Here is a quick daily summary for yesterday, December 9th for Major Commodity daily prices:
The ongoing flip flop continues in the commodities market and there are ample evidence to suggest that investors and traders don’t show a consistent attitude, which imply that the level of uncertainty is in the Markets is still up.
On to business…
After the day before yesterday’s exploding rise in Natural gas prices –New York City Gate Spot, of 61%, yesterday the market made a correction and the price fell by over 23%, settling on 6.6 $ MMBTU.
I think that since the NY spot price rose by 61% and yesterday made a big correction, only goes to show that it appears to be more a speculative maneuver then backed up by actual demand.
I will review later on today the EIA report about Natural gas stocks which might shed some light on the subject; however, I doubt that there will be any big news to suggest a concern for lack of Natural gas .
The other Natural gas prices showed much moderate fluctuations as the Nymex Henry Hub Future Prices (futures for January) declined by 3.7%, while and Henry Hub Spot rose by 0.9%.
Crude oil prices continue to show two different pictures with WTI crude oil prices rising (this time) while Brent crude oil falling but still hovering above the 90 USD/b marks. WTI crude oil rose by a very moderate 0.1% and settled at 88.37 USD/b. On the other hand, Brent crude oil declined by 0.41% to settle at 90.54 USD/b.
Precious metals bounced back after the previous day’s decline (8th of December) in their prices, in particular, yesterday Silver prices rose by 2% while Gold prices rose by 0.69%.
And finally, the EURO/ US dollar continue to zigzag this time it decreased by 0.17% as the USD strengthens compare to the Euro.
In the following table are the main descriptive data from last business day – December 9th 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:
- Goodness gracious great ball of… Natural gas – Gas on the rise– news update for December 9th
- Is it the season of the Natural gas prices rise? – Examining the seasonality in Natural gas prices
- Weekly outlook – 6th to 10th of December for commodities
- A monthly recap of Natural gas prices and Crude oil prices for November 2010