The allied forces continue with their attack on Qaddafi’s ground forces in Libya. Yesterday, crude oil prices (WTI) rose for the third straight day, but Brent oil fell for the first time this week; natural gas spot price continued to rise along with gold and silver prices.
Let’s review the main price changes in major energy commodities and precious metals for March 23rd:
Precious Metals prices:
Gold price inclined for the fourth straight business day, yesterday by 0.73%, and silver prices also rose by 2.56%.- the highest prices level for March. Furthermore, during March silver prices increased by 8%, and gold prices by only 0.5%.
Oil and Gas prices:
Crude oil price (WTI spot) increased yesterday for the third straight day by 0.64% to 105.2$/b. The NYMEX Futures Prices (April delivery) rose by 1.68% to reach 105.75, thus the contango is currently at 0.55$/b.
Brent spot price on the other hand fell by 0.54% to reach 115.00$/b.
As a result, the difference between Brent and WTI moderately fell to 9.8$/b.
Natural gas spot price (Henry Hub) after it started off the week with very moderate falls, continued yesterday its rally and rose by 3.21%, to reach 4.18$/mmbtu – the highest price level during March.
The Henry Hub future price also inclined by 2.12% to reach 4.34$/mmbtu – the highest price level in March, resulting in the gap between future and spot price to decrease to 0.16$/mmbtu.
EURO/ USD increased yesterday by 0.15%. For a more detailed report on major currencies, check out Forex crunch.
A summary of yesterday’s Prices Changes:
The following table presents the main descriptive data from last business day – March 23rd, for precious metals, energy commodities and exchange rates. The table includes: settled prices, daily percent change, and quantitative change in US dollars (except for USD/CAD, in which the change is in Canadian dollars):
For further reading (in this site):
- Oil prices forecast – 23 March
- Gold & Silver Prices Outlook –23 March
- Natural gas prices forecast – 22 March
Yearly Analysis and Outlook:
- Crude oil price in 2010 and outlook for 2011
- Natural gas spot price in 2010 and projection to 2011
- Gold Prices Outlook for 2011 and Analysis of 2010