The flip flop in Crude oil prices continues, with one day they rise by a couple of percent points and the following day they drop. Yesterday, crude oil prices dropped as I’ve reviewed them in an earlier post (click here to read), however today it seems that crude oil price bounce back with a bullish rise.
Today, according to Bloomberg, crude oil prices’ incline is mainly due to a repot about an increase in China’s manufacturing during November compare to last previous months.
Later on today, the EIA (http://www.eia.gov) will publish its report about the supplies and consumption of energy in the US for this passing week. I will review it tomorrow morning.
Natural gas prices continue to rise and it’s no surprise, as we are entering the winter and it’s typical for its prices to increase during these cold months in Europe and the US. (I will also review this matter in a near-future post)
There are still investors that are concern with Europe’s economy, and whether or not there will be another country after Greece and Ireland that the European Union will need to bailout. I have referred to this issue of Europe’s countries under surveillance in an earlier post. Therefore, these concerns will probably continue to factor in to the decline in Crude oil and Natural gas prices.
Gold prices and Silver prices continue to rise, as they continue their upward trend due to bullish behavior of investors and traders. I suspect it’s mainly because of lack of confidence in US and Europe economies. I will show the reason for this claim in a very near future post regarding the declining relationship between EURO/USD and Gold prices.
Is there any merit for such an ongoing rise in Gold prices? Much like my relationship status on Facebook the answer is – it’s complicated… but seriously, I think we might be seeing here a bubble expanding that we will have to deal with in the next year or two.
Here is an update on the prices of main energy and precious metals commodities for December 1st:
The crude oil price of short term futures (Nymex) – delivery for January 2011, as of 16.44PM GMT, on the New York Mercantile Exchange, is currently traded at 85.81 USD per barrel, which represents a 1.7 increase or a 1.7 % rise compare to last business day.
The Dated Brent spot crude oil reached 87.75 USD per barrel – a 2.84 USD per barrel increase as of 16.55PM GMT.
The WTI spot price is trading as of 14.04PM GMT at 85.48 USD per barrel, a rise of 1.63% compare to the previous business day’s rate.
Natural Gas future price took a turn, for now, after it has been falling for the last couple of days, it shows some recovery. Natural Gas prices (the Nymex Henry Hub Future) are currently traded as of 16.45 PM GMT, at 4.26 $ MMBTU (one million BTU), a 1.79% increase.
Gold prices are still on the rise after yesterday’s rise. In particular, gold short term January delivery future (Gold 100 oz.) is currently traded at 1,387.4 USD /t. oz., a very moderate 0.09% rise or 1.3 USD /t. oz. at 16.09 PM GMT.
Silver prices, much like Gold prices, are also on the rise, after yesterday’s big increase, and they are currently traded at 28.395 $/t oz. a moderate 0.65% increase or 0.183 $/t oz. at 16.09 PM GMT.