Here is your weekly recap for the week ended on December 10th for crude oil prices and natural gas prices:
This week’s ups and downs in the commodities prices showed that market makers and investors don’t really know the direction of Crude oil prices, but eventually there was an apparent downward trend in Crude oil prices; Europe Brent spot price was still hovering above 90 USD/b while WTI Crude oil fell short of the 88 USD/b mark.
Nonetheless, the average weekly prices were higher this week by 2% for WTI and 3% for Brent prices compare to last week.
Today commences the 158th OPEC meeting, in Quito, Ecuador and will bring news update as the meeting will progress.
There is an apparent uncertainty behavior of investors as they still flip flop between the Euro and USD – the EURO/USD reaching this week as low as 1.3218, and as high as 1.3262.
The table above shows low ranges for crude oil prices such as the WTI crude oil price ranged between 87.79 $/b and 89.33 $/b – a range spread of 1.54$/b, which is less than half the range spread from last week. This fluctuation represents a decrease in the level of volatility of crude oil prices compare to last week.
On average, the spot price of WTI changed daily by -0.31% and its price decreased by 1.72% from the beginning to the end of the week.
In regards to Natural Gas prices, there is a more complex change as the prices fluctuated very franticly throughout the week. In particular, Natural gas prices showed two different pictures: on the one hand, the Nymex Henry Hub Future Prices and Henry Hub Spot had a moderate rise compare to last week’s average price by 4.7% and 5.9%, respectively. On the other hand, the New York City Gate Spot price rose by a substantial inclination of nearly 14% of this week’s average price compare to last week’s.
New York City Gate Spot price rose by a whopping 61% on 8/12, and afterwards had a two day correction, with a decline of 23% and 9.2% for Thursday and Friday, respectively.
On average, the Nymex Henry Hub Future Prices changed daily by 0.37%, and its price decreased by 1.34% from the beginning to the end of the week.
The following graphs show the changes of WTI spot price, Europe Brent spot price and NYMEX future prices:
In the final graph it shows the crude oil prices and natural gas price (Nymex Henry Hub Future Prices) daily percent change ranging between 5 percent incline for Nymex Henry Hub Future Prices at the middle of the week, and a 3.7 percent decline the following day, also for Nymex Henry Hub Future Prices.
For further reading:
- Natural gas prices are falling so are Silver and Gold – Daily recap Dec 10th (in this site)
- Closing the week of an unstable Energy market – news update for December 10th (in this site)
- Is it the season of the Natural gas prices rise? – Examining the seasonality in Natural gas prices (in this site)
- A monthly recap of Natural gas prices and Crude oil prices for November 2010 (in this site)
- Goodness gracious great ball of… Natural gas – Gas on the rise– news update for December 9th (in this site)