The week ended on a high note as major commodities including crude oil, gold and silver. For silver it even passed the 40 USD mark – its highest level since February 1980 (in London trade). On the other hand, natural gas spot price (Henry Hub) continued to decline for the third straight day.
Here is a short summary of the price changes in major energy commodities and precious metals for April 8th:
Oil and Gas prices:
Crude oil price (WTI spot) inclined yesterday by 2.26% and reached 112.79$/b.
Brent spot price also rose by 3.32% to reach 126.74$/b.
As a result, the difference between Brent and WTI inclined and reached 13.95$/b.
Natural gas spot price (Henry Hub) declined for the third straight day, yesterday by a 1.69% to reach 4.06$/mmbtu.
The Henry Hub future price also continued its freefall by 0.49% to reach 4.04$/mmbtu, resulting in the spread between future and spot price reaching to -0.02$/mmbtu, i.e. backwardation.
Precious Metals prices:
Gold prices inclined yesterday by 1.01% and reached 1,474$; silver prices also inclined by 2.67% and reached 40.61$ – its highest price level in over thirty years. During April, gold prices increased by 3.2%, and silver prices by 7.6%.
EURO/ USD bounced back and increased as the USD depreciated yesterday by 1.22%. This is mostly related to the ECB’s decision to raise its basic interest rate by 0.25% points; see here for more on this decision and its effect on major commodities.
A summary of yesterday’s Prices Changes:
The table below includes: closing prices, daily percent change, and change in US dollars (except for USD/CAD, in which the change is in Canadian dollars):
For further reading (in this site):
- Gold & Silver Prices Outlook – 8 April
- Crude oil prices outlook – 8 April
- Natural gas prices outlook– 7 April
Monthly Analysis and Outlook:
- Natural gas prices outlook for April 2011
- Crude oil prices Monthly outlook –April 2011
- Gold prices outlook for April 2011 – what’s next for gold?