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September Crude Plunges, Finishes Down Over 6%; Fear Feeds Gold Futures' Silver Lining

Commodities finished trading mixed amid heightened selling caused by Standard & Poor's downgrade of U.S. debt on Friday. Crude oil futures, which usually move in tandem with economic sentiment, plunged, while gold surged on safe-haven buying.

Light, sweet crude for September delivery finished down 6.4% to $81.31 a barrel. In other energy futures, heating oil was up 1.19% to $2.92 a gallon while natural gas was up 0.05% to $3.94 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) is down 6.6% to $31.71. The United States Natural Gas ETF ( UNG ) is up 0.3% at $9.99.

Meanwhile, gold futures surged as fear of a double-dip recession gain strength and investors sought safe-haven investments where they could park cash.

Gold for August delivery finished up 3.7% to $1,713.20 an ounce. In other metal futures, silver was down 2.67% to $38.38 a troy ounce while copper traded down 2.88% to $4.11.

The US Dollar Index was up 0.29% to $74.74.

In metal ETFs, SPDR Gold Trust ( GLD ) is up 3.18% to $166.88. Market Vectors Gold Miners ( GDX ) is up 0.32% to $55.60. iShares Silver Trust ( SLV ) is up 1.58% to $37.91.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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