Commodities End Wednesday Trading Mixed With Oil Up Over $82, Gold Down

03:09 PM Eastern Standard Time, 03/10/2010 (MidnightTrader) — Commodities ended the day mixed with oil moving above $82 a barrel and gold losing ground on economic data from China.

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Gold for April delivery ended down $1.70, or 0.2%, at $1,122.30 an ounce at the New York Mercantile Exchange. It rose as high as $1,128.30 in morning trade.

Analysts said Friday that the latest data on China points to a possible revaluation of the Chinese yuan. Gold also moved on comments from officials that China’s ability to buy gold is limited.

Meanwhile oil futures rose to an eight-week high after a government report showed that U.S. fuel supplies declined as demand climbed and refineries idled units. Gasoline inventories dropped 2.96 million barrels to 229 million in the week ended March 5, according to the Energy Department report.

Also Wednesday, the Organization of Petroleum Exporting Nations said it expects world oil demand to grow by 900,000 barrels a day in 2010. This was an upward revision of 100,000 barrels a day from the previous assessment.

Crude oil for April delivery rose $0.60, or 0.7%, to $82.09 a barrel on the New York Mercantile Exchange.

For energy companies, Petroleo Brasileiro SA, Repsol YPF SA and BG Group Plc found evidence of oil in the same offshore Brazilian block where the companies’ Guara field holds approximately 2 billion barrels of crude.

Chevron Corp. (CVX) lost ground after Bank of America Merrill Lynch analyst Doug Leggate cut his rating on to neutral from buy and set a price target of $90.

Chevron was down $0.56, or 0.75%, to $73.74.

Also, Valero Energy Corp. (VLO) said late Tuesday the refiner may sign a contract this month to sell its Delaware City refinery to European refiner PBF, according to reports.

Valero was up $0.92, or 4.71%, to $20.45.

In other metals, silver futures were down 1.49%, or $0.25, to close at $17.08 per troy ounce. Copper futures were down 1%, or $3.30, to close at $337.85.

Heating oil futures were higher, up by 1.21%, or 2.53, to close at $211.51 per gallon. Natural gas futures were lower, down by 0.20%, or $0.009, to close at $4.50 per british thermal unit.

In other commodities making news, soybeans rose the most in two weeks after the U.S. said inventories will be smaller than forecast and that China purchased supplies from American exporters. Soybean stockpiles on Aug. 31 will total 190 million bushels, less than the 210 million projected in February, according to the U.S. Department of Agriculture.