The first day of the week started off at a very different way than last week finished off. Silver prices made a comeback following a week long of falls, the same goes for most of the major commodities including crude oil (WTI spot oil and Brent oil), gold and natural gas.
Here is a summary of the changes in commodities and precious metals for May 9th:
Precious Metals prices:
Silver price bounced back from its precipitate decline during last week, after it shed from its value 27%; yesterday, silver price rose by 5.18% to 37.12$.
Gold price also increased and closed the finished the business day with a 0.78% incline as it reached 1,503$.
During May, gold prices decreased by 3.4% and silver price fell by 23.6%.
The EURO/ USD also bounced back and increased yesterday by 0.34%, as the USD depreciates against the EURO.
Oil and Gas prices:
Spot oil price (WTI) inclined yesterday by 5.53% and reached 102.55$/b; during May the WTI spot oil price fell by 9.6%.
Brent spot price also rose by 5.31% and reached 115.68$/b.
As a result, the difference between Brent and WTI inclined to 13.13$/b.
Natural gas prices (Henry Hub spot) also inclined but very moderately by 0.71% and reached 4.27$/mmbtu.
The Henry Hub future price decreased by 2.12% to 4.15$/mmbtu, as a result the spread between future and spot price declined to -0.12$/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):
- Gold & Silver Prices Outlook – 9 May
- Following the oil prices falls last week what’s up ahead? Oil outlook 9 May
- Weekly outlook for May 9-13
Monthly Analysis and Outlook:
- Natural gas prices outlook for May 2011
- Gold and silver prices outlook May 2011 – what’s next for gold & silver?
- Crude oil prices Monthly outlook –April 2011