Everywhere you look, commodity prices are skyrocketing across the board. During this year, many commodities, from copper, palladium, iron ore, lumber to uranium, have climbed to record highs. Now they have been joined by the prices of natural gas and oil, refuting the opinion about the transitory nature of inflation.
This year, oil prices have quadrupled and set new records almost every week.
On Friday, oil prices topped $ 80 a barrel for the first time since November 2014, rising more than 300% from 2020 lows.
Goldman Sachs predicts that oil prices will hit $ 90-100 a barrel by the end of the year, while Bank of America is convinced that the global energy crisis will push oil prices above $ 200 a barrel.
Meanwhile, natural gas prices have risen more than eightfold over the past 12 months, up more than 350% as the benchmark futures contract is now trading at an oil equivalent price of over $ 230 a barrel.
A total of 27 commodities ranging from metals, energy to soft commodities have posted double or triple-digit gains over the past year, and this is just the beginning.
Where are prices moving next? Check out The Commodity Report now for my latest price predictions and predictions:
For all of today’s economic events, check out our economic calendar.