United States Oil Fund

Brent Crude Up 3.15% at Near US$114.75

Crude Oil Prices Surge as U.S. Plans to Extend Iran Blockade, Fueling Supply Worries

Crude oil prices jumped on Wednesday, with Brent crude reaching a one-month high, amid reports that the U.S. plans to extend its blockade of Iranian ports.Brent crude at last look surged 3.2% to US$114.76/barrel and West Texas Intermediate crude climbed 3.5% to $103.40/barrel. U.S. President Donald Trump has instructed aides to prepare for an extended blockade, Reuters said in a Wednesday report, citing The Wall Street Journal.The move will prolong supply disruptions in the Middle East despite a ceasefire in the war with Iran, as talks to end the war have stalled, the report said."The recent rise in oil prices has been driven by the Strait blockade. If Trump is prepared to extend the blockade, supply disruptions would worsen further and continue to push oil prices higher," Reuters quoted Yang An, an analyst at Haitong Futures, as saying.Investors are also digesting market impacts of the United Arab Emirates' announcement to leave the Organization of the Petroleum Exporting Countries, according to the report. However, analysts do not see major near-term impacts so far."The United Arab Emirates' exit from OPEC+ formalises the organisations weaker cohesion, but the near-term impact is limited," Reuters quoted an ANZ Research note as saying. "The move reflects long-standing quota tensions, but prices are still being driven more by geopolitics, inventories and logistics than by institutional changes."

Update: WTI Rises as Progress on Ending the Iran War Stalls; the UAE Ends Its OPEC Membership

(Updates prices and adds UAE's Withdrawal from OPEC in the final two paragraphs.)West Texas Intermediate (WTI) closed higher on Tuesday, with the U.S. benchmark price flirting with the US$100 per barrel for the first time in three weeks as hopes for an end to the war on Iran fade and the Strait of Hormuz remains closed.WTI crude oil for June delivery closed up US$3.56 to settle at US$99.93 per barrel as it failed to hold the US$100 mark it topped during the session, while June Brent oil was last seen up US$2.58 to US$110.81.Weekend talks expected to be held in Pakistan between Iran and the United States failed to take place, while a Monday proposal from Iran to reopen the Strait of Hormuz in return for lifting a U.S. blockade of its ports and deferring talks over its nuclear program was rejected by President Trump.Iran closed the Strait of Hormuz after the United States and Israel launched attacks on the country on Feb. 28. The Strait is the chokepoint for 20% of daily global oil demand supplied by Persian Gulf nations and its closure has produced the largest-ever supply shock, pushing up oil prices by 49% since the start of the war."Oil extended its rally ... amid no signs of progress toward reopening the Strait of Hormuz, where US and Iranian blockades have reduced daily transits to near zero. Warnings over the severity of the global supply squeeze continue to intensify, with tightness in refined fuel markets already pushing diesel and jet fuel prices toward USD 200 per barrel," Saxo Bank noted.The closure of the Strait has pushed up spot price for oil, as the Asian nations that rely on Gulf producers compete for available barrels. Rising prices have heightened inflation and raises the risk of a global recession as the lack of supply forces demand destruction and chokes off economic growth."Alarm bells will ring loudly if the SoH (Strait of Hormuz) doesn't reopen during May. Spot crude and product prices will trade higher and higher. And if a decent reopening doesn't take place before June/July, then the risk is significant for a real crisis where the world may be forced to reduce its oil consumption closer to the level of availability," Bjarne Schieldrop, chief analyst commodities at SEB Research, wrote.Also on Tuesday, the United Arab Emirates, the No.3 OPEC producer and the No.7 global oil exporter, said it will withdraw from OPEC on May 1, freeing itself from the cartel's quota system that restricted its output well below its production capacity."We reaffirm our appreciation for the efforts of both OPEC and the OPEC+ alliance and wish them success. During our time in the organisation, we made significant contributions and even greater sacrifices for the benefit of all. However, the time has come to focus our efforts on what our national interest dictates and our commitment to our investors, customers, partners and global energy markets," the country's government said in a release.

