Major Commodities Changed Direction and Fell –Recap November 9

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):

 Gold price and Silver prices Crude oil prices, Natural gas spot price 2011 November 9

For further reading: