Primary Commodities Report for September 23rd – October 4th

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 period from September 23rd to October 4th, all four tracked commodities recorded price increases. Natural Gas (green) led the way, surging on September 27th and ending the two-week span with a notable gain of 9.2%. Nickel (red) followed closely, rising by 5.7% by the end of the first week of October. Brent Oil (black) remained in negative territory for much of the period but staged a late rally in the final days, closing with a 5.6% increase. Gold (yellow) was relatively stable, showing a modest rise of 0.7%.

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.

As of the first week of October, Gold, Natural Gas, and Nickel prices remain significantly elevated. Gold continues to trade well above its three-month rolling average, maintaining the uptrend that started in early August. Natural Gas has seen consistent sharp increases through September, currently priced at around $2.85 per barrel. Nickel, after a rapid surge, is a key commodity to watch in October as market observers monitor whether it will revert to previous levels. Meanwhile, Brent Oil, despite experiencing volatility in September, is hovering close to its three-month rolling average at approximately $77.5 per barrel.

Additional Reading

Natural Gas News: Hurricane Milton Threatens to Shake Up Gas Demand – What’s Next?

This FX Empire article discusses how recent severe weather has impacted the prices of Natural Gas, and how the upcoming Hurricane Milton could create further impacts on the commodity.