The final day of this very exciting week ended with another decline for major commodities including silver, crude oil (WTI spot and Brent oil), and natural gas prices.
Here is a summary of the changes in commodities and precious metals for May 6th:
Precious Metals prices:
Silver price continued to precipitately decline as it did throughout the entire week; yesterday silver fell by 2.63% to 35.29 – this is the lowest price level since March 18th 2011.
Gold price on the other hand, bounced back and closed the last business day with a 0.69% and reached 1,491$.
During May, gold prices decreased by 4.2% and silver price fell by 27.4%.
One of the main reasons for the rapid changes in commodities prices came from the major currencies: the EURO/ USD decreased very sharply for the second straight day, yesterday by 1.53%, as the USD appreciates against the EURO. This might be related to the no-change decision of the ECB in regards to the EURO zone interest rate.
For a more detailed report on major currencies, check out Forex crunch.
Oil and Gas prices:
Spot oil price (WTI) declined for the fifth straight day, yesterday by 2.63% and reached 97.18$/b – the lowest price level since February 28th 2011; during May the WTI spot oil price fell by 14.3%.
Brent spot price also fell by 0.66% and reached 109.85$/b.
As a result, the difference between Brent and WTI inclined to 12.67$/b.
Natural gas prices (Henry Hub spot) also declined very sharply by 5.99% and reached 4.24$/mmbtu.
The Henry Hub future price decreased by 0.47% to 4.24$/mmbtu, as a result the spread between future and spot price declined to zero.
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):
[ratings]
For further reading (in this site):
- Gold drops from 1500$ mark – Gold & Silver Prices Outlook, 5 May
- Oil prices continued to fall what’s next? – oil outlook 5 May
- Weekly outlook for May 2-6
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
1 comment for “Silver prices finished the week at 35$ – May 6”