Major commodities changed direction and fell; this change came following the ECB press conference in which the interest rate was cut by 0.25 percent point and also the ECB President Mario Draghi didn’t promise any QE programs. This news pressured down the Euro and major commodities soon followed and declined: Gold and silver prices sharply declined; crude oil prices also declined yesterday; natural gas spot prices (Henry Hub) also changed direction and decreased. Major currencies such as Euro and AUD changed direction and depreciated against the US dollar. Here is a summary of the price developments of precious metals and energy commodities for December 8th:
Precious Metals Prices:
Gold price declined on Thursday by 1.8% and reached $1,713.40; Silver price also sharply fell by 3.34% to reach $31.54. During December, gold price declined by 2.1%, and silver price decreased by 3.86%.
The Euro depreciated against the US dollar by 0.52% to 1.3341. The US Dollar also appreciated against currencies such as the Australian dollar and Canadian dollar.
Oil and Gas Prices:
WTI oil price fell yesterday by 2.14% to $98.34 per barrel; Brent oil price also declined by 1.71% to $107.37 per barrel;
Due these changes, the difference between Brent oil price and WTI oil prices slightly rose to $9.03/bbl. During the month, WTI oil price declined by 2.0%, and Brent oil price by 3.5%.
Natural gas Henry Hub future price (January delivery) rose by 1.17% to $3.46/mmbtu. The Henry Hub spot price on the other hand slipped by 0.87% to $3.41/mmbtu; the difference between the spot and future price rose to $0.05, 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: