Commodity markets were characterised by exceptional price volatility during the past 12 months. The price of some commodities such as crude oil soared and then collapsed. For example, the price of WTI crude oil quoted on the New York Mercantile Exchange (Nymex) plunged 75% from its record high of $147.27 per barrel on July 11 to $36.22 by December 22, 2008. Platinum prices quoted on Nymex, meanwhile, fell 65% from $2,201 per troy ounce in May 2008 to $774 in October.
Major counterparties also fa