Gold Silver and Oil Declined Again on Tuesday–Recap July 10th

Major commodities changed direction again and after they had increased on Monday, major commodities prices declined on Tuesday. The recent news of the end of the energy strike in Norway, one of the top oil producers in Europe, may have contributed to the decline in oil prices. Today the minutes of the FOMC meeting will come out and if it will reveal something different than in the FOMC meeting statement from June, it could affect commodities and forex markets. Crude oil prices including both WTI and Brent tumbled down on Tuesday. Gold and silver prices also decreased yesterday. Natural gas Henry Hub (August delivery) also plunged.  The Euro slightly fell against the USD. Many other currencies rates including the Aussie dollar also declined against USD.

Here is a summary of the daily changes in precious metals and energy commodities for July 10th, 2012:

Forex and Bullion Markets:

Gold declined by 0.59% to $1,579.8; Silver also decreased by 2.05% and reached $26.88. During July, gold decreased by 1.52% and silver by 2.64%.

The Euro/USD also slipped by 0.51% to 1.225; further, the U.S Dollar fell against several currencies such as Aussie dollar by 0.17%.

Energy Commodities:

WTI oil price also plummeted yesterday by 2.42% to $83.91 per barrel;

Brent oil also decreased by 1.9% to $98.13 per barrel;

Following these changes, the difference between Brent and WTI reached $14.22/bbl. During the month, WTI fell by 1.24% while Brent oil rose by 1.2%.

Finally, the Henry Hub future (August delivery) plunged by 5.54% to $2.73/mmbtu; the Henry Hub spot increased to $2.73/mmbtu; the difference between the spot and future reached $0.14, Backwardation.

A Summary for July 10th:

The table below includes: closing prices, daily percent changes, and daily changes:

 Gold Silver Crude oil Natural gas 2012 July 11

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