It was a strong week for commodities in general with 27 out of 29 commodity futures in the black. The best performer was Gasoline futures with a gain of 8% followed by WTI Crude futures which rose 6.6%. Here's the top performers of the commodity futures we track:
The typical seasonal pattern of gasoline prices held true for 2011 with prices peaking in May and bottoming in December. This does not bode well for consumers going forward as the expectation is for prices to rise over the next few months.
We put together a combined chart of Gasoline and WTI Crude futures along with the S&P 500 to see if there were any apparent correlations. There are some shorter duration correlations, such as between WTI and the S&P from August through October, but nothing that lasts the entirety of the year.
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