Crude Oil Slowly Creeps Up When No One Is Looking…….

Share This Article
March 23, 2009 1:42pm NYSE:GLD NYSE:USO

crude ETF “USO” continues to climb from it’s February low but is no where near it’s bubble like high.  Commodities continue to advance as the economy tries to gain momentum.  The investment “USO” seeks to reflect the performance, less expenses, of the spot price of West Texas Intermediate (WTI) light, sweet crude oil. The fund will invest in futures contracts for WTI light, sweet crude oil, other types of crude oil, heating oil, gasoline, natural gas and other petroleum based-fuels that are traded on exchanges. It may also invest in other oil interests such as cash-settled options on oil futures contracts, forward contracts for oil, and OTC transactions that are based on the price of oil. The fund is nondiversified.


Commodities: Crude Oil Climbs, Gold Falls

Energy and agricultural futures were heading higher Monday, but metals, including gold, were a bit more sluggish.

More from Chris Nichols Dow Watch: Citigroup, Bank of America SoarDow Watch: GE, Bank of America DropCommodities: Crude Oil Slips, Gold RisesStocks in U.S. Hold Near Flat LineCommodities: Gold, Crude Oil SurgeDow Watch: GE Escapes DowndraftDow Watch: Citigroup, Bank of America RallyFed May Dedicate More Than $1 Trillion to Boost EconomyDow Watch: Citigroup, General Electric RiseMetals Winners and Losers: Alcoa Market Activity BHP Billiton Limited| BHP UPSPDR Gold| GLD DOWNPetro-Canada| PCZ UPRecently, newly benchmarked crude oil for May delivery was up $1.81 in New York at $53.88 a barrel, and reformulated gasoline was rising 6 cents to $1.52 a gallon. Heating oil was adding nearly 9 cents to $1.47 a gallon, and natural gas was increasing 10 cents to $4.32 per million British thermal units.

Meanwhile, gold was down $5.50 at $950.70 an ounce, and silver was losing 2 cents to $13.83 an ounce. Copper was higher by 4 cents at $1.83 a pound.

Agricultural contracts were stronger, with the exception of sugar. Soybeans, wheat, corn and cotton had the biggest percentage gains. Lean hogs declined, while cattle rose.

In the foreign exchange market, the dollar was mixed. The greenback was climbing against the euro and the yen, but it lost ground to the pound and the Australian dollar.

The Reuters/Jefferies CRB Index was edging ahead at 226.49.

Among commodity-related stocks, Suncor Energy (SU Quote – Cramer on SU – Stock Picks) was unchanged at $25.29 after saying it would buy Petro-Canada (PCZ Quote – Cramer on PCZ – Stock Picks) in a deal worth more than $15 billion. Petro-Canada was up 25.5% at $30.12.

Oil majors Exxon Mobil (XOM Quote – Cramer on XOM – Stock Picks) and Chevron (CVX Quote – Cramer on CVX – Stock Picks) had gains exceeding 4%, and ConocoPhillips (COP Quote – Cramer on COP – Stock Picks) was up 5.2%.

Elsewhere, Rio Tinto (RTP Quote – Cramer on RTP – Stock Picks) was jumping 16.1% to $132.41, and fellow miner BHP Billiton (BHP Quote – Cramer on BHP – Stock Picks) was adding 6.5% to $47.38.

As for exchange-traded funds, the Gold Shares (GLD Quote – Cramer on GLD – Stock Picks) was slipping 0.2% to $93.42, while the U.S. Oil (USO Quote – Cramer on USO – Stock Picks) was up 3.1% at $31.72.

Source: Chris Nichols www.thestreet.com



9 "Must Own" Growth Stocks For 2019

Read Next



Get Free Updates

Join over 50,000 investors who get the latest news from ETFDailyNews.com!

Most Popular



Explore More from ETFDailyNews.com

Free Daily Newsletter

Get daily ETF insights from our market experts. Never miss another important market development again!

ETFDailyNews.com respects your privacy.

Best ETFs

We've rated and ranked nearly 2,000 ETFs and ETNs using our proprietary SMART Grade system.

View Top Rated ETFs

Best Categories

We've ranked dozens of ETF categories based on relative performance.

Best ETF Categories