Commodities Stumble As the Market Retraces!
Commodities: Crude Oil, Gasoline Decline
Most commodities were weaker in the U.S. Monday, with the majority of agricultural futures joining energy and metals on the downside.
Crude oil dropped $3.97 to $48.41 a barrel at the New York Mercantile Exchange, and reformulated gasoline was off 11 cents at $1.38 a gallon. Heating oil lost 9 cents to $1.34 a gallon, while natural gas rose.
Gold fell $7.60 to $917.70 an ounce, and silver was weaker by 23 cents at $13.03 an ounce. Aluminum and copper also slipped.
Cocoa, cotton and wheat rose, but frozen concentrated orange juice, soybeans, coffee and corn fell. Prices for lean hogs and cattle retreated.
The Reuters/Jefferies CRB Index gave back 7.09 points to 215.17.
On a day that the stock market overall sold off, most commodity-related stocks were sluggish, as well. Exxon Mobil (XOM Quote – Cramer on XOM – Stock Picks) was down 1.9% at $68.63, and Chevron (CVX Quote – Cramer on CVX – Stock Picks) lost 3.1% to $66.80. ConocoPhillips (COP Quote – Cramer on COP – Stock Picks) surrendered 3.3% to $39.02.
Miners BHP Billiton (BHP Quote – Cramer on BHP – Stock Picks) and Rio Tinto (RTP Quote – Cramer on RTP – Stock Picks) shed around 6% each, and Freeport-McMoRan (FCX Quote – Cramer on FCX – Stock Picks) lost 8.5%.
As for exchange-traded funds, the U.S. Oil (USO Quote – Cramer on USO – Stock Picks) was down 6.7% at $28.70, and the Gold Shares (GLD Quote – Cramer on GLD – Stock Picks) edged lower by 0.8% to $89.98. The Market Vectors Agribusiness (MOO Quote – Cramer on MOO – Stock Picks) fell 5.5% to $28.12.
Source: www.thestreet.com
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