Oil prices soar on Middle East turmoil escalation– March 1

The turmoil in the Middle East takes another turn, this time it’s Iran entering the list of countries with violent riots between citizens and armed forces, also the Libyan turmoil continues, all these news probably affected crude oil price as it soared yesterday, and notice that Silver prices are at an all time high.

The Libyan riots continue and the recent news is that the US moved two of its warships with 2,000 Marines  to the Mediterranean Sea for humanitarian assistance to the people of Libya. It’s expected to pass the Suez Canal later on tomorrow.

Let’s review the main changes in major energy commodities market and precious metals for March 1st:

Oil and Gas prices:

Crude oil price (WTI spot) after very little movement on Monday, rose yesterday by 2.74% as it reached 99.63$/b.

This could well be related to the recent new developments in Iran and the ongoing turmoil in Libya.

Brent spot price also inclined yesterday by 3.64% to reach 116.02$/b – the highest level since August 2008.

As a result the spread between the Brent oil and WTI inclined yesterday to 16.39$/b.


Natural gas spot price (Henry Hub) inclined by 0.51%, to reach 3.94$/mmbtu.


The Nymex Henry Hub future prices (March Delivery) fell yesterday by 3.97%, reaching 3.87 $/mmbtu. This fall is mostly caused due to the expericy of the March future, As a result the Backwardation for the Henry Hub has reached 0.07$/mmbtu.

Furthermore, NY City gate price inclined yesterday by 1.64% to reach 4.34$/mmbtu.

Precious Metals prices:

Gold price moderately inclined yesterday by 0.04%, as it reached 1,409$/t oz.

Notice that silver is reaching an all time high with over 34$. This ongoing rise is related to the gold price surge, even though silver rose by a higher percent than gold.

Silver prices, much like gold prices, inclined yesterday by 1.79% and reached 34.427$/t oz.

EURO/ USD declined moderately yesterday by 0.22%, the USD also appreciated against the AUD, as the AUD/USD moderately declined by 0.51%. 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 1st, 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):

Crude oil price, Natural gas spot price,  current Gold prices Silver prices March 1


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