Major commodities ended November on a positive note as their prices inclined along with the rest of the major financial markets including the American and European stock markets; this rally came following the announcement that five prime Central banks including the Federal Reserve will lower the cost of their dollar funding to the struggling European banks. Gold and silver prices sharply rose. Crude oil price (WTI) also slightly inclined. Natural gas spot price (Henry Hub) ended the month rising as well and further shrinking the gap between the spot and future price. Major currencies such as Euro sharply appreciated against the US dollar. Here is a summary of the price movements of precious metals and energy commodities for November 30th:
Precious Metals Prices:
Gold price sharply inclined on Wednesday by 1.83% and reached $1,750.30; Silver price also inclined by 2.67% to reach $32.80. During November, gold price rose by 1.5%, while silver price decreased by 4.51%.
The Euro sharply appreciated against the US dollar by 0.97% to 1.3446. The US Dollar sharply depreciated against other currencies such as the Australian dollar.
Oil and Gas Prices:
WTI oil price continued its upward trend and slightly inclined yesterday by 0.57% to $100.36 per barrel; Brent oil price on the other hand slightly slipped by 0.06% to $111.32 per barrel;
Due these changes, the difference between Brent oil price and WTI oil prices slightly declined to $10.96/bbl. During November, WTI oil price inclined by 7.7%, while Brent oil price moderately increased by 1.6%.
Natural gas Henry Hub future price (December delivery) declined by 2.47% to $3.55/mmbtu. The Henry Hub spot price sharply rose again by 5.03% to $3.55/mmbtu; the difference between the spot and future price was nullified.
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:
Weekly Analysis and Outlook: