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Commodities Weekly: Most Commodities End Notably Higher, Partially on Dollar Index Weakness; Gold Hits New All-Time Highs Again
November 5, 2010
Commodities Weekly: Most Commodities End Notably Higher, Partially on Dollar Index Weakness; Gold Hits New All-Time Highs Again -Update-
Looking more closely at energy, December crude oil futures, which rose 6.3% to close at $86.55 for the week spent the whole week in positive territory and on a strong uptrend. On Wednesday, crude extended gains despite a larger than expected build, as reported in the weekly inventory data. Inventory data on Wednesday showed a build of 1950K (consensus was a build of 1000K).
After falling sharply on Monday, losing over 8% from Monday's highs, October natural gas leveled out to trade between $3.75-3.95 for the rest of the week. Inventory released Thursday, which showed a build of 67 bcf compared to the consensus of a build of 57 bcf, pushed natural gas higher.
In precious metals, gold prices hit new all-time highs of $1398.70 in trade today, ending the week 3.0% higher. Silver finished the week 8.7% higher.
Agriculture commodities were modestly higher this week. Soybeans was the best performing commodity this week with 3.8% in gains. There was no major ag-related catalysts this week. However, on Tuesday November 9, the USDA will issue its November supply/demand (WASDE) report.
In the dry bulk shipping sector, the Baltic Dry Index fell 6.3% to 2510, as indicated by the benchmark Baltic Dry Index (BDI).
Looking more closely at energy, December crude oil futures, which rose 6.3% to close at $86.55 for the week spent the whole week in positive territory and on a strong uptrend. On Wednesday, crude extended gains despite a larger than expected build, as reported in the weekly inventory data. Inventory data on Wednesday showed a build of 1950K (consensus was a build of 1000K).
After falling sharply on Monday, losing over 8% from Monday's highs, October natural gas leveled out to trade between $3.75-3.95 for the rest of the week. Inventory released Thursday, which showed a build of 67 bcf compared to the consensus of a build of 57 bcf, pushed natural gas higher.
In precious metals, gold prices hit new all-time highs of $1398.70 in trade today, ending the week 3.0% higher. Silver finished the week 8.7% higher.
Agriculture commodities were modestly higher this week. Soybeans was the best performing commodity this week with 3.8% in gains. There was no major ag-related catalysts this week. However, on Tuesday November 9, the USDA will issue its November supply/demand (WASDE) report.
In the dry bulk shipping sector, the Baltic Dry Index fell 6.3% to 2510, as indicated by the benchmark Baltic Dry Index (BDI).
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