Crude oil prices gained sharply this week, hitting a one-month high after U.S. Energy Information Administration statistics showed a quick drawdown in supplies. In its weekly Petroleum Status Report, the EIA stated that U.S.
US crude oil supplies are continuing to swell, reaching nearly 400 million barrels last week, the highest level since 1931. Oil supplies are rising even as refineries are running near full-speed, pumping out large volumes of gasoline and diesel fuel.
Global farmers, fishermen, meteorologists and commodities traders are closely watching water temperatures in the South Pacific, waiting to see if the water will warm up this summer, a telltale sign of the El Niño phenomenon. According to the U.S.
Gold prices plunged this week, falling over $40 per ounce during the day Tuesday, the largest sell-off this year. Prices sank after poor economic news from China indicated that gold demand may be waning there.
Janet Yellen, in her first meeting as Chairwoman of the Federal Reserve last week, indicated that the Fed would continue to reduce stimulus and could be on track to start raising interest rates in the near future. In response, gold prices have collapsed, losing over $100 per ounce.
Over the past few months, basic commodities that make up the bulk of Americans’ morning meal have risen sharply in price. Although the reasons for the price increases vary, most people will be likely to see higher food costs at the breakfast table in the coming months.