Commodities Markets Mixed as Crude Oil Rises, Gas and Gold Fall

Strategic Insights -

Investors anxiously await the unfolding of the Greek aid package, causing gold to lose appeal as a safe haven. Meanwhile, crude oil and other commodities are influenced by data from the Labor Department, showing a decrease in unemployment benefits. Notably, BP shares decline after announcing increased costs due to the Deepwater Horizon rig, while ConocoPhillips and Exxon Mobil shares rise on improved earnings.

Key Takeaways:

  • Crude oil for June delivery increased by $1.95, or 2.3%, to $85.17 a barrel, driven by data from the Labor Department showing a decline in unemployment benefits.
  • Gold for June delivery lost $3, or 0.3%, to $1,168.80 an ounce, as investors looked to other safe-haven assets amidst concerns about Greece's aid package.
  • ConocoPhillips shares rose 1.57%, or $0.92, to $59.47, after the company reported a significant increase in earnings for the March quarter, exceeding analysts' expectations.
  • Exxon Mobil shares were up despite reporting a slight decrease in earnings, with the company citing a revenue increase to $90.3 billion.
  • The commodity market witnessed mixed results, with platinum for July delivery rising $20.10, or 1.2%, to $1,733.70 an ounce, while natural gas for June delivery declined $0.37, or 8.5%, to $3.98 per million British thermal units.
  • Analysts' expectations were exceeded by the companies' quarterly earnings, with ConocoPhillips and Exxon Mobil surprising investors with their improved financial performance.

Statistics:

  • Crude oil for June delivery increased by $1.95, or 2.3%, to $85.17 a barrel.
  • Gold for June delivery lost $3, or 0.3%, to $1,168.80 an ounce.
  • ConocoPhillips shares rose 1.57%, or $0.92, to $59.47.
  • Exxon Mobil shares were up despite reporting a slight decrease in earnings.
  • The Labor Department data showed a decline in unemployment benefits to 448,000 last week.
  • BP shares declined after announcing increased costs due to the Deepwater Horizon rig, with a cost of $6 million per day.

Sources:

  • MidnightTrader via COMTEX
  • MarketWatch
  • FactSet Research
  • Comtex SmarTrend Alert
  • Comtex News Network, Inc.
  • BP (BP)
  • ConocoPhillips (COP)
  • Exxon Mobil (XOM)
  • Market Vectors Gold Miners ETF (GDX)
  • SPDR Gold Trust (GLD)
  • iShares Silver Trust ETF (SLV)