The rally of major commodities continued for the second straight day including crude oil, gold and silver. This recent rally is probably stem, in part, by the speculation around the future prices of crude oil and gold, as Goldman Sachs and Morgan Stanly recommended to go long on commodities.
Here is a summary of the main price changes in energy commodities and precious metals for May 25th:
Precious Metals prices:
Gold price inclined for the fourth straight business day, yesterday by 0.30% and reached 1,527$.
Silver price also inclined by 4.19% – the biggest daily incline since May 18th, and reached 37.642$ – the highest price level since May 10th.
During May, gold prices decreased by 1.8% and silver price fell by 22.5%.
The EURO/ USD fell back again yesterday by 0.09%, as the USD appreciated against the EURO. During May the EURO/USD lost 4.9% of its value.
Oil and Gas prices:
Spot oil price (WTI) continues its rally and rose yesterday by 1.60% and reached 100.72$/b; during May the WTI spot oil price fell by 11.2%.
Brent spot price also inclined by 2.38% and reached 115.20$/b.
As a result, the difference between Brent and WTI inclined to 14.48$/b.
The Henry Hub future price moderately inclined by 0.69% to 4.37$/mmbtu.
Natural gas price (Henry Hub spot) on the other hand decreased by 0.68% and reached 4.36$/mmbtu; as a result the spread between future and spot price inclined to 0.01$/mmbtu, i.e. contango.
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):
Monthly Analysis and Outlook:
- Natural gas prices outlook for May 2011
- Gold and silver prices outlook May 2011 – what’s next for gold & silver?
- Oil prices Monthly outlook –May 2011