Commodities End Thursday Trading Mixed as Oil Posts Healthy Gains While Natural Gas, Gold Fall


Shutterstock photo

Commodities ended Thursday trading mixed as crude oil posted healthy gains while natural gas and gold fell in the session

Crude oil for June delivery closed up $1.95, or 2.3%, to $85.17 a barrel while gas for June delivery lost $0.37, or 8.5%, to $3.98 per million British thermal units.

Meanwhile, gold for June delivery lost $3, or 0.3%, to $1,168.80 an ounce on Comex. Platinum for July delivery rose $20.10, or 1.2%, to $1,733.70 an ounce. Silver for May delivery added $0.44, or 2.4%, to $18.54 an ounce.

Gold looked less attractive to investors as word circulated that Greece may get a "sweetened aid package," reported MarketWatch. Investors look to gold as a safe haven on worries about currency values.

Meanwhile, crude futures are helped by data from the Labor Department that showed the number of people submitting first-time filings for unemployment benefits declined to 448,000 last week, in line with expectations.

In company news, BP ( BP ) shares were lower after the company said the sunken Deepwater Horizon rig that caused seepage from a well in the Gulf of Mexico was costing the company $6 million a day and that the cost will increase, according to a MarketWatch report. BP owns 65% of the well.

BP shares were down 8.56%, or $4.91, to $52.43.

Meanwhile, ConocoPhillips ( COP ) shares are higher after the company said March-quarter earnings rose to $2.1 billion, or $1.40 a share, from $800 million, or $0.54 a share, in the year-ago period. Adjusted earnings were $1.47 a share. Analysts had expected ConocoPhillips to earn $1.36 a share, according to FactSet Research.

ConocoPhillips shares were up 1.57%, or $0.92, to $59.47.

Also, Exxon Mobil ( XOM ) shares were up after the oil giant said its first-quarter earnings increased to $6.3 billion, or $1.33 a share, from $4.55 billion, or $0.92 a share, in the year-ago period. The company said its revenue climbed to $90.3 billion, from $64 billion. Analysts had expected earnings of $1.39 a share on revenue of $96.2 billion, according to FactSet Research.

Exxon Mobil shares were down 0.98%, or $0.68, to $68.51.

In metal-based ETF shares, Market Vectors Gold Miners ETF ( GDX ) was up $0.62, or 1.25%, to $50.32 while SPDR Gold Trust ( GLD ) was up $0.17, or 0.15%, to $114.48. The iShares Silver Trust ETF ( SLV ) was up 2.25%, or $0.40

In other commodities, copper futures were lower for the second time in three days as concern spread that the debt crisis in Europe may hamer economic growth. Copper futures for July delivery fell $0.02 cents, or 0.6%, to $3.3665 a pound.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: BP , COP , GDX , GLD , SLV , XOM

More from MT Newswires


MT Newswires

MT Newswires

Market News, Commodities
Follow on:

Find a Credit Card

Select a credit card product by:
Select an offer:
Data Provided by