Oil prices stared the week with fall– Daily Recap May 16

The major commodities started off the week with crude oil prices falling (WTI spot oil and Brent oil), along with silver and gold prices.

Here is a summary of the main price changes in commodities and precious metals for May 16th:

Oil and Gas prices:

Spot oil price (WTI) declined yesterday by 2.29% and reached 97.37$/b; during May the WTI spot oil price fell by 14.1%.

Brent spot price also declined by 2.64% and reached 110.79$/b.

As a result, the difference between Brent and WTI declined to 13.42$/b.

Natural gas prices (Henry Hub spot) on the other hand inclined by 2.68% and reached 4.21$/mmbtu.

The Henry Hub future price increased by 1.65% to 4.32$/mmbtu – the highest price since May 4th; as a result the spread between future and spot price declined to 0.11$/mmbtu, i.e. contango.

Precious Metals prices:

Gold price moderately decreased yesterday and finished the day at 1,490$, a 0.2% decline.

Silver price also fell by 2.52% to end at 34.132$.

During May, gold prices decreased by 4.2% and silver price fell by 29.8%.

The EURO/ USD bounced back and rose yesterday by 0.26%, as the USD depreciates against the EURO.

For a more detailed report on major currencies, check out Forex crunch.

A summary of yesterday’s Prices Changes:

The table below includes: closing prices, daily percent change, and change in US dollars (except for USD/CAD, in which the change is in Canadian dollars):

Crude spot oil price, Natural gas spot price, Current Gold price Silver prices 2011 May 16


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Monthly Analysis and Outlook: