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October 29, 2012 at 10:31 AM
Commodities traded lightly on Monday as Hurricane Sandy closed the New York trading floor, but electronic trading continued.
Gold futures were down slightly in electronic with delivery for December off by about 0.1% at $1,710.80 on Globex, according to the CME Group, which owns the Comex and Nymex.
Gasoline futures for November, though, were up about $0.07 and trading at $2.77 mid-day on Monday. December crude oil, however, was off 0.8% to $85.50, CME Group data shows.
The boost in gasoline futures was associated with refinery shutdowns and disruptions on the East Coast. These measures, analysts say, have pushed regional production down by roughly 65% in the short term, though less than 7% of total U.S. refining capacity is in the path of the hurricane.
In the past month, the iPath S&P GSCI Crude Oil TR Index ETN (OIL) fell about 7%, moving down sharply in the past 10 days.
Meanwhile, the SPDR Gold Shares ETF (GLD) has lost about 4% so far in October. It traded just below $166 on Friday.
