Commodities Stumble As the Market Retraces!

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March 30, 2009 9:24pm NYSE:GLD NYSE:USO

commodities

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 QuoteCramer on XOMStock Picks) was down 1.9% at $68.63, and Chevron (CVX QuoteCramer on CVXStock Picks) lost 3.1% to $66.80. ConocoPhillips (COP QuoteCramer on COPStock Picks) surrendered 3.3% to $39.02.

Miners BHP Billiton (BHP QuoteCramer on BHPStock Picks) and Rio Tinto (RTP QuoteCramer on RTPStock Picks) shed around 6% each, and Freeport-McMoRan (FCX QuoteCramer on FCXStock Picks) lost 8.5%.

As for exchange-traded funds, the U.S. Oil (USO QuoteCramer on USOStock Picks) was down 6.7% at $28.70, and the Gold Shares (GLD QuoteCramer on GLDStock Picks) edged lower by 0.8% to $89.98. The Market Vectors Agribusiness (MOO QuoteCramer on MOOStock Picks) fell 5.5% to $28.12.

Source: www.thestreet.com



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