h\u00e1 queda na produ\u00e7\u00e3o de gasolina nesse per\u00edodo (Gr\u00e1fico 2), uma vez que a demanda por gasolina \u00e9 menor em janeiro (Gr\u00e1fico 3). A menor demanda pode pressionar os pre\u00e7os tanto nos produtos refinados quanto no petr\u00f3leo bruto.<br><\/p>\n\n\n\n<p><strong>Gr\u00e1fico 1<\/strong><br><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img fetchpriority=\"high\" decoding=\"async\" width=\"974\" height=\"710\" src=\"https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2019\/01\/CMU-108-1-1.png\" alt=\"\" class=\"wp-image-4596\" srcset=\"https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2019\/01\/CMU-108-1-1.png 974w, https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2019\/01\/CMU-108-1-1-300x219.png 300w, https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2019\/01\/CMU-108-1-1-768x560.png 768w\" sizes=\"(max-width: 974px) 100vw, 974px\" \/><\/figure>\n\n\n\n<p><strong>Gr\u00e1fico 2<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" width=\"972\" height=\"720\" src=\"https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2019\/01\/CMU-108-2-1.png\" alt=\"\" class=\"wp-image-4597\" srcset=\"https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2019\/01\/CMU-108-2-1.png 972w, https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2019\/01\/CMU-108-2-1-300x222.png 300w, https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2019\/01\/CMU-108-2-1-768x569.png 768w\" sizes=\"(max-width: 972px) 100vw, 972px\" \/><\/figure>\n\n\n\n<p><strong>Gr\u00e1fico 3<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" width=\"972\" height=\"720\" src=\"https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2019\/01\/CMU-108-3-1.png\" alt=\"\" class=\"wp-image-4598\" srcset=\"https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2019\/01\/CMU-108-3-1.png 972w, https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2019\/01\/CMU-108-3-1-300x222.png 300w, https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2019\/01\/CMU-108-3-1-768x569.png 768w\" sizes=\"(max-width: 972px) 100vw, 972px\" \/><\/figure>\n\n\n\n<p><strong>Gr\u00e3os<\/strong><\/p>\n\n\n\n<p>O milho \u00e9 a mat\u00e9ria-prima na produ\u00e7\u00e3o de etanol biocombust\u00edvel nos EUA. Cerca de 40% da safra de milho dos EUA \u00e9 usada na produ\u00e7\u00e3o de etanol. Os pre\u00e7os do milho se recuperaram de suas baixas em setembro, mas os pre\u00e7os do etanol continuaram enfraquecendo (Gr\u00e1fico 4).<br><\/p>\n\n\n\n<p>De fato, os pre\u00e7os do etanol em pre\u00e7os equivalentes de bushel (1 bushel de milho produz 2,8 gal\u00f5es de etanol) s\u00e3o inferiores aos pre\u00e7os do milho. O gr\u00e1fico 5 mostra os pre\u00e7os do milho (linha preta) e os pre\u00e7os equivalentes do etanol (linha vermelha). Quando a linha de milho negro est\u00e1 acima da linha de etanol vermelha, o spread, ou margem, \u00e9 negativo.<br><\/p>\n\n\n\n<p>O gr\u00e1fico 6 \u00e9 uma sobreposi\u00e7\u00e3o anual do spread entre o etanol e o milho. A linha preta, o spread de 2019, est\u00e1 em baixa recorde em torno de -20 centavos. Os refinadores de etanol est\u00e3o atualmente funcionando com preju\u00edzo. Os estoques de etanol est\u00e3o em n\u00edveis recordes nessa \u00e9poca do ano, portanto a oferta \u00e9 abundante (Gr\u00e1fico 7). Consequentemente, as refinarias de etanol t\u00eam cortado a produ\u00e7\u00e3o (Gr\u00e1fico 8, linha preta). Na semana encerrada em 28 de dezembro, a produ\u00e7\u00e3o de etanol caiu em 31.000 barris por dia.