April WTI Crude Oil Contract Closes Up US$3.56; Settles at US$99.93 per Barrel

Sector Update: Energy Stocks Higher Pre-Bell Tuesday

Energy stocks were higher premarket Tuesday, with the State Street Energy Select Sector SPDR ETF (XLE) gaining 1.4%.The United States Oil Fund (USO) rose 3.9%, while The United States Natural Gas Fund (UNG) was 0.1% higher.Front-month US West Texas Intermediate crude oil was up 4.4% at $100.56 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 3.5% to $112.06 per barrel, and natural gas futures were 0.9% lower at $2.53 per 1 million British Thermal Units.BP (BP) stock was more than 2% higher before the opening bell after the company reported higher Q1 underlying replacement cost profit and sales.Shell (SHEL) shares were 2% higher in premarket activity after the company agreed to acquire Canadian energy firm ARC Resources in a transaction valued at about $16.17 billion.Petrobras (PBR) stock rose 1% before the opening bell after the company agreed to acquire 100% of a portion of the Argonauta Field in the Campos Basin, which is currently owned by Shell (SHEL), ONGC, and Brava, for 700 million Brazilian reais ($140.1 million) and $150 million in cash.

Market Chatter: United Arab Emirates Says It Will Leave OPEC Effective May 1

The United Arab Emirates announced Tuesday that it will leave the oil cartel OPEC and its wider OPEC+ group effective May 1, a move rumored for some time as the Emirates chaffed under production restrictions and increasingly had frostier relations with neighboring Saudi Arabia, The Associated Press is reporting.The UAE had been a longtime member of OPEC, first through its emirate of Abu Dhabi in 1967 and later when the UAE became its own country in 1971, the report notes.But the UAE has been increasingly trying to leverage its own foreign policy in the Middle East that has contradicted some positions of Riyadh over time -- particularly as Saudi Arabia began to directly challenge the Emirates in trying to draw foreign investments as the kingdom opened up under assertive Crown Prince Mohammed bin Salman, the report says.The UAE made the announcement via its state-run WAM news agency. "This decision reflects the UAE's long-term strategic and economic vision and evolving energy profile, including accelerated investment in domestic energy production, and reinforces its commitment to a responsible, reliable, and forward-looking role in global energy markets," the UAE said."Following its exit, the UAE will continue to act responsibly, bringing additional production to market in a gradual and measured manner, aligned with demand and market conditions," it added.(Market Chatter news is derived from conversations with market professionals globally, and/or from other media sources. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Sector Update: Energy

Energy stocks were higher premarket Tuesday, with the State Street Energy Select Sector SPDR ETF (XLE) gaining 1.4%.The United States Oil Fund (USO) rose 3.3%, while the United States Natural Gas Fund (UNG) was 1% higher.Front-month US West Texas Intermediate crude oil was up 3.5% to $99.66 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 2.4% to $104.20 per barrel, and natural gas futures were 0.6% lower at $2.71 per 1 million British Thermal Units.BP (BP) stock was more than 2% higher before the opening bell after the company reported higher Q1 underlying replacement cost profit and sales.

United Arab Emirates Says It Will Leave OPEC Effective May 1 ,The Associated Press is reporting

Oil Prices Jump as Progress on Ending the Iran War Stalls

Oil prices were sharply higher early on Tuesday, with the U.S. benchmark price rising back above US$100 per barrel for the first time in three weeks as hopes for an end to the war on Iran fade and the Strait of Hormuz remains closed.West Texas Intermediate crude oil for June delivery was last seen up US$4.94 to US$101.31 per barrel, the highest since April 7, while June Brent oil was up US$3.66 to US$111.89.Weekend talks expected to be held in Pakistan between Iran and the United States failed to take place, while a Monday proposal from Iran to reopen the Strait of Hormuz in return for lifting a U.S. blockade of its ports and deferring talks over its nuclear program was rejected by President Trump.Iran closed the Strait of Hormuz after the United States and Israel launched attacks on the country on Feb. 28. The Strait is the chokepoint for 20% of daily global oil demand supplied by Persian Gulf nations and its closure has produced the largest-ever supply shock, pushing up oil prices by 44% since the start of the war."Oil extended its rally ... amid no signs of progress toward reopening the Strait of Hormuz, where US and Iranian blockades have reduced daily transits to near zero. Warnings over the severity of the global supply squeeze continue to intensify, with tightness in refined fuel markets already pushing diesel and jet fuel prices toward USD 200 per barrel," Saxo Bank noted.The closure of the Strait has pushed up spot price for oil, as the Asian nations that rely on Gulf producers compete for available barrels. Rising prices have heightened inflation and raises the risk of a global recession as the lack of supply forces demand destruction and chokes off economic growth."Alarm bells will ring loudly if the SoH (Strait of Hormuz) doesn't reopen during May. Spot crude and product prices will trade higher and higher. And if a decent reopening doesn't take place before June/July, then the risk is significant for a real crisis where the world may be forced to reduce its oil consumption closer to the level of availability," Bjarne Schieldrop, Chief analyst commodities at SEB Research, wrote.

