Primary Commodities Report for July 8 – 12
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 8th to July 12th, all four tracked commodities exhibited significant volatility. At various points, Brent Oil, Gold, Natural Gas, and Nickel all experienced negative percentage changes. However, by the end of the week, Gold (yellow) managed to rise, increasing by 1.1%. Despite spending most of the week falling, Natural Gas (green) surged on the final day, closing with a modest 0.4% gain. Nickel (red) remained in negative territory throughout the week, ultimately declining by 0.8%. Brent Oil (black) followed a similar pattern, finishing the week with a slightly larger loss of 1.7%.
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.
With the second week of July now complete, the most intriguing commodity trend is in Gold. Gold prices have spiked since the start of July, reaching levels not seen since mid-May, with prices sitting around $2,420 per ounce. Natural Gas prices now rest just below their three-month rolling average at approximately $2.30 per MMBtu, continuing the downward trend observed since mid-June when prices nearly hit $3.20 per MMBtu. Nickel prices also remain below their three-month rolling average, a pattern that has persisted for about a month. Despite a slight dip in prices this week, Brent Oil remains above its three-month rolling average.
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