Commodities End Tuesday Lower As Dollar Gains Strength


Commodities were mixed in Tuesday trading with both gold and crude oil futures ending lower while the dollar gained strength against foreign currencies.

Gold for June delivery lost $5.80, or 0.5%, to settle at $1,105.70 an ounce, roughly in line with their Friday's closing levels.

Meanwhile crude oil futures settled off $0.20 cents, or 0.2%, at $82.37 a barrel on the New York Mercantile Exchange.

Crude-oil inventory data from trade group American Petroleum Association is due at 4:30 p.m. Eastern. The Energy Information Administration will release the government's figures Wednesday morning.

Analysts polled by Platts expect inventories to increase 2.65 million barrels in weekly crude stockpiles. They also project drawdowns of 2 million barrels for gasoline and 1.2 million barrels for distillates.

In other metals, silver futures fell 0.33%, or $0.6, to close at $17.33 a troy ounce. Copper futures closed up 0.69%, or $2.45, to $356 a pound.

In energy stocks, BioFuel ( BIOF ) said late Monday it earned $0.21 per share in Q4 on sales of $120.4 million. Sales were up from a year ago and income was up from a loss a year ago.

It also reported that its auditors have included an explanatory paragraph with its audit opinion on the company's December 31, 2009 financial statements, expressing substantial doubt about the company's ability to continue as a going concern.

BioFuel shares were up 14.29%, or $0.44, to $3.52 in late afternoon trading.

Also Tuesday, a subsidiary of Chevron Corp. ( CVX ) spent $5.3 million in Q4 to lobby the federal government on trade issues in Ecuador, a variety of environmental bills and other issues, according to a disclosure report. That was more than double the $2.4 million that Chevron spent in the year-ago period.

Chevron shares were up 0.25%, or $0.19, to $75.42.

Also Tuesday, Reuters reported that the United Arab Emirates $10 billion Shah gas project will start-up by the second or third quarter of 2014. U.S. oil giant ConocoPhillips ( COP ) has yet to make a final investment decision on it.

ConocoPhillips shares were up 0.25%, or $0.13, to $51.28.

In other energy futures, heating oil was up 0.30%, or $0.64, to $212.52. Natural gas futures were up 1.56%, or $0.06, to $3.97.

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: BIOF , COP , CVX

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