Exchange-Traded Funds Lower, Equity Futures Mixed Pre-Bell Tuesday Amid Higher Oil Prices, Earnings Deluge

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.7% and the actively traded Invesco QQQ Trust (QQQ) was 1.4% lower in Tuesday's premarket activity amid higher oil prices and a deluge of corporate earnings reports.US stock futures were mixed, with S&P 500 Index futures down 0.7%, Dow Jones Industrial Average futures gaining 0.2%, and Nasdaq futures retreating 1.2% before the start of regular trading.The Case-Shiller Home Price Index and the Federal Housing Finance Agency House Price Index, both for February, will be released at 9 am ET.April's consumer confidence report and Richmond Fed manufacturing index will be released at 10 am ET.In premarket activity, bitcoin was down by 0.7%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1% lower, Ether ETF (EETH) retreated by 0.7%, and Bitcoin & Ether Market Cap Weight ETF (BETH) declined by 0.01%.Power Play:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated by 0.5%, while the Vanguard Industrials Index Fund (VIS) was flat and the iShares US Industrials ETF (IYJ) was 0.01% lower.Allegion (ALLE) stock was down more than 4% before the opening bell after the company reported lower Q1 adjusted earnings.Winners and Losers:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 2.3%, and the iShares US Technology ETF (IYW) was 2% lower, while the iShares Expanded Tech Sector ETF (IGM) was down 2.2%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) declined by 4.2%, while the iShares Semiconductor ETF (SOXX) fell by 4%.Intel (INTC) shares were up more than 1% in Tuesday's premarket activity after gaining 2.9% at the previous close. Bloomberg reported Monday, citing a person familiar with the matter, that the company has launched an investment-grade bond sale to help finance its $14.20 billion plan to regain full ownership of its Irish chip manufacturing facility.EnergyThe iShares US Energy ETF (IYE) was up 1.4%, while the State Street Energy Select Sector SPDR ETF (XLE) rose by 1.7%.BP (BP) stock was up more than 3% before Tuesday's opening bell after the company reported higher Q1 underlying replacement cost profit and sales.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.3%, and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was down 0.3%. The iShares US Consumer Staples ETF (IYK) advanced 0.8%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.4%. The VanEck Retail ETF (RTH) was 0.2% lower, while the State Street SPDR S&P Retail ETF (XRT) declined by 0.2%.Coca-Cola (KO) shares were up more than 2% pre-bell after the company reported higher Q1 adjusted earnings and revenue.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.4%, the Vanguard Health Care Index Fund (VHT) was up 0.5%, while the iShares US Healthcare ETF (IYH) was flat. The iShares Biotechnology ETF (IBB) retreated by 0.1%.Zimmer Biomet (ZBH) stock was down more than 2% premarket after closing the prior session with a 1.5% gain. The company reported higher Q1 financial results and said its chief financial officer, Suketu Upadhyay, is leaving the company.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.4%. Direxion Daily Financial Bull 3X Shares (FAS) was up 1.1%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 1.4% lower.Barclays (BCS) shares were down more than 2% pre-bell. Bloomberg reported the company has reserved 228 million British pounds ($307.9 million) in Q1 to cover the collapse of specialty lender MFS.CommoditiesFront-month US West Texas Intermediate crude oil rose by 5.1% to $101.28 per barrel on the New York Mercantile Exchange. Natural gas retreated by 0.7% to $2.53 per 1 million British Thermal Units. The United States Oil Fund (USO) increased by 4.7%, while the United States Natural Gas Fund (UNG) was 0.4% lower.Gold futures for May were down by 2.6% at $4,573.30 an ounce on the Comex. Silver futures retreated by 3.9% to $72.60 an ounce. SPDR Gold Shares (GLD) was 2.3% lower, and the iShares Silver Trust (SLV) fell by 3.9%.

