Yesterday the EIA published its weekly report about prices and stocks of crude oil in the US showing a decline in stocks as energy consumption rises; Gold and Silver fell for the second straight day; Natural gas prices fell sharply mainly New York City Gate Spot prices; Crude oil prices also fell yesterday by a moderate percentage; and finally, EURO/USD ratio declined as US economy show some signs of recovery.
Here is your daily summary for yesterday, December 16th for Major Commodity daily prices:
In the following table are the main descriptive data from last business day – December 16th including: settled prices, the daily percent change compare to previous business day, and the quantitative change in US dollars of each of these prices and exchange rates (except for USD/CAD, in which the change is in Canadian dollars):
After the staggering increase of the New York City Gate Spot prices at the beginning of the week (the largest rise was by 105%), yesterday it fell by nearly 9%. Furthermore, the rest of the natural gas prices also experienced yesterday declines, especially the Nymex Henry Hub Future as it fell by 4.3% which could be because its about contracts are about he expire.
Silver and Gold prices after rising at the beginning of the week, they fell yesterday for the second straight day, and thus showing no apparent trend for this week.
WTI Crude oil prices, much like Gold and Silver, don’t show this week any apparent trend with yesterday’s moderate fall, while Brent crude oil continue to moderately rise as it did all through this week.
According to this week’s EIA report, after last week’s small fall in crude oil stocks by 0.3%, this week there was a larger fall of 0.9%, which is a drop of over 9.8 million barrels of crude oil. This big drop was expected as there is an increase in consumption of energy throughout the US mainly for heating purposes.
Further, the ongoing rise in energy consumption is reflected by the increase in heating oil by 0.04 USD/g, and reaching an average of 3.24 USD/g, which are 0.5 USD/g higher then last year’s price.
And finally, the EURO/ US dollar continue to fall as it decreased by 0.82% as the USD strengthens compare to the Euro. Further, the USD has strengthened against other major currencies, which could be because of the good figures recently published about the US economy (e.g. the decline in applications for jobless insurance payments).
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