Commodities ended trading mixed Wednesday with gold ending
higher and oil finishing the day in the red.
Gold futures for June delivery rose $9.60, or 0.8%, to $1,148.80
an ounce on the Comex division of the New York Mercantile
Shares of the SPDR Gold Trust (
) were higher rising 0.9% while the Market Vectors Gold Miners ETF
) was up 0.54%.
Gold futures saw gains as investors sought a safe haven on
skepticism that a Greek aid package will resolve the nation's
Meanwhile crude oil futures were down $0.19, or 0.23%, to $83.66
at the New York Mercantile Exchange.
Energy shares were facing headwinds after the Energy Information
Administration reported that crude-oil inventories rose 1.9 million
barrels in the latest week. Analysts surveyed by Platts were
expecting a more modest gain of 300,000 barrels.
Gasoline stockpiles rose 3.6 million barrels versus expectations
of a 100,000 gain. Distillate stockpiles added 2.1 million barrels,
also above expectations.
State oil giant Saudi Aramco has approached firms that could
replace ConocoPhillips (
) as its partner at the Yanbu refinery project, reported Reuters,
citing industry sources. A Chinese firm is among the companies, the
ConocoPhillips shares were down 1.31%, or $0.75, to $56.65.
Meanwhile, Transocean Ltd. (
) fell after the company reported a fire onboard its
semisubmersible drilling rig Deepwater Horizon. The U.S. Coast
Guard said seven workers were critically injured and up to 12
Transocean shares were down 2.43%, or $2.24, to $89.79.
Earlier in the day, Freeport-McMoRan Copper & Gold Inc (
) reported a twentyfold jump in first-quarter profit on Wednesday
and said it was doubling its dividend as global demand for metals
Freeport shares were down 3.7%, or $2.99, to $77.81.
The company's stock fell more than 3 percent on a day when the
price of copper dropped more than 1 percent to around $3.50 per
In other metal futures, silver was up 1.59%, or $0.28, to $18.10
a troy ounce while copper was up 0.34%, or $1.20 to $354.75 a
In other energy futures, heating oil turned higher, climbing
1.28%, or $0.03, to $2.20 while natural gas futures were down
0.13%, or $0.01 to $3.97.
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