Mixed messages produce mixed prices on commodities

Crude oil prices were mixed Thursday after the US Commerce Department reported that consumer spending was down 0.2 percent in March while personal income fell 0.3 percent in the month, and after both Exxon Mobil (NYSE: XOM) and Marathon Oil (NYSE: MRO) issued disappointing quarterly reports.

June contracts for West Texas Intermediate crude were just 15 cents higher to $51.12 per barrel on the New York Mercantile Exchange, while Brent crude was down 22 cents to $50.56 per barrel on the ICE Futures Europe exchange in London.

Nymex natural gas futures for June were down three cents to $3.38 per million British thermal units after the US Energy Information Administration reported that there was more natural gas in storage in the US again last week as stockpiles reached 1.82 trillion cubic feet, 34 percent higher than inventories last year at this time.

Copper prices were higher on sentiment that the worst of the recession is over, raising hopes that demand will increase soon, but those gains were likely limited by anticipation of a bankruptcy declaration from carmaker Chrysler.

July copper was up 4 cents to $2.05 per pound in New York trade, while three-month copper added $98.75 to $4,468.75 per tonne in London.

Precious metals prices, however, declined on the session in New York.

June gold was down $9.30 to $891.20 per troy ounce while July silver fell 45 cents to $12.33 per troy ounce and July platinum dropped 20 cents to $1,106.60 per troy ounce.

Grains prices advanced on the Chicago Board of Trade as May wheat and May corn each added around 3 cents to $5.24 per bushel and $3.96 per bushel respectively, while May soybeans gained 36 cents to $10.70 per bushel.

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