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):
For further reading:
- Gold & Silver Prices – Daily Outlook November 8
- Oil Prices – Daily Outlook November 7
- Gold and Silver Prices Weekly Outlook for November 7th – 11th
- Weekly Outlook for 7-11 November
Monthly Analysis and Outlook: