Oil prices fall from multi-year highs
Oil prices fell nearly 2%, away from multi-year highs as US crude inventories rose.
Closing the session on October 6, Brent crude oil fell 1.48 USD, or 1.8%, to 81.08 USD/barrel, in one session reaching 83.47 USD/barrel – the highest since October / barrel. 2018. West Texas Intermediate crude fell $1.5, or 1.9%, to $77.43 a barrel, at one point reaching $79.78 a barrel – the highest since November 2014. Since the beginning of the year, the price of Brent oil has increased by more than 50%.
Oil prices fell as the US Department of Energy said US crude inventories rose by 2.3 million barrels last week, compared with expectations for a drop of 418,000 barrels. Gasoline stocks also increased, while distillate inventories fell slightly.
U.S. crude output rose to 11.3 million barrels per day, rebounding from a hurricane-related shutdown more than a month ago to near the peak of the pandemic, but still far from a record 13 high. million bpd in 2019.
Natural gas prices fall by more than 10%
U.S. natural gas prices fell more than 10% after rising to a 12-year high in the previous session, driven by higher world energy prices.
The price of natural gas for November term on the New York Stock Exchange dropped 63.7 US cents, or 10.1%, to $5,675/mmBtu. This is the biggest drop since September 2020. In the previous session, natural gas prices rose more than 9% to their highest levels since December 2008.
Gold price increases
Gold prices rose on the back of falling US Treasury yields, but a strong dollar capped gold’s upside momentum, with investors awaiting US labor market data later this week.
Spot gold on the LBMA rose 0.1% to $1,760.78 an ounce, in a session touching $1,744.84 an ounce and gold for December 2021 on the New York Stock Exchange rose 0.1% to 1,761. 8 USD/ounce.
Yields on 10-year US Treasuries fell after hitting a more than three-month high, but remained 1.5% higher.
Rising energy prices can spur inflation and interest rates up, along with a stronger dollar, making gold more expensive to buy with other currencies.
Copper and nickel prices fall
Copper prices fell on concerns that China’s real estate sector would hold back economic growth and demand for the metal.
Three-month copper on the London Stock Exchange fell 1.1% to $9,070 a tonne, after falling 0.9% in the previous session.
At the same time, nickel prices fell 0.2 percent to $18,085 a tonne, as the International Nickel Research Group forecast, the global nickel market would have a surplus of 76,000 tons in 2022 from a shortfall of 134,000 tons in 2021.
Rubber price in Japan highest in 6 weeks
Rubber prices in Japan rose to a 6-week high, on expectations that stimulus measures by the new government would boost the economy’s strong recovery, while the yen’s fall against the dollar also supported prices.
The price of rubber for March 2022 on the Osaka floor increased by 3.5 JPY, or 1.7%, to 214.5 JPY/kg – the highest since the end of August 2021.
Coffee prices increase
ICE December 2021 arabica coffee futures rose 1.55 US cents, or 0.8%, to $1.9345 per lb, after falling sharply in the previous session as rain forecasts boosted crop yields. grown in Brazil.
At the same time, the price of robusta coffee for November 2021 on the London floor increased by 5 USD, or 0.2%, to 2,116 USD/ton.
Sugar prices move in the opposite direction
The price of raw sugar in March 2022 on the ICE floor fell 0.08 US cents, or 0.4%, to 19.77 US cents/lb.
Meanwhile, the price of white sugar for December 2021 on the London floor increased by 1 USD, or 0.2%, to 508.5 USD/ton.
Soybean and corn prices down, wheat up
U.S. corn and soybean prices fell on forecasts of a bumper harvest.
On the Chicago Mercantile Exchange, the price of soft red wheat, the winter crop for December 2021, rose 1-1/4 US cents to $7.46/bushel. Meanwhile, November 2021 soybean futures fell 8-1/2 US cents to $12.42/bushel and December 2021 corn futures fell 5-1/4 US cents to 5.32- 1/4 USD/bushel.
Palm oil prices rise to record highs
Palm oil prices in Malaysia rose to a record high, boosted by rising crude prices and tight supply.
Palm oil futures December 2021 on the Bursa Malaysia exchange rose 133 ringgit, or 2.81%, to 4,871 ringgit ($1,165.03) per ton, up for the third consecutive session.
Prices of some key items on the morning of October 7:
