Commodities Finish Trading Higher as Both Gold, Oil Register Gains

By Staff,

Shutterstock photo

Commodities finished higher Wednesday after market responds to a monetary policy statement from the Federal Reserve regarding interest rates.

Gold for June delivery added $9.60, or 0.8%, to close at $1,171.80 an ounce on Comex. In other metals, silver futures lost ground, falling 0.19%, or $0.03, to $18.11 while copper futures rose 0.41%, or $1.40, to $339.65.

Meanwhile, crude oil for June delivery, the most active contract, gained $0.78, or 1%, to $83.22 a barrel on Comex. In other energy futures, heating oil was down 0.13%, or $0.03, to $2.22 per gallon while natural gas was up 1.57%, or $0.07, to $4.28 per million British thermal units.

Commodities were influence by continuing concerns over the debt situation in Europe as Standard & Poors lowered the rating on Spain's debt and Germany's requirement that a bailout would have to come with strings attached.

Also, the Energy Information Administration reported that U.S. commercial crude oil inventories rose by 1.9 million barrels from the previous week. U.S. stockpiles, which stand at 357.8 million barrels, are over the upper limit of the average range for this time of year. Analysts expected crude oil inventories to rise by 1.4 billion barrels.

Precious metal ETFs were mixed. The Market Vectors Gold Miners ETF ( GDX ) was up 3.80%, or $1.84, to $50.12 while the SPDR Gold Trust ( GLD ) was down 0.31%, or $0.35, to $114.28. Shares of iShares Silver Trust ETF were down 0.67%, or $0.12, to $17.76.

Shares of Exxon Mobil ( XOM ) were up in afternoon trading ahead of the company's earnings report, which is due before the market opens on Thursday. Analysts are looking for Exxon Mobil to report $1.41 a share on $96 billion in revenue. Exxon Mobile shares are up $1.14, or 1.67%, to $69.41 in afternoon trading.

Sempra Energy ( SRE ) said it settled a legal dispute with the state of California for $410 million in case linked to the energy crisis that hit the state in 2000 to 2001. Sempra shares are up 0.41%, or $0.20, to $49.22.

Also Wednesday, ConocoPhillips ( COP ) is withdrawing from a multibillion dollar joint venture to develop a gas field in Abu Dhabi, the Financial Times reported. ConocoPhillips shares are up 2.12%, or $1.22, to $58.76.

In other commodities, coffee rose to the highest price in two weeks on a weaker dollar, which raises the appeal of most commodities. Arabica coffee for July delivery rose $0.02, or 1.8%, to $1.33 a pound on ICE Futures U.S., according to Bloomberg.

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
Referenced Stocks: COP , GDX , GLD , SRE , XOM

More from MT Newswires


MT Newswires

MT Newswires

Follow on:

Find a Credit Card

Select a credit card product by:
Select an offer:
Data Provided by