Commodities End Trading Lower as Futures Succumb to Fear - Gold Higher


Commodities ended the day mostly lower--with gold the exception--as futures succumbed to debt fears.

Oil for June delivery was down $1.55 to $70.06 a barrel after dipping as low as $69.27 on the New York Mercantile Exchange. Heating oil futures were down 3.54%, or $0.07, to $1.98 a gallon while natural gas was up 2.06%, or $0.09, to $4.40 per million British thermal units.

Meanwhile, gold for June delivery was up $0.30, or 0.02%, to $1,228.10 an ounce. In other metals, copper for June delivery lost $0.20, or 6.4%, to $2.92 a pound. Silver futures were down 1.43%, or $0.27, to $18.95 a troy ounce.

Oil prices were still pressured under the scepter of Europe's debt crisis and the fear it would spread to other economies.

At the same time, those worries have driven up gold futures as investors look for a safe haven.

In precious metal ETF shares, the SPDR Gold Trust ( GLD ) was down 0.26%, or $0.31, to $120.06 while Market Vectors Gold Miners ( GDX ) was down 2.43%, or $1.29, to $51.86. The iShares Silver Trust ETF( SLV ) was down 2.06%, or $0.39, to $18.54.

In energy stocks, shares of Petroleo Brasileiro ( PBR ) are lower in afternoon trading after the Brazilian state-controlled oil company said the European debt crisis won't affect the company's upcoming stock offering, Chief Financial Officer Almir Barbassa told Bloomberg.

Petroleo Brasileiro shares are down 2.05%, or $0.77, to $36.88.

Meanwhile, Massey Energy ( MEE ) is down after Bloomberg reports that the company's unit that operated the West Virginia coal mine where 29 miners died on April 5 is being investigated for possible "willful criminal activity," the Justice Department said.

Massey shares were down 9.32%, or $3.45, to $33.55.

Meanwhile, BP PLC ( BP ) said its capturing about 1,000 barrels of oil a day through a mile long pipe lowered to the floor of the Gulf of Mexico, according to a MarketWatch report. The leak is spewing 5,000 barrels a day.

BP shares were off 1.60%, or $0.75, to $46.12.

In other commodities, wheat, soybean and corn futures fell as concern about demand for those commodities were stoked by worries about global economy.

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: BP , GDX , GLD , MEE , PBR , SLV

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