Crude oil price (WTI) moderately rose while Brent oil moderately fell yesterday and thus taking another step forward in closing the gap between the two commodities’ prices; gold and silver prices continue their upward trend, and natural gas spot price and Henry Hub future closed the day with rises.
Let’s review the main changes in major energy commodities market and precious metals for March 7th:
Oil and Gas prices:
Crude oil price (WTI spot) rose yesterday by 0.98% as it reached 105.44$/b – the highest level in over two years.
Brent spot price, on the other hand, declined yesterday by 0.97% to reach 114.6$/b.
As a result the spread between the Brent oil and WTI declined yesterday to 9.16$/b – the smallest spread since January 31st – when the riots in Egypt commenced.
Natural gas spot price (Henry Hub) moderately inclined by 0.27%, to reach 3.71$/mmbtu, while the Henry Hub future rose by 3.15% to reach 3.93$/mmbtu.
Precious Metals prices:
Gold price inclined yesterday by 0.41%, while silver prices inclined by 1.52%.
EURO/ USD declined yesterday by 0.14%. For a more detailed report on major currencies, check out Forex crunch.
A summary of yesterday’s Prices Changes:
The following table presents the main descriptive data from last business day – March 7th, 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 (in this site):
- Natural gas prices outlook– 8 March
- Oil prices outlook – 7 March
- Gold prices bounce back in February – what will be next?
- Natural gas prices outlook for March 2011
Yearly Analysis and Outlook:
- Crude oil price in 2010 and outlook for 2011
- Natural gas spot price in 2010 and projection to 2011
- Gold Prices Outlook for 2011 and Analysis of 2010