<\/p>\n\n\n\n<p><strong>Gr\u00e1fico 4<\/strong><br><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"972\" height=\"720\" src=\"https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2019\/01\/CMU-108-4-1.png\" alt=\"\" class=\"wp-image-4599\" srcset=\"https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2019\/01\/CMU-108-4-1.png 972w, https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2019\/01\/CMU-108-4-1-300x222.png 300w, https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2019\/01\/CMU-108-4-1-768x569.png 768w\" sizes=\"(max-width: 972px) 100vw, 972px\" \/><\/figure>\n\n\n\n<p><strong>Gr\u00e1fico 5<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"972\" height=\"720\" src=\"https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2019\/01\/CMU-108-5-1.png\" alt=\"\" class=\"wp-image-4600\" srcset=\"https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2019\/01\/CMU-108-5-1.png 972w, https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2019\/01\/CMU-108-5-1-300x222.png 300w, https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2019\/01\/CMU-108-5-1-768x569.png 768w\" sizes=\"(max-width: 972px) 100vw, 972px\" \/><\/figure>\n\n\n\n<p><strong>Gr\u00e1fico 6<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"972\" height=\"720\" src=\"https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2019\/01\/CMU-108-6-1.png\" alt=\"\" class=\"wp-image-4601\" srcset=\"https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2019\/01\/CMU-108-6-1.png 972w, https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2019\/01\/CMU-108-6-1-300x222.png 300w, https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2019\/01\/CMU-108-6-1-768x569.png 768w\" sizes=\"(max-width: 972px) 100vw, 972px\" \/><\/figure>\n\n\n\n<p><strong>Gr\u00e1fico 7<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"972\" height=\"718\" src=\"https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2019\/01\/CMU-108-7-1.png\" alt=\"\" class=\"wp-image-4602\" srcset=\"https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2019\/01\/CMU-108-7-1.png 972w, https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2019\/01\/CMU-108-7-1-300x222.png 300w, https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2019\/01\/CMU-108-7-1-768x567.png 768w\" sizes=\"(max-width: 972px) 100vw, 972px\" \/><\/figure>\n\n\n\n<p><strong>Gr\u00e1fico 8<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"974\" height=\"700\" src=\"https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2019\/01\/CMU-108-8-1.png\" alt=\"\" class=\"wp-image-4603\" srcset=\"https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2019\/01\/CMU-108-8-1.png 974w, https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2019\/01\/CMU-108-8-1-300x216.png 300w, https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2019\/01\/CMU-108-8-1-768x552.png 768w\" sizes=\"(max-width: 974px) 100vw, 974px\" \/><\/figure>","protected":false},"excerpt":{"rendered":"<p>08 de janeiro de 2019 | por Joel Fingerman Prezado Aaron: Energia Janeiro \u00e9 o in\u00edcio da recupera\u00e7\u00e3o das refinarias, quando partes das refinarias s\u00e3o fechadas para manuten\u00e7\u00e3o e prepara\u00e7\u00e3o para a temporada de ver\u00e3o. Como mostra o Gr\u00e1fico 1, h\u00e1 uma queda nos Crude Runs nas refinarias at\u00e9 janeiro e fevereiro. Da mesma forma, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4595","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.fundamentalanalytics.com\/pt\/wp-json\/wp\/v2\/posts\/4595","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fundamentalanalytics.com\/pt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fundamentalanalytics.com\/pt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fundamentalanalytics.com\/pt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fundamentalanalytics.com\/pt\/wp-json\/wp\/v2\/comments?post=4595"}],"version-history":[{"count":1,"href":"https:\/\/www.fundamentalanalytics.com\/pt\/wp-json\/wp\/v2\/posts\/4595\/revisions"}],"predecessor-version":[{"id":4604,"href":"https:\/\/www.fundamentalanalytics.com\/pt\/wp-json\/wp\/v2\/posts\/4595\/revisions\/4604"}],"wp:attachment":[{"href":"https:\/\/www.fundamentalanalytics.com\/pt\/wp-json\/wp\/v2\/media?parent=4595"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fundamentalanalytics.com\/pt\/wp-json\/wp\/v2\/categories?post=4595"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fundamentalanalytics.com\/pt\/wp-json\/wp\/v2\/tags?post=4595"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}