Primary Commodities Report for June 24 – June 28
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.
From June 24th to June 28th, prices for Brent Oil, Nickel, and Gold all saw increases, while Natural Gas was the only commodity to experience a price decrease. Brent Oil (black) had the largest price rise, finishing the week up by 1.4%. Nickel (red) followed closely behind, with prices rising by 1.0%. Gold (yellow) had a modest increase, with prices up by just 0.5% at the end of the week. Natural Gas (green) was the most volatile commodity, initially rising 4.0% but then dropping mid-week to end down by 3.8% on Friday.
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 transition into July, Brent Oil prices continue their upward trajectory, a trend that has been consistent since early June. Brent Oil saw price increases in the middle of June, and that momentum carried through this past week. Gold prices also rose slightly this week, maintaining a relatively stable rate for the month. Natural Gas prices, on the other hand, have begun to decline, a shift not evident at the start of June. Despite a slight increase in prices this past week, Nickel remains below its three-month rolling average. Whether Nickel prices continue to fall in July will be an important trend to monitor.
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