Major commodities prices shifted direction and after they had risen on Tuesday, they declined on Wednesday: gold and silver prices declined by a moderate rate, crude oil prices also moderately declined. Natural gas spot prices on the other hand kept on rising. Here is a summary of the price movements of precious metals and energy commodities for November 9th:
Precious Metals Prices:
Gold price declined yesterday by 0.42% and reached $1,791.60; Silver price also fell by 2.25% to reach $34.36. During November, gold price rose by 3.8% and silver price increased by 0.02%.
The Euro to US Dollar exchange rate sharply declined to 1.3542 – i.e. the USD sharply appreciated against the Euro. Furthermore, the USD sharply appreciated against the Australian dollar and Canadian dollar.
Oil and Gas Prices:
WTI oil price decreased by 1.10% to $95.74 per barrel; Brent oil price also declined by 2.64% to $112.23 per barrel;
Due these changes, the gap between Brent and WTI sharply fell to $16.49/bbl. During November, WTI oil price rose by 2.7%, and Brent oil price increased by 2.5%.
Natural gas Henry Hub future price (December delivery) sharply decreased by 2.67% to $3.65/mmbtu. The Henry Hub spot price on the other hand sharply rose by 2.91% to $3.54/mmbtu; the gap between the spot and future price sharply declined to $0.11, 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 9
- Oil Prices – Daily Outlook November 7
- Gold and Silver Prices Weekly Outlook for November 7th – 11th
- Weekly Outlook for 7-11 November