Commodities Finish Mixed as Gold Declines, Oil Advances

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Commodities ended mixed Tuesday after gold futures closed down as crude oil futures erased losses to close higher.

Gold for June delivery lost $5.90, or 0.5%, to finish at $1,142.90 an ounce. In other metals, silver futures were down 0.60%, or $0.10, to $17.97 while copper futures were down 1.21%, or $4.3, to $351.45 a pound.

Crude oil for June delivery closed up $0.02 higher, or 0.02%, at $83.70 a barrel. Natural gas for May delivery gained $0.17 cents, or 4.4%, to end at $4.1280 per million British thermal units.

Oil saw strength later in the day after the National Association of Realtors issued data that showed home purchases rose 6.8%.

In energy stocks, the U.S. Coast Guard combed waters in the Gulf of Mexico overnight searching for 11 offshore oil workers missing after an explosion on a Transocean Ltd. ( RIG ) drilling rig. Transocean shares were down 0.43%, or $0.39, to $89.98.

Meanwhile, Diamond Offshore ( DO ) was down after the oil services company said first-quarter earnings fell to $290.9 million, or $2.09 a share, from $348.6 million, or $2.51 a share, in the year-ago period.

Diamond Offshore shares were off 4.99%, or $4.51, to $85.79.

Saudi Aramco "has asked for more time from bidders for deals to build its 400,000 barrels per day Yanbu refinery after partner ConocoPhillips ( COP ) pulled out," Reuters reported, citing industry sources.

ConocoPhillips shares were down 0.82%, or $0.47, to $56.75.

In other commodities, hog futures were down from a 14-year high "on speculation that U.S. retail demand for pork will slow after wholesale prices reached the highest level since 2008," Bloomberg reported. Wholesale pork was at 88.41 cents a pound, the highest price since August 2008, U.S. Department of Agriculture data show, Bloomberg Reported.



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.

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This article appears in: Investing , Commodities

Referenced Stocks: COP , DO , RIG

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