Over the past few days, commodity prices are showing record-break performance in the market. Although many reasons justify this price increase, the main one is the Russia-Ukraine war.
Despite the fact, that gold and palladium are going down nowadays yet there has been a positive increase in some commodities like Gold and Silver as well. So, let’s look at the commodity prices of 20 April and discuss each of them in detail.
1- WTI Oil
The Ukraine-Russia war has shown its impact on crude oil as well. West Texas Intermediate (WTI) crude oil has fallen to around 5% this week after the IMF has cut the growth outlook. Currently, it stands at 102.34 USD per Barrel in the oil market.
This is with a 0.10% decrease in the oil value at the time of writing. Over the last 7 days, oil prices have increased by 7.0% showing a continuous increase in the price charts.
2- Brent Crude Oil
In the last two years, Brent crude oil has leveled up to 7.307 Million Barrels per day which was the biggest price change observed since April 2020. At the time of writing, Brent crude oil is at a price rate of 107.07 USD per Barrel with a decrease of 0.49%.
Moreover, oil prices have increased by 4.0% in the last week. Though from the price chart, we can see a major downfall but there is a prediction that the oil industry will continue to uplift in the upcoming days.
3- Natural Gas
According to the latest inventory report, the prices of natural gas have dropped slightly owing to unexpected weather conditions. At present, it is on 6.93 MMBtu with a decrease of 4.55% from the last 24 hours.
Not only this, the price charts have shown a 4.89% decrease in the prices as compared to the last week. Although the demand and supply of natural gas are high nowadays, its prices are decreasing at the same time.
4- Gold
While other commodities are having a tough time with their prices, gold is the one that has set up its eyes in the sky. With a tremendous increase of 2000 dollars, gold prices have been skyrocketing over a couple of days.
At the time of writing, it is at 1955.14 USD per ounce with a positive increase of 0.26% in the last 24 hours.
5- Silver
With some downfall in the last few days, silver prices have settled back to normal in the commodity market. Now, it stands at a price rate of 25.23 USD per Troy Ounce. This is with a 0.88% positive change in the prices over the last 24 hours.
Conclusion
Unlike other trends of different commodities in the market, gold, natural gas, and oil prices have been fluctuating for the last few days. At the time of writing, gold and silver have set a huge comeback in the industry and left behind other commodities.
