Falling Crude Prices Send Canada’s Raw Materials Index Lower
AllpennyStocks.com

Falling Crude Prices Send Canada’s Raw Materials Index Lower

By: Dylan Sikes – AllPennyStocks.com News

Friday, September 23, 2022

Canada’s Raw Materials Price Index fell in August by 4.2 percent, driven by lower crude energy product prices. The index, however, is up sharply compared to the same period last year.  

The drop in the index mirrored the drop in conventional crude oil due to a pessimistic macroeconomic sentiment and increased global production—but only in Canada. Natural gas prices in Canada fell 19.4 percent in August, as increased production, pipeline capacity, and unplanned outages all played a role in the significant price drop. However, globally, natural gas prices were higher. 

The Raw Materials Price Index measures price changes for raw materials purchased for further processing by manufacturers operating in Canada. As a purchasers' price index, prices include all charges purchasers incur to bring a commodity to market.

Crop products fell for the third straight month, led lower by gain prices. Prices for grains (except wheat) fell 7.2 percent in August, wheat decreased 6.6 percent. Meanwhile, precious metals rose.

The Raw Materials Index is a leading indicator for the Canadian economy.

 


Copyright © 2022 AllPennyStocks.com. All rights reserved. Republication or redistribution of AllPennyStocks.com's content is expressly prohibited without the prior written consent of AllPennyStocks.com. AllPennyStocks.com shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Other Penny Stock Movers

Canadian Inflation Moves Up as Expected But Easing Underlying Pressures Boost Hopes of June Rate Cut
 Read More
Mixed Shelf Filing Gives Micro Cap Delayed Boost
 Read More
Key Executive Appointment Sends Small Cap Higher
 Read More
Most Popular
1
Key Press Release Sends Small Cap Soaring Premarket
2
Key Executive Appointment Sends Small Cap Higher
3
Tencent shares soar on early release of hotly anticipated mobile game
4
JD Sports strikes deal to buy Hibbett for $1.1 billion in push for U.S. growth
5
Canadian Inflation Moves Up as Expected But Easing Underlying Pressures Boost Hopes of June Rate Cut
6
Shares of Dual-Listed Miner Up on News of Options on Uranium Properties
FREE Newsletter
AllPennyStocks.com Favorites


Back to Top
Site Links:
Premium Services / Email Newsletter:
Social Media:
RSS Feed:
Partners:
© Copyright 2024 AllPennyStocks.com Media Inc. All rights reserved. Nasdaq Stocks: Information delayed 15 minutes. Non-Nasdaq Stocks: Information delayed 20 minutes.
Bid and Ask quotation information for NYSE and AMEX securities is only available on a real time basis. Data is provided by QuoteMedia.com.
© Copyright 1999 – 2024. AllPennyStocks.com Media Inc.
All rights reserved.