Yesterday, crude oil prices moderately changes as WTI spot fell and Brent oil moderately increased; natural gas spot price continued to rise, but Henry Hub short term future prices fell; gold and silver prices showed a mixed trend with gold rising and silver falling.
Let’s review the main price changes in major energy commodities and precious metals for March 24:
Oil and Gas prices:
Natural gas spot price (Henry Hub) after it started off the week with very moderate falls, continued its rally and rose by 2.15%, to reach 4.27$/mmbtu – the highest price level since February 8th.
The Henry Hub future price on the other hand declined by 2.07% to reach 4.25$/mmbtu, resulting in the gap between future and spot price to reach 0.02$/mmbtu, i.e. backwardation.
Crude oil price (WTI spot) decreased yesterday by 0.14% to 105.02$/b. The NYMEX Futures Prices (April delivery) also fell by 0.14% to reach 105.6, thus the contango remains at 0.55$/b.
Brent spot price on the other hand rose by 0.51% to reach 115.59$/b.
As a result, the difference between Brent and WTI moderately rose to 10.54$/b.
Precious Metals prices:
Silver price inclined for the fifth straight business day, yesterday by 0.48%, but gold prices fell by 0.22%. During March silver prices increased by 8.6%, and gold prices by only 0.3%.
EURO/ USD increased yesterday by 0.64%. For a more detailed report on major currencies, check out Forex crunch.
A summary of yesterday’s Prices Changes:
The following table presents the main descriptive data from last business day – March 24, for precious metals, energy commodities and exchange rates. The table includes: settled prices, daily percent change, and quantitative change in US dollars (except for USD/CAD, in which the change is in Canadian dollars):
For further reading (in this site):
- Oil prices forecast – 24 March
- Gold & Silver Prices Outlook –24 March
- Natural gas prices forecast – 22 March
Yearly Analysis and Outlook:
- Crude oil price in 2010 and outlook for 2011
- Natural gas spot price in 2010 and projection to 2011
- Gold Prices Outlook for 2011 and Analysis of 2010