Crude oil price fell yesterday for the second straight day, this time below its 90$ mark. Some consider this recent decline to be related to the recent EIA report, in which crude oil stocks fell less than expected. However, if I to speculate I think this fall in crude oil price could be more related to the end of the year trade, in which people trade their investments for tax purposes. Add to that the light traffic in trade before the upcoming holiday, and there is better chance of higher shifts in prices.
Yesterday the EIA (Energy information Administration) published its weekly report about crude oil stocks and consumption in the passing week. The report showed a decline of 9 million barrels, which is a 0.5% fall, in crude oil stock. Currently the total crude oil stock is 1,798 million barrels.
The Stocks of Total Gasoline also declined by 1.1% which is 2.3 million barrels, and reached 214.8 million barrels.
Natural gas spot price (Henry Hub) continue to rise, as it did for the past three days, yesterday it rose by 1.4% reaching 4.23 $/MMBTU. Nonetheless, natural gas spot price (Henry Hub) only completed a mere a 0.7% for the entire month of December.
Silver prices after rising this week above the 30$ mark, yesterday it cooled down a bit as it fell by 0.62%; a similar decline was registered for Gold prices yesterday.
A summary of yesterday’s Prices Changes:
The following table presents the main descriptive data from last business day – December 30th, for precious metals, energy commodities and exchange rates. The table includes: settled prices, daily percent change, and quantitative change in US dollars (except for USD/CAD, in which the change is in Canadian dollars):
For further reading:
- Crude oil price falls below 90$ | review of oil stocks – Dec 29 (in this site)
- Silver and Gold Prices Review– weekly recap Dec 25th (in this site)
- Natural gas finding in Israel estimated at 95 billion dollars (in this site)