Brent Crude Up 3.1% at US$111.55 and NY Crude Up 3.6% at Near US$99.90

U.S. Energy Production Climbs 3% YoY in January, EIA Reports

U.S. primary energy production rose 3% year over year in January to 9.1 quadrillion British thermal units, the U.S. Energy Information Administration said in its Monthly Energy Review released Monday.Total fossil fuels production in January was made up of 46% dry natural gas, 31% crude oil, 12% crude oil and 11% natural gas plant liquids, the EIA reported.Total renewable energy production was composed of 56% biomass, 20% wind, 12% hydroelectric power, 11% solar and 1% geothermal energy, according to the agency.U.S. natural gas plant liquids production was 7% higher in January than in the year-ago month. Dry natural gas production and renewable energy production each climbed 4%. Nuclear electric power production and coal production each increased 2%. Crude oil production rose 1%.

U.S. Crude Oil Stocks Likely Fell 2.0 Million Barrels in Week Ended April 24, Macquarie Says

U.S. crude oil inventories are forecast to have fallen 2.0 million barrels in the week ended April 24, following an increase of 1.9 million barrels in the prior week, Macquarie said in a Monday note.From refineries, crude runs are expected to have increased 0.1 million barrels per day. Net imports are projected to have sharply declined, with exports up 1.3 million barrels per day and imports up 0.1 million barrels per day, Macquarie said.Implied domestic supply is expected to have risen 0.3 million barrels per day. Strategic petroleum reserves are forecast to have dropped 7.1 million barrels, according to Macquarie.Gasoline stocks are forecast to have decreased 4.0 million barrels, while distillate stockpiles are expected to have fallen 2.4 million barrels. Jet stocks, meanwhile, are projected to have gained 0.8 million barrels. Implied domestic demand for these three products are projected at 14.4 million barrels per day, Macquarie said.

Crude Oil Prices Jump Amid Stalled Talks Between U.S., Iran

Crude oil prices surged on Tuesday as stalled peace talks between the U.S. and Iran fueled market concerns about prolonged disruptions in supply flows through the Strait of Hormuz.Brent crude at last look rose 2.8% to US$111.23/barrel and West Texas Intermediate crude climbed 3.1% to $99.31/barrel. U.S. President Donald Trump is not satisfied with Iran's latest proposal to end the war, leaving the conflict deadlocked, Reuters said in a Tuesday report, citing an unnamed U.S. official.Iranian sources reported that it avoided addressing the nuclear program until hostilities cease and Gulf shipping disputes are resolved, the report said."With peace talks stalled and no clear path to reopening the Strait of Hormuz, traders are factoring in a prolonged disruption to a critical artery of global supply," Reuters quoted Rystad Energy analyst Jorge Leon as saying."Even in a best-case scenario, any US-Iran agreement is likely to be narrow and partial, leaving the Strait issue unresolved, which means the upside risks to prices remain," Leon added.

Update: WTI Oil Rises as Expected Talks Between Iran and the U.S. Fail to Take Place

West Texas Intermediate (WTI) crude oil closed higher Monday as talks expected to be held over the weekend between the United States and Iran in Pakistan didn't happen, even as Iran offered to reopen the Strait of Hormuz in return for it being allowed to continue its nuclear program and the U.S. ending the blockade of its ports.WTI oil for June delivery closed up US$1.97 to settle at US$96.37 per barrel, while June Brent oil was last seen up US$3.13 to US$108.46.Iran closed the Strait of Hormuz after the United States and Israel launched attacks on the country on Feb. 28. The Strait is the chokepoint for 20% of daily global oil demand supplied by Persian Gulf nations and its closure has produced the largest-ever supply shock, pushing up oil prices by 41% since the start of the war.Talks expected to be staged in Islamabad over the weekend were cancelled as negotiators failed to turn up, though a ceasefire held as the war enters its third month."With face to face negotiations failing to materialize in Islamabad despite the market hour headlines pointing to progress in the talks, it seems that neither side feels sufficient pressure to make serious concessions. For eight weeks, the White House has been exceedingly successful in deploying the "over soon" message to keep a lid on front month prices," Helima Croft, Head of Global Commodity Strategy and MENA Research at RBC Capital Markets, wrote.The Guardian on Monday reported Iran is offering to end its chokehold on the Strait in return for an end to the U.S. blockade, and without addressing concerns around its nuclear program, which U.S. President Trump has made a key demand for ending the war. The paper said the proposal was passed to the United States by Pakistan.

