Here is a quick daily summary for yesterday, December 8th for Major Commodity daily prices :
Only on Monday there was news about Silver prices reaching the 30 USD mark… It seems that investors started to switch gear probably because of Ben Bernanke’s remarks in 60 minutes about the Fed’s capability in maintaining the US inflation. On the other hand consider that there are doubts about the actual level of inflation in the US as forexcrunch tells us. Silver prices finished the day at 28.25 USD /t oz., a sizable 5.12% decline. The same goes for Gold prices as they declined and settling at 1,387 USD/t oz. – a 1.83% decline.
Natural gas prices, had a whopping increase in the New York City Gate Spot price, after increasing on Monday by over 11%, it rose yesterday by 61%!!!, and settled on 8.66 $ MMBTU. The other Natural gas prices rose but much more moderately, with Nymex Henry Hub Future Prices (futures for January) and Henry Hub Spot rose by 5% and 0.22%, respectively. Some consider this increase in New York City Gate Spot price due to hard winter weather in Northeast US, despite that there is no apparent lack in Natural gas storage, as claimed by Reuters .
Crude oil prices continue to show two different pictures with WTI crude oil prices falling while Brent crude oil rising and still hovering above the 90 USD/b marks. WTI crude oil fell by 0.46% and settled at 88.28 USD/b. On the other hand, Brent crude oil rose by 0.17% to settle at 90.91 USD/b.
And finally, EURO/ US dollar increased by 0.33% as the USD declined compare to the Euro for the first time this week.
In the following table are the main descriptive data from last business day – December 8th 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):
For further reading:
- Is it the season of the Natural gas prices rise? – Examining the seasonality in Natural gas prices (in this site)
- Oil Inventories Decline in Survey on Demand from Refiners: Energy Markets – Bloomberg
- Weekly outlook – 6th to 10th of December for commodities (in this site)
- A monthly recap of Natural gas prices and Crude oil prices for November 2010 (in this site)