Silver prices are on the rise. After Silver price showed a very moderate change for the past couple of weeks, in which it fell by 0.7% since Monday December 13th, but rose by a total of 3% since the beginning of the month until yesterday; Silver prices are currently showing more aggressive rises as it reached the 30 dollar mark by increasing by over 3.6%.
Also note, the energy market is also showing rises, as crude oil price moderately increases by less than a percent, and Natural gas future prices (Henry Hub Future) showing a more aggressive incline by over two percent.
Here is an update on the prices of main energy commodities and precious metals for December 28th (all times GMT):
Silver prices, after starting the week falling, are traded at 30.33 $/t oz. a 3.67% increase or 1.07 $/t oz. as of 19.21 PM.
Current Gold prices, much like Silver price, short term February delivery future, after last week moderate decline, is traded at 1,406 USD /t. oz., a moderate 1.71% increase or 23 USD /t. oz. at 19.21 PM.
Natural Gas futures prices (Nymex Henry Hub Future) are traded at 4.21 USD/ MMBTU (one million BTU), an increase of 0.09 USD/ MMBTU, or 2.29%, as of 18.52 PM.
This month of December presented a very erratic behavior for the natural gas market, with the NY spot prices rising by 113% so far. This could be probably due to an increase in energy consumption mainly in the east coast as the cold winter increased the demand for heating gas.
For the Henry Hub future prices, there is a different story as it fell by 3% for the month of December, at its current price.
Notice that according to Bloomberg they expect that the Natural gas market will cool down (figuratively) upon the first couple of weeks of January, as the weather will clear up and it will start to get warmer (literally) in the U.S., and thus reducing the consumption of Natural gas for heating, which will, consequently reduce its prices.
The Nymex crude oil price, short term futures (February 2011 delivery), on the New York Mercantile Exchange, is traded at 91.45 USD / barrel, a 0.45 USD/b rise or a 0.49% fall, as of 18.52 PM.
The Dated Brent spot crude oil is at 93.89 USD / barrel – a 0.6 USD/ barrel increase as of 19.03 PM.
The WTI spot price is trading as of 16.03 PM GMT at 91.27 USD per barrel, an increase of 0.3% compare to the end of last week.
For further reading:
- Weekly outlook for Crude oil, Natural gas and Gold 27-31 Dec (in this site)
- Should we be concerned with Crude oil prices in 2011? (in this site)
- Silver and Gold Prices Review– weekly recap Dec 25th (in this site)
- Ecstasy for the Gold – the diminishing relations of gold and USD – A short analysis (in this site)