Commodities Rallied from Black Friday’s falls –Recap November 28

Following the high volume shopping in the U.S on Black Friday the financial markets followed as stock markets and major commodities prices rallied from the falls they have experienced during the end of last week.   Gold and silver prices registered sharp gains.  Crude oil prices also rallied. Natural gas spot price (Henry Hub) changed direction and sharply rose. Major currencies such as Euro and Canadian dollar appreciated against the US dollar. Here is a summary of the price movements of precious metals and energy commodities for November 28th:

Precious Metals Prices:

Gold price rose on Monday by 1.54% and reached $1,714.50; Silver price also inclined by 3.70% to reach $32.24. During November, gold price fell by 0.6%, and silver price decreased by 6.15%. 

The Euro appreciated against the US dollar by 0.61% to 1.3320. The US Dollar also depreciated against other currencies such as the Canadian dollar.

Oil and Gas Prices:

WTI oil price continued to rally and inclined yesterday by 1.49% to $98.21 per barrel; Brent oil price also sharply increased by 2.43% to $109.36 per barrel;

Due these changes, the difference between Brent oil price and WTI oil prices slightly rose to $11.15/bbl. During November, WTI oil price inclined by 5.4%, while Brent oil price moderately decreased by 0.1%.

Natural gas Henry Hub future price (December delivery) slipped by 0.56% to $3.52/mmbtu. The Henry Hub spot price sharply rose by 9.19% to $3.09/mmbtu; the difference between the spot and future price sharply fell to $0.43, i.e. it is still in 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 28

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Weekly Analysis and Outlook: