Following the sharp falls on Tuesday that were partly driven by the news from Greece that there will be a Referendum in the EU debt reduction plan, major commodities made a comeback yesterday: gold and silver prices were traded sharply up; crude oil prices slightly inclined. Natural gas prices on the other hand continued to fall. Here is a summary of the price movements of precious metals and energy commodities for November 2nd:
Precious Metals prices:
Gold price rose yesterday by 1.04% and reached $1,729.60; Silver price sharply increased by 3.70% to reach $33.94. During the week, gold price fell by 1.0% and silver price decreased by 3.8%.
The Euro to US Dollar exchange rate slightly inclined to 1.3748 – i.e. the USD depreciated against the Euro. Furthermore, the USD depreciated against other currencies such as CAD and AUD.
Oil and Gas prices:
WTI oil price slightly inclined by 0.35% to $92.51 per barrel; Brent oil price also inclined by 0.57% to $109.53 per barrel;
Due these changes, the gap between Brent and WTI slightly inclined to $17.02/bbl. During the week, WTI oil price fell by 0.9%, and Brent oil price decreased by 1.2%.
Natural gas Henry Hub future price (December delivery) decreased by 1.32% to $3.74/mmbtu. The Henry Hub spot price also declined by 3.41% to $3.40/mmbtu; the gap between the spot and future price rose to $0.34, 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):
For further reading:
- Gold & Silver Prices – Daily Outlook November 2
- Oil Prices – Daily Outlook October 31
- Weekly Outlook for October 31 – November 4