The third week of February starts off with moderate rises and falls in the energy market, and rises in precious metals. Crude oil price (WTI) continued to fall, while Brent oil bounced back from last week’s slow down.
Let’s quickly review the changes in major energy commodities market and precious metals for February 14th:
Oil and Gas prices:
Crude oil price (WTI spot) fell for the second straight business day, yesterday by 0.9% as it settled on 84.81$/b – the lowest level since January 27th.
Brent spot price, on the other hand, bounced back after it had fell on Friday, as it inclined by 1.88% to reach 102.8$/b – the highest level since September 5th, 2008.
During the month of February, WTI spot prices declined by 5.3%, while Brent spot increased by 1.9%.
As Brent passed the 102$/b price, and WTI continued to fall, the gap between the two commodities has reached the largest gap in 23 years of 17.48$/b (Brent-WTI). For more on the Brent and WTI spread, see here.
Natural gas spot price (Henry Hub) continues to fall as the winter season subsides: yesterday it declined by 1.52%, to reach 3.9$/mmbtu – this is the seventh straight business day, the Henry Hub decreases.
On the other hand, the NY city gate price moderately inclined yesterday by 4.56%.
Precious Metals prices:
Gold price inclined yesterday by 0.35%, as it reached 1,365 $/t oz.
Silver prices also increased yesterday by 1.8% and reached 30.534$/t oz.
EURO/ USD declined yesterday by 0.47%, the USD also appreciated against the CAD, as the USD/CAD inclined by 0.17%. 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 – February 14th, 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):
For further reading (in this site):
- Weekly outlook for Crude oil, Natural gas and Gold 14-18 February
- Oil prices continue descending – Weekly recap 7-11 February
- Examining the Fed’s policy and its potential effect on oil prices
Yearly Analysis and Outlook: