The week ended with major commodities rising including gold and silver prices as well as crude oil prices.
Here is a summary of the main price changes in energy commodities and precious metals for May 27th:
Precious Metals prices:
Gold price finished the week rising as it closed the business day at 1.537$, a 0.89%. Silver price also inclined by 1.43% and reached 37.86$.
During May, gold prices decreased by 1.2% and silver price fell by 22.1%.
The EURO/ USD continued to rise for the second straight day; yesterday it rose by 1.43%, as the USD depreciated against the EURO. During May the EURO/USD lost 3.3% of its value.
Oil and Gas prices:
Spot oil price (WTI) shifted direction again and yesterday it inclined again but very moderately; it finished the week with a 0.36% rise on 100.59$/b; during May the WTI spot oil price fell by 11.3%.
Brent spot price almost didn’t change again and rose by only 0.02% and reached 115.19$/b.
As a result, the difference between Brent and WTI declined to 14.60$/b.
Natural gas price (Henry Hub spot) continued to zigzag, and it moderately declined yesterday by 0.23% and reached 4.36$/mmbtu.The Henry Hub future price on the other hand increased rapidly by 3.67% to 4.52$/mmbtu – the highest price level May 4th; as a result the spread between future and spot price reached 0.16$/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