The tension in Libya continues, and the UN plans a series of sanctions against Qaddafi’s regime in an attempt to stop the bloodshed there. After crude oil price rose precipitately in the last several days, WTI oil price declined yesterday, while Brent oil continued to rise but more moderately than in the last several days.
Let’s review the main changes in major energy commodities market and precious metals for February 24th:
Oil and Gas prices:
Crude oil price (WTI spot) after rising on Wednesday by 3.66%, yesterday it moderately decreased by 0.27% as it reached 95.78$/b.
Despite this recent fall, WTI spot is still being traded at a high level, nearing the high prices in late 2008. Up to date, WTI spot price inclined during February by 7%, solely due to the inclinations during this week.
Brent spot price continued to rise, as it inclined yesterday by 1.34% to reach 111.24$/b. This is the highest level Brent oil has been since August 29th, 2008.
During the month of February, Brent spot price inclined by 10.8%.
As a result the spread between the Brent oil and WTI inclined yesterday to 15.46$/b.
Natural gas spot price (Henry Hub) continues to fall, yesterday it declined by 0.26%, to reach 3.82$/mmbtu and thus continued its downward trend during the February. As the cold harsh condition of the winter season will subsides, we will probably see an ongoing fall in natural gas prices.
Furthermore, NY City gate price declined yesterday by 0.48% to reach 4.16$/mmbtu.
Up to date, Henry Hub spot price declined during February by 13.6%, and the Henry Hub future (short term) price decreased by 11%.
Precious Metals prices:
Gold price inclined very moderately yesterday by 0.13%, as it reached 1,415 $/t oz.
Silver prices, unlike gold prices, declined yesterday by 0.37% and reached 33.18$/t oz. – this is the first decline this metal had this week.
Up to date, gold completed a 5.6% rise during February, and silver completed a 16.4%.
EURO/ USD inclined moderately yesterday by 0.37%, the USD also depreciated against the AUD, as the AUD/USD inclined by 0.67%. 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 24th, 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):
- Qaddafi ups the ante and threatens to explode Libya’s oil reserves
- Natural gas prices naturally fell – Weekly recap 14-18 February
- Oil prices’ erratic behavior – Weekly recap 14-18 February
Yearly Analysis and Outlook:
- Crude oil price in 2010 and outlook for 2011
- Natural gas spot price in 2010 and projection to 2011
- Gold Prices Outlook for 2011 and Analysis of 2010