Notable ETF Movers of the Day 08/28: (USO) (SLV) Higher; (UNG) (PPLT) (KOL) Lower
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Markets are trading mostly flat intraday on Tuesday, with SPDR S&P 500 ETF (NYSE: SPY) steady at 141.55.
Oil moved higher as Hurricane Isaac moved through the Gulf, creating shut-ins on rigs in the area. United States Oil ETF (NYSE: USO) is higher by 0.50 percent to 35.79. Interestingly, United States Natural Gas ETF (NYSE: UNG) was lower by 0.64, which could mean that traders aren’t extremely concerned about the effects of the storm. API crude inventory will be released tonight, and this will be followed up by EIA data tomorrow morning.
Coal stocks continue to live a loveless existence, with Market Vectors Coal ETF (NYSE: KOL) lower by 1.36 percent to 23.12. In the past 5 sessions, coal stocks have decline 5 percent, adding to hefty year-to-date losses of 32 percent. Investors continue to shun stocks in this space in light of reports that power plants continue to swap coal for natural gas, which at the moment is cheaper and viewed as cleaners.
In the metals space, ETFS Physical Platinum Shares (NYSE: PPLT) declined by 1.6 percent to 149.31. Since August, PPLT is higher by 10 percent, a move driven in part by clashes at a mine in South Africa. Violence at the mine has ended, but talks between the miners and mine operators remain strained.
In other precious metals news, SPDR Gold Shares (NYSE: GLD) continues to tread water ahead Bernanke’s Jackson Hole speech. iShares Silver Trust (NYSE SLV) is slightly higher, gaining 0.61 percent to 29.92.
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Oil moved higher as Hurricane Isaac moved through the Gulf, creating shut-ins on rigs in the area. United States Oil ETF (NYSE: USO) is higher by 0.50 percent to 35.79. Interestingly, United States Natural Gas ETF (NYSE: UNG) was lower by 0.64, which could mean that traders aren’t extremely concerned about the effects of the storm. API crude inventory will be released tonight, and this will be followed up by EIA data tomorrow morning.
Coal stocks continue to live a loveless existence, with Market Vectors Coal ETF (NYSE: KOL) lower by 1.36 percent to 23.12. In the past 5 sessions, coal stocks have decline 5 percent, adding to hefty year-to-date losses of 32 percent. Investors continue to shun stocks in this space in light of reports that power plants continue to swap coal for natural gas, which at the moment is cheaper and viewed as cleaners.
In the metals space, ETFS Physical Platinum Shares (NYSE: PPLT) declined by 1.6 percent to 149.31. Since August, PPLT is higher by 10 percent, a move driven in part by clashes at a mine in South Africa. Violence at the mine has ended, but talks between the miners and mine operators remain strained.
In other precious metals news, SPDR Gold Shares (NYSE: GLD) continues to tread water ahead Bernanke’s Jackson Hole speech. iShares Silver Trust (NYSE SLV) is slightly higher, gaining 0.61 percent to 29.92.
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