Major energy commodities continued to rally despite the modest changes in other financial instruments such as the moderate changes in the American stock markets indexes. Crude oil continued to trade up. Natural gas spot price (Henry Hub) also kept on sharply rising and closing the gap between the spot and future price. Gold and silver prices recorded very moderate changes during yesterday’s trading. Major currencies such as Euro very slightly depreciated against the US dollar. Here is a summary of the price movements of precious metals and energy commodities for November 29th:
Precious Metals Prices:
Gold price slightly inclined on Tuesday by 0.26% and reached $1,718.90; Silver price on the other hand moderately declined by 0.91% to reach $31.95. During November, gold price fell by 0.4%, and silver price decreased by 7.0%.
The Euro slightly depreciated against the US dollar by 0.02% to 1.3317. The US Dollar depreciated against other currencies such as the Australian dollar.
Oil and Gas Prices:
WTI oil price continued its upward trend and rose yesterday by 1.61% to $99.79 per barrel; Brent oil price also inclined by 1.86% to $111.39 per barrel;
Due these changes, the difference between Brent oil price and WTI oil prices slightly inclined to $11.60/bbl. During November, WTI oil price inclined by 7.1%, while Brent oil price moderately increased by 1.7%.
Natural gas Henry Hub future price (December delivery) rose by 3.41% to $3.64/mmbtu. The Henry Hub spot price sharply inclined again by 9.39% to $3.38/mmbtu; the difference between the spot and future price sharply declined to $0.26, 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):
For further reading:
Weekly Analysis and Outlook: