The rally of major commodities in the past couple of days has come to a stop as crude oil, gold and silver declined yesterday. for the second straight day including crude oil, gold and silver.
Here is a summary of the main price changes in energy commodities and precious metals for May 26th:
Precious Metals prices:
Gold price came to a halt following its four straight business days’ rally and declined yesterday by 0.27% and reached 1,523$.
Silver price also moderately dropped by 0.83% and reached 37.33$.
During May, gold prices decreased by 2.1% and silver price fell by 23.2%.
The EURO/ USD bounced back and rose by 0.40%, after it has been zigzagging during the week; as the USD depreciated against the EURO. During May the EURO/USD lost 4.5% of its value.
Oil and Gas prices:
Spot oil price (WTI) shifted direction again and after it rose during the past couple of days it fell by 0.49% and reached 100.23$/b; during May the WTI spot oil price fell by 11.6%.
Brent spot price almost didn’t change and fell by only 0.03% and reached 115.17$/b.
As a result, the difference between Brent and WTI inclined to 14.94$/b.
Natural gas price (Henry Hub spot) moderately inclined by 0.23% and reached 4.37$/mmbtu.The Henry Hub future price on the other hand decreased by 0.23% to 4.36$/mmbtu; as a result the spread between future and spot price reached -0.01$/mmbtu, i.e. backwardation.
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