Commodity Price Analysis 4 May
The commodity market is set to fluctuate daily and the main reason for the daily change in price trends is globalization. The prices of different commodities are also mainly affected by the inflation rate.
As inflation accelerates, the prices also rise. More than nine commodities including crude oil have climbed a 50% increase in their prices in the last few months.
However, what are the stats now? Is the commodity market rising or not? Let’s have a look at the overall price chart of some top-ranking commodities below.
1- WTI Oil
At the time of writing, West Texas Intermediate (WTI) oil stands at 104.77 USD per Barrel. This is with an increase of 2.34% from the last 24 hours. In addition, WTI oil prices have increased by 1.43% in a week and 4.40% over the past 30 days..
2- Brent Crude Oil
As the EU proposes to ban Russian oil, crude oil jumps by 4%. With this, currently, Brent oil stands at 108.63 USD per Barrel with an increase of 2.66% in the last 24 hours.
3- Natural Gas
With a huge increase of 29.04% in the last 30 days, natural gas is on another level of new price records. At the time of writing, the price is 8.391 dollars per MMBtu.
This is with a huge increase of 6.92% in the last 24 hours. Furthermore, the prices have gone through a significant increase of 15.68% in the last 7 days.
In some countries, especially Ukraine, the demand for gold is increasing day by day. At the time of writing, gold prices are at 1867.28 USD per ounce.
Moreover, in the last 24 hours, it has increased by 0.01% and in the last 30 days, gold prices have experienced a decrease of 1.92%.
By the end of 2022, corn prices will increase by 25% based on its production and export rate. However, currently, it stands at 801.52 USD per Bushel with a significant increase of 0.45% in the last 24 hours.
Moreover, in the last 7 days, corn prices have down by 2.04% with the prices fluctuating daily.
By analyzing the price charts of the top-ranking commodities, you can estimate which commodities are going to increase further in the upcoming days.
Moreover, commodities like cotton and coffee are expected to increase by 54% and 90% from their current prices respectively. This shows the future prices and growth of the commodity market.