Major Commodities Continued to Rally –Recap November 8

Major commodities prices sharply inclined yesterday and thus continued the positive upward trend precious metals and most energy commodities enjoyed in recent days: gold and silver prices rose by a moderate rate, crude oil prices also slightly inclined. Natural gas prices also rose and thus shifted from their recent downward trend. Here is a summary of the price movements of precious metals and energy commodities for November 8th:

Precious Metals Prices:

Gold price moderately inclined yesterday by 0.45% and reached $1,799.20; Silver price also rose by 0.93% to reach $35.15. During November, gold price rose by 4.3% and silver price increased by 2.3%. 

The Euro to US Dollar exchange rate slightly inclined to 1.3834 – i.e. the USD depreciated against the Euro. Furthermore, the USD moderately depreciated against the Australian dollar and Canadian dollar.

Oil and Gas Prices:

WTI oil price increased by 1.34% to $96.80 per barrel; Brent oil price also inclined by 0.58% to $115.27 per barrel;

Due these changes, the gap between Brent and WTI slipped to $18.47/bbl. During November, WTI oil price rose by 3.9%, and Brent oil price increased by 5.3%.

Natural gas Henry Hub future price (December delivery) sharply increased by 1.63% to $3.75/mmbtu. The Henry Hub spot price rose by 2.69% to $3.44/mmbtu; the gap between the spot and future price declined to $0.31, 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 8

For further reading:

Monthly Analysis and Outlook: