The recent conflicts between Russia and Ukraine have impacted everything but one thing that got a major hit is commodities. For those who don’t know, commodities are the raw materials that are manufactured in the industry to produce goods.
In simpler terms, these are the interchangeable goods that are used in trading. In 2021, there has been significant progress in the commodities market which positively impacted consumer demand.
Here are the current prices of the top five commodities in detail.
1 – WTI Crude Oil
West Texas Intermediate (WTI) also known as Texas light sweet, is among the top five commodities. It has been used as a benchmark in oil pricing and is used to refer to future price.
It is a grade mixture of crude oil which is largely traded due to its high global demand and production rate. Low density and sweet in nature makes it the best medium crude oil.
Hence, WTI crude oil is an attractive trading option that has performed 40% better this year. It is currently trading at 97.60 and observed an increase of 1.95% in the past 24 hours.
2 – Brent Crude Oil
Another top commodity and grade of crude oil is Brent crude oil. The worldwide popularity and high usage of this oil make it a major trading element nowadays.
Being widely used in Africa and Europe, it has achieved an attractive record high price of 38.6% this year.
Moreover, in the last seven days, it has gained an exponential rise of 2.19% in its price value possibly due to an increase in energy prices.
3 – Natural Gas
When it comes to highly traded and top commodities, natural gas deserves a spot.
Being a source of fuel and energy, natural gas is used in almost every daily activity. This may involve heating, cooking, production of electricity, and more.
Most precisely, it is a non-renewable hydrocarbon that finds its applications in various fields. Since mid-2020, its prices have taken a step up with the current value of $3.6 per million MMBtu. However, its value has decreased by 0.60% at the time of writing.
4 – Gold
Most commonly known as a precious commodity, gold has a recorded history of high trading values. It has always been a priceless and valuable commodity with its increasing prices over decades.
In the modern world of commodities, it is also known as a storehouse of value and a crucial element in the field of electronics. In the past 24 hours, its value had increased by 0.65%.
5 – Silver
Silver has a similarity to gold when it comes to value and price. It’s a crucial top-rated commodity that is also regarded as a precious metal.
However, people prefer gold to it due to the higher store value of gold. Still its price increased by 0.69% in the past 24 hours.
Nevertheless, silver is widely used in different applications including solar panels and photographic films.
Conclusion
Overall, commodities have set a record high price value in the last few years and have been used in various fields of life. An important thing to note here is every commodity has its own price rate and value. Hence, it’s highly recommended to conduct proper research before trading any commodity.
