Primary Commodities Report for August 12th – August 16th
By: Gabriel Kukulka, The Quinnipiac University Economics Research Team
Commodities Index
Source: Yahoo Finance and own calculations. Rates are in United States dollars per one (1) unit of goods. Brent Crude Oil and Natural Gas are measured in barrels, Gold is per ounce, and the ETF is per share. They are all indexed to be at 100 at the start of the period.
The week of August 12th to August 16th was marked by significant volatility across all four commodities. Nickel (red) experienced the most notable surge, with prices steadily rising throughout the week, culminating in a 2.9% increase. Gold (yellow) mirrored this upward trend, gradually climbing to close the week with a 2.7% gain. Brent Oil (black) saw prices rise nearly 2% by Thursday, but a subsequent dip on Friday led to a modest 0.3% increase. Natural Gas (green) was the only commodity to finish the week lower, despite a mid-week spike of almost 3.5% on Wednesday. A sharp decline over the final two days resulted in a 0.9% overall decrease.
Commodities Historical Trends
Source: Yahoo Finance and own calculations. Rates are in United States dollars per one (1) unit of goods. Brent Crude Oil and Natural Gas are measured in barrels, Gold is per ounce, and the ETF is per share. The center line is a rolling three-month average. The upper and lower boundaries are the average plus and average minus one standard deviation, respectively, for the same three-month period.
As we move into mid-August, Gold prices have surged to an all-time high (see additional reading below). Following a steady rise in late July and early August, prices have now spiked to approximately $2,500 per ounce for the first time in history. Meanwhile, Brent Oil prices remain just above the lower boundary of their three-month rolling average, hovering around $80 per barrel. Natural Gas prices experienced a slight dip this week, continuing a downward trend that has persisted since June. Although Nickel prices have increased this week, they remain significantly low, a stark contrast to the highs observed in May.
Additional Reading:
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