Commodities End Thursday Trading Mixed With Gold Higher, Oil Lower


Commodities ended Thursday trading mixed, with gold up slightly and crude oil lower as the stock market struggled to keep gains.

Gold for April delivery ended up $3.30, or 0.3%, at $1,127.50 an ounce at the New York Mercantile Exchange.

Gold advanced as doubts rose about the euro zone's aid plan for the Greek government amid talk that Greece might resort to help from the International Monetary Fund.

In other metal futures, silver for May delivery dropped $0.09 to $17.42 an ounce. Copper for May delivery fell $0.01 to $3.40 a pound. Platinum for April delivery fell $4.6 to $1,631 an ounce and palladium for June delivery fell $0.10 to $478.75 an ounce.

Meanwhile, Crude oil for April delivery finished down $0.73, or 0.9%, at $82.20 a barrel at the New York Mercantile Exchange.

Oil futures remained lower despite U.S. reports showing jobless claims fell in the latest week and consumer prices were unchanged in February.

Crude-oil futures "are running ahead of fundamentals and remain disconnected from the physical market," Mike Fitzpatrick, vice president of energy trading at MF Global, said in a note, quoted by MarketWatch. "The longing for real value can be the only rational explanation for rising oil prices."

In energy stocks, shares of ConocoPhillips ( COP ) were down 0.57%, or $0.30, to $52.68.

Russia's No.2 crude producer LUKOIL said it will consider whether to buy back some of its shares, its chairman said on Thursday. That comes after reports that ConocoPhillps ( COP ) might halve its stake in the company.

Investors were also looking toward a ConocoPhillps analyst meeting in New York next week.

Meanwhile, Tesoro Corp. ( TSO ) has closed down several units at its refinery in Anacortes, Washington as boilers have failed to produce the steam needed to keep operations going. No further details have been provided by the company.

Tesoro shares were down 0.28%, or $0.04, to $14.18.

In other energy futures, heating oil was down 1.02%, or $2.18, to $211.77. Natural gas futures was down 4.81%, or $0.20, to $4.09.

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

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

This article appears in: Investing , Commodities

Referenced Stocks: COP , TSO

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