ENERGY PRICE DECLINES
The first eight months of 2014 were much like 2013, as energy commodities remained in a relatively stable price range. During the last four months of 2014, however, crude oil and petroleum product prices fell dramatically, and ended the year with the largest price drops of all major commodities in the S&P Goldman Sachs Commodity Index (GSCI). Prices for nickel, zinc, and aluminum were among the few commodities that increased in 2014, while the prices of crude oil, petroleum products, natural gas, grains, and other metals declined.
In 2014, the energy component of the GSCI fell 43% from the start of the year. The S&P GSCI precious metals, industrial metals, and grains indices…
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