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Sector Update: Energy

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Energy stocks were declining premarket Tuesday, with the State Street Energy Select Sector SPDR ETF (XLE) 1.1% lower.

The United States Oil Fund (USO) was down 3.7% and the United States Natural Gas Fund (UNG) was 1% higher.

Front-month US West Texas Intermediate crude oil was 3.8% lower at $92.97 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 3.1% to $99.16 per barrel, and natural gas futures were up 1.8% at $2.96 per 1 million British Thermal Units.

BP (BP) stock was down more than 4% after the company said its board unanimously decided to remove Albert Manifold as chair and director, effective immediately.

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Update: Gold Rises as the USD Weakens While U.S. and Iran Talk to End Their War

(Updates prices.)Gold traded higher midafternoon Monday as the U.S. dollar fell on hopes the United States and Iran are nearing a deal to end the three-month war that has caused the largest-ever energy supply shock.Gold for July delivery was last seen up US$49.60 to US$4,606.00 per ounce in electronic trade, with markets closed for the Memorial Day holidayThe rise comes as the countries continue talks to end the war that has kept the Strait closed for nearly three months, blocking much of the 20% of daily oil demand supplied by Persian Gulf nations. The Wall Street Journal reported Iran is willing to lift its blockade of the Strait in exchange for the United States ending its blockade of Iranian ports, though Iran warned a final deal is not imminent.The price of the precious metal has remained rangebound as investors turn to the dollar on fears central banks will hike interest rates to combat the rising inflation that has followed the war's closure of the Strait of Hormuz, shutting in most of the oil exports from Persian Gulf nations that supplied a fifth of daily oil demand.The dollar fell early, with the ICE dollar index last seen down 0.27 points to 98.97. Treasury markets were closed for the holiday.

$GCN6$GLD
Sectors

Natural Gas Rises Early Despite Cool Long-Term Forecasts

Natural gas traded higher early Monday in thin holiday trade, with the U.S. markets closed, even as long-term forecasts cool.Gas for June delivery was last seen up $0.04 to US$2.95 per million British thermal units in electronic trade, with markets closed for the Memorial Day holiday.Long-term forecasts from the National Weather Service expect most southern and eastern states to be cooler than seasonal over its six to 10 day outlook, lowering cooling demand.Inventories of the fuel remain robust, with the Energy Information Administration last week reporting stocks stood at 2.39-trillion cubic feet, 6.5% above the five-year average.

$NGM6$UNG
Sectors

Gold Rises as the USD Weakens While U.S. and Iran Talk to End Their War

Gold traded higher early Monday as the U.S. dollar fell on hopes the United States and Iran are nearing a deal to end the three-month war that has caused the largest-ever energy supply shock.Gold for July delivery was last seen up $45.80 to US$4,602.20 per ounceThe rise comes as the countries continue talks to end the war that has kept the Strait closed for nearly three months, blocking much of the 20% of daily oil demand supplied by Persian Gulf nations. The Wall Street Journal reported Iran is willing to lift its blockade of the Strait in exchange for the United States ending its blockade of Iranian ports, though Iran warned a final deal is not imminent.The price of the precious metal has remained rangebound as investors turn to the dollar on fears central banks will hike interest rates to combat the rising inflation that has followed the war's closure of the Strait of Hormuz, shutting in most of the oil exports from Persian Gulf nations that supplied a fifth of daily oil demand.The dollar fell early, with the ICE dollar index last seen down 0.27 points to 98.97. Treasury markets were closed due to the U.S. Memorial Day holiday.

$GCN6$GLD