After the big hype over the crude oil price yesterday, it seems that the speculations continue and the crude oil price still on the rise as hedge funds continue to bet that Ben Bernanke will call into effect the quantitative easing, phase two, and that it will have an adverse effect on the US dollar which will have a chain reaction that will drive the crude oil price up along with other major energy commodities. This line of speculation seems a bit premature and tomorrow as the Federal Reserve will make its announcement about the QE2, it will shed some light on the direction of the market. In any case, here is a daily update about the crude oil price along with natural gas prices as of Tuesday, November 2nd:
The crude oil price of futures for December 2010, as of 11.18AM GMT, on the New York Mercantile Exchange (Nymex), is at 83.32 USD per barrel, which represents a 0.37 dollar increase or a 0.45% rise.
The WTI spot price settled yesterday at the closing of the trade at 82.95 USD per barrel, an increase of 1.87% compare to the previous day’s rate.
The ICE Brent crude oil futures for December 2010 reached 85.2 USD per barrel – a 0.68 percent rise as of 12.00PM GMT.
The natural gas prices also rallied a bit after it dropped yesterday and are now being traded, as of 11.18AM GMT, the Nymex Henry Hub Future price for December 2010 is at 3.98$ MMBTU(one million BTU) which is a 0.68% increase or a 0.03$ MMBTU.