Following Thursday’s ECB’s decision to cut the rate by 0.25 percent point and also Mario Draghi statements of his opposition of bond purchase program by ECB, the commodities prices rallied from the sharp falls recorded on Thursday: Gold and silver prices moderately increased ; crude oil prices also rose yesterday; natural gas spot prices (Henry Hub) on the other hand sharply decreased. Major currencies such as Euro and CAD changed direction and appreciated against the US dollar. Here is a summary of the price developments of precious metals and energy commodities for December 9th:
Precious Metals Prices:
Gold price slightly increased on Friday by 0.20% and reached $1,716.80; Silver price also sharply rose by 2.27% to reach $32.25. During December, gold price declined by 1.9%, and silver price decreased by 1.68%.
The Euro appreciated against the US dollar by 0.34% to 1.3386. The US Dollar also depreciated against currencies such as the Australian dollar and Canadian dollar.
Oil and Gas Prices:
WTI oil price rose yesterday by 1.09% to $99.41 per barrel; Brent oil price also increased by 1.27% to $108.73 per barrel;
Due these changes, the difference between Brent oil price and WTI oil prices slightly rose to $9.32/bbl. During the month, WTI oil price declined by 0.9%, and Brent oil price by 2.3%.
Natural gas Henry Hub future price (January delivery) sharply fell by 4.05% to $3.32/mmbtu. The Henry Hub spot price also slipped by 3.52% to $3.29/mmbtu; the difference between the spot and future price fell to $0.03, 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:
Monthly Analysis and Outlook: