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Commodity Correlations: Nat Gas With Aluminum, Against Gold

January 10, 2020

Correlation Matrix

According to a correlation matrix from the EIA and the S&P Goldman Sachs Commodity Index, natural gas prices have two relatively strong coefficients to other commodities. Natural gas has a .68 positive correlation to aluminum and a -.63 relationship to gold. U.S. production of aluminum has been falling steadily since 2006 and the value of gold has been increasing.

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