Commodities Finish Mixed; Gold Hits Record; Crude Stumbles on Economic Concerns


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Commodities finished trading mixed as crude oil futures limped into the close down 2% while gold found footing amid economic concerns to soar to a new record.

Light, sweet crude for September delivery finished down 2% to $91.93 a barrel. In other energy futures, heating oil was up 2.25% to $3.02 a gallon while natural gas was down 1.32% to $4.10 per million British thermal units.

Earlier, the Energy Information Administration reported today that crude supplies rose by 1 million barrels to 355 million barrels, an 0.03% gain, while gasoline stockpiles rose rose by 1.7 million barrels, or 0.8%, to 215.2 million barrels at the height of the summer driving season.

Analysts expected an increase of 2 million barrels of crude for the week ended July 29, but forecast gasoline supplies to increase by only 350,000 barrels.

In energy ETFs, the United States Oil Fund ( USO ) is down 1.68% to $35.79. The United States Natural Gas ETF ( UNG ) is down 1.53% at $10.33.

Meanwhile, gold futures finished at a record as the dollar weakened against foreign currencies.

Gold for August delivery finished up 1.3% to $1,666.30 an ounce. In other metal futures, silver was up 3.77% to $41.60 a troy ounce while copper traded down 1.47% to $4.33.

The US Dollar Index was down 0.69% to $74.02.

In metal ETFs, SPDR Gold Trust ( GLD ) is up 0.32% to $160.15. Market Vectors Gold Miners ( GDX ) is up 0.91% to $58.99. iShares Silver Trust ( SLV ) is up 2.11% to $40.65.

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
More Headlines for: GDX , GLD , SLV , UNG , USO

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