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Commodity Meltdown: How Bad?

Commodity futures plunged across the board today, triggered in part by concerns over inflated prices, which have sent many commodities to multi-year highs in recent months.

Below is a summary of how things stand in the commodities sector.

Crude Oil & Metals

  • WTI Crude settled down $9.44 per barrel at $99.80 for an 8.64% move and the biggest 1 day % drop for crude since April 20, 2009 (See full commodities table below)
  • Silver settled at 36.24 down 7.99% for the biggest 1 day decline since Oct 10, 2008 when it fell 10.74%
  • Gold settled at 1481.4 down 33.90 or 2.2% the biggest 1 day decline since March 15, 2011 when it fell 2.25%

RJ/CRB Index

The CRB fell 4.9%, its 6th biggest 1-day drop in its history dating back to 1956. In fact, every commodity in the index fell today.

Oil comprises 23% of the CRB, so clearly the index is impacted by any large moves in crude, compared to any moves in gold (6%) or silver (1%).

Today, oil posted the biggest percent decline among the CRB index components.

Most Recent Historic Drops for Oil & Silver

Oil: April 20, 2009

  • Oil closed at 45.88, down 8.84%
  • The Dow closed at 7841.73, down -289.60 for a loss of 3.56%
  • S&P closed at 832.39, down 4.3%
  • NASDAQ closed at 1608.21, down 3.88%
  • CRB closed at 217.11, down 3.87%

Silver: October 10, 2008

  • Silver settled at 36.24 down 7.99% for the biggest 1 day decline since Oct 10, 2008 when it fell 10.74%
  • The Dow closed at 8451.19, down -128 or 1.49%
  • The S&P closed at 899.22, down 1.18%
  • The NASDAQ was slightly positive 1649.51, up 0.27%
  • The CRB had its biggest 1-day drop ever falling 6.65%
  • Oil settled at 77.7 down -8.89 or 10.3% (Larger loss than today and April 20, 2009)

The table below highlights the latest commodity futures prices along with their percent change today, week-to-date and year-to-date.


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