Major Commodities Rallied over Weak USD –Daily Recap October 10

Major commodities prices rallied yesterday along with sharp gains in the U.S. stock markets and the depreciation of the US dollar against major currencies: gold and silver prices sharply augmented; crude oil prices also followed and increased; natural gas spot price didn’t change yesterday but the future price (short term) also rose. Here is a summary of the price movements of precious metals and energy commodities for October 10th:

Precious Metals prices:

Gold price sharply rose yesterday by 2.14% to $1,670; Silver price, even more than gold price, added 3.18% to its value to close at $31.98. During October, gold price rose by 3.0% and silver price increased by 6.3%.  

The Euro to US Dollar exchange rate rose yesterday by 1.97% to 1.3642 – i.e. the USD depreciated against the EURO. The USD also depreciated yesterday against other currencies including the AUD and CAD.

Oil and Gas prices:

WTI oil price also increased yesterday by 2.93% to $85.41 per barrel; Brent oil price also increased by 2.61% to $108.63 per barrel;

Due these changes, the difference between Brent and WTI slightly rose to $23.22/bbl. During October, WTI oil price rose by 4.3%, and Brent oil price increased by 3.0%.

Natural gas Henry Hub future price (November delivery) sharply increased by 1.72% to $3.54/mmbtu. The Henry Hub spot price didn’t change and remained at $3.40/mmbtu; the gap between the spot and future price rose  to $0.14/mmbtu, i.e. contango.

A Summary of Yesterday’s Prices Changes:

The table below includes: closing prices, daily percent change, and change in prices and indexes in USD (except for USD/CAD, in which the change is in Canadian dollar):

Gold price and Silver prices Crude oil prices, Natural gas spot price 2011 October 10


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Monthly Analysis and Outlook: