Commodity Price Data: Oil, Gold, Agriculture & Industrial Metals
Complete guide to commodity price data—spot vs futures, benchmark indexes, data providers, and how to build a commodities dashboard.
Why Commodity Data Matters
Commodity prices are essential for:
- Inflation analysis (especially CPI components)
- Economic growth signals
- Sector and equity analysis
- Portfolio diversification
- Geopolitical risk assessment
Understanding Commodity Prices
Spot vs Futures
Spot Price: Current price for immediate delivery
Futures Price: Price for future delivery
The relationship:
- Contango: Futures > Spot (storage costs, financing)
- Backwardation: Futures < Spot (immediate demand, scarcity)
Why it matters:
- ETFs roll futures, creating return differences
- Curve shape signals supply/demand dynamics
- Backwardation often bullish
Benchmark vs Assessment
Exchange-Traded Benchmarks:
- Transparent, tick-by-tick
- Examples: WTI crude (NYMEX), Gold (COMEX)
Price Assessments:
- Published by price reporting agencies
- Based on market transactions and surveys
- Examples: Brent crude (Platts), Iron ore
Energy Data
Crude Oil
| Benchmark | Symbol | Exchange | Significance |
|---|---|---|---|
| WTI | CL | NYMEX | US benchmark |
| Brent | ICE Brent | ICE | Global benchmark |
| Dubai/Oman | DME | DME | Asian benchmark |
FRED Series:
- DCOILWTICO (WTI daily)
- DCOILBRENTEU (Brent daily)
IQ Score: 97
Key data sources:
- EIA (official US data)
- IEA (OECD agency)
- OPEC (producer org)
Natural Gas
| Benchmark | Region | Significance |
|---|---|---|
| Henry Hub | US | FRED: DHHNGSP |
| TTF | Europe | Dutch hub |
| JKM | Asia | LNG spot |
Watch for: Regional price disconnects, LNG trade flows
Refined Products
- Gasoline: RBOB (NYMEX)
- Diesel/Heating Oil: HO (NYMEX)
- Crack spreads = refining margins
Precious Metals
Gold
FRED Series: GOLDAMGBD228NLBM (London AM fix) | IQ Score: 96
Key drivers:
- Real interest rates (inverse relationship)
- Dollar strength
- Safe-haven demand
- Central bank buying
Data sources:
- LBMA (London fix)
- COMEX futures
- World Gold Council
Silver
FRED Series: SLVPRUSD
More volatile than gold, industrial demand component.
Platinum & Palladium
Automotive (catalysts) and industrial demand driven.
Industrial Metals
Copper
"Dr. Copper"—the metal with a PhD in economics.
Why it matters:
- Used in construction, electronics, infrastructure
- China = 50%+ of demand
- Leading indicator for global growth
FRED Series: PCOPPUSDM
Exchanges: LME (physical), COMEX (futures)
Aluminum
Key for: Transportation, packaging, construction
Iron Ore
Significance: Steel production, China demand proxy
Price sources:
- Platts IODEX (benchmark)
- SGX futures
- DCE (Chinese exchange)
Lithium & Battery Metals
Growing importance for EV analysis:
- Lithium carbonate/hydroxide
- Cobalt
- Nickel (battery grade)
Agricultural Commodities
Grains
| Commodity | Exchange | Contract | Key Producers |
|---|---|---|---|
| Corn | CBOT | ZC | US, Brazil, Argentina |
| Wheat | CBOT | ZW | Russia, US, EU, Canada |
| Soybeans | CBOT | ZS | US, Brazil, Argentina |
| Rice | CBOT | ZR | Asia |
FRED Series:
- PMAIZMTUSDM (Corn)
- PWHEAMTUSDM (Wheat)
Softs
- Sugar (ICE)
- Coffee (ICE) - Arabica vs Robusta
- Cocoa (ICE)
- Cotton (ICE)
Livestock
- Live Cattle (CME)
- Lean Hogs (CME)
- Feeder Cattle (CME)
Commodity Indices
Major Benchmarks
| Index | Composition | Use Case |
|---|---|---|
| S&P GSCI | Energy-heavy (60%+) | Oil exposure |
| Bloomberg Commodity | More balanced | Diversified |
| CRB Index | Classic benchmark | Long history |
| Rogers International | Broad coverage | Diversified |
For Specific Sectors
- Energy: S&P GSCI Energy
- Metals: LME Index
- Agriculture: S&P GSCI Ag
Data Providers
Free Sources
FRED:
- Daily commodities
- Limited history for some
- IQ Score: 95-97
World Bank Pink Sheet:
- Monthly prices
- Long history
- 60+ commodities
- IQ Score: 94
IMF Primary Commodity Prices:
- Monthly data
- Good for research
- IQ Score: 93
Premium Sources
Bloomberg:
- Tick data, full history
- Industry standard
- High cost
Refinitiv (formerly Reuters):
- Extensive coverage
- Price assessments
- Historical data
Platts (S&P Global):
- Price assessments
- Physical market focus
- Energy and metals
Argus Media:
- Petroleum focus
- Regional prices
- Premium data
Building a Commodities Dashboard
Essential Metrics
Energy:
- WTI and Brent crude (levels)
- WTI-Brent spread (logistics/arbitrage)
- Gasoline crack spread (refining)
- Natural gas (Henry Hub)
Metals:
- Gold (safe haven)
- Copper (growth proxy)
- Gold/copper ratio (risk sentiment)
Agriculture:
- Corn, wheat, soybeans (food prices)
- CRB Food Index (aggregate)
Ratio Analysis
| Ratio | Interpretation |
|---|---|
| Gold/Oil | Energy cost in gold terms |
| Gold/Copper | Risk-on vs risk-off |
| Copper/Gold | Global growth expectations |
| Platinum/Gold | Industrial vs safe haven |
Seasonal Patterns
Commodities have strong seasonality:
- Grains: Planting/harvest cycles
- Natural gas: Winter heating demand
- Gasoline: Summer driving season
Pro Tips
- Watch China demand: 50%+ of most industrial commodities
- Inventories matter: EIA, LME warehouse, exchange data
- Curve shape signals: Backwardation vs contango
- Dollar relationship: Most commodities inverse to USD
- Weather is critical: Agriculture and natural gas
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