Referenced Stocks

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

By Midnight Trader,  August 03, 2011, 02:59:21 PM EDT

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 The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

Referenced Stocks: GDX, GLD, SLV, UNG, USO



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