Primary Commodities Report for July 29 – August 2
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.
During the week of July 29th to August 2nd, three commodities continued to trend downward while one commodity experienced a price increase. Gold (yellow) was the only commodity to rise, increasing slightly by 1.9%. Brent Oil (black) experienced the largest decline, dropping by 5.3% by the end of the week. Nickel (red) also saw a notable decrease, falling by 2.8%. Natural Gas (green) had a particularly volatile week, initially rising by approximately 6% before ultimately ending with a 1.9% 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 enter the first full week of August, Gold remains the only commodity above its three-month rolling average. Brent Oil prices have fallen to levels not seen in the past three months, currently hovering around $76.00 per barrel. Natural Gas prices are just above their own three-month low, at approximately $2.00 per barrel. Nickel prices have continued to decline, extending a trend that started in late May. Monitoring whether these three commodities will continue to decline will be a key trend to watch throughout August.
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