As we are getting closer to the holidays, the Crude oil prices continue to show inclinations as Nymex is currently traded at over 90 USD/b mark, and thus reaching the highest level in the past couple of years. Brent Crude oil is also at a two year record high as it’s currently traded at over 93 USD/b.
Some consider this recent upward trend in crude oil prices related to the recent rally of the US stock market; other consider this rise to the ongoing depletion of crude oil inventories, and as the world economy will continue to grow, while heavily relying on crude oil, which is limited, implies crude oil prices rising.
Later on today the EIA (Energy information Administration) will publish later on today its weekly report about crude oil stocks and consumption in the passing week. To see my review on last week’s review about the EIA on crude oil stocks click here.
Silver and Gold prices, after several days of rises, are moderately falling, however they are still close to the 1,400 USD/t. oz. and 30 USD/ t. oz. marks, respectively.
Here is an update on the prices of main energy and precious metals commodities for December 22nd:
The crude oil price of short term futures (Nymex) – delivery for February 2011, as of 16.13 PM GMT, on the New York Mercantile Exchange, is currently traded at 90.46 USD per barrel, which represents a 0.64 USD/b increase or a 0.71% rise.
The Dated Brent spot crude oil is at 93.23 USD per barrel – a moderate 0.11 USD per barrel rise as of 16.23 PM GMT.
The WTI spot price is trading as of 15.36 PM GMT at 89.85 USD per barrel, an increase of 0.76% compare to the end of last week.
Natural Gas future price (the Nymex Henry Hub Future) is currently traded as of 16.13 PM GMT, at 4 $ MMBTU (one million BTU), a decrease of 0.06 which is 1.43%.
Gold price continue to rise as it as it did at the end of the last week, as the short term January delivery future (Gold 100 oz.) is currently traded at 1,387 USD /t. oz., a moderate 0.06% decrease or 0.9 USD /t. oz. at 16.15 PM GMT.
Silver price, as of 16.14 PM GMT, is traded at 29.32 $/t oz. a 0.25% decrease or 0.074 $/t oz, however Silver is still close to the 30 USD mark.
For further reading:
- Weekly outlook for Crude oil, Natural gas and Gold 20-24 Dec (in this site)
- Crude oil and Natural gas prices – Weekly recap 13-17 of Dec (in this site)
- Natural Gas storage decline as winter progresses–Dec 17th (in this site)