June WTI Crude Oil Contract Closes Up US$1.97; Settles at US$96.37 per Barrel

Sector Update: Energy Stocks Advance Premarket Monday

Energy stocks were advancing premarket Monday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.6% higher.The United States Oil Fund (USO) was up 1.4% and The United States Natural Gas Fund (UNG) was 4.1% higher.Front-month US West Texas Intermediate crude oil was 1.9% higher at $96.16 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 2% to $107.41 per barrel, and natural gas futures were up 1% at $2.67 per 1 million British Thermal Units.The UK's Seagreen wind farm, which is 25.5%-owned by TotalEnergies (TTE), has delayed a fixed-price government contract, preferring to sell electricity at higher market rates, Bloomberg News reported, citing data it compiled. TotalEnergies shares were 0.8% higher pre-bell.ARC Resources said it has entered into a definitive agreement to be acquired by Shell (SHEL) in a cash-and-share deal valued at about 22 billion Canadian dollars ($16.17 billion). Shell stock was up 0.4% premarket.

Oil Prices Rise as Expected Talks Between Iran and the U.S. Fail to Take Place

Oil prices rose early Monday as talks expected to be held over the weekend between the United States and Iran in Pakistan didn't happen. But prices eased off overnight highs as Iran offered to reopen the Strait of Hormuz in return for it being allowed to continue its nuclear program and the U.S. ending the blockade of its ports.West Texas Intermediate crude oil for June delivery was last seen up $1.36 to US$95.76 per barrel, after earlier touching US$97.10, while June Brent oil was up US$1.44 to US$106.77.Iran closed the Strait of Hormuz after the United States and Israel launched attacks on the country on Feb. 28. The Strait is the chokepoint for 20% of daily global oil demand supplied by Persian Gulf nations and its closure has produced the largest-ever supply shock, pushing up oil prices by 41% since the start of the war.Talks expected to be staged in Islamabad over the weekend were cancelled as negotiators failed to turn up, though a ceasefire held as the war enters its third month."With face to face negotiations failing to materialize in Islamabad despite the market hour headlines pointing to progress in the talks, it seems that neither side feels sufficient pressure to make serious concessions. For eight weeks, the White House has been exceedingly successful in deploying the "over soon" message to keep a lid on front month prices," Helima Croft, Head of Global Commodity Strategy and MENA Research at RBC Capital Markets, wrote.The Guardian on Monday reported Iran is offering to end its chokehold on the Strait in return for an end to the U.S. blockade, and without addressing concerns around its nuclear program, which U.S. President Trump has made a key demand for ending the war. The paper said the proposal was passed to the United States by Pakistan.

Exchange-Traded Funds Down, Equity Futures Mixed Pre-Bell Monday Amid Hormuz Uncertainty, Corporate Earnings

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.1%, and the actively traded Invesco QQQ Trust (QQQ) was 0.2% lower in Monday's premarket activity amid uncertainty surrounding the Strait of Hormuz reopening and corporate earnings for the prior quarter.US stock futures were mixed, with the S&P 500 Index futures down by 0.01%, Dow Jones Industrial Average futures slipping 0.1%, and Nasdaq futures gaining 0.1% before the start of regular trading.The Dallas Federal Reserve manufacturing survey for April will be released at 10:30 am ET.In premarket activity, bitcoin was down by 0.6%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.1% higher, Ether ETF (EETH) retreated 0.02%, and Bitcoin & Ether Market Cap Weight ETF (BETH) declined by 0.02%.Power Play:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) declined by 0.1%, the Vanguard Health Care Index Fund (VHT) was up 0.7%, while the iShares US Healthcare ETF (IYH) slipped 1.1%. The iShares Biotechnology ETF (IBB) was flat.Organon (OGN) stock was up more than 16% premarket after the company agreed to be acquired by Sun Pharmaceutical Industries for $14 per share in an all-cash deal with an enterprise valuation of $11.75 billion.Winners and Losers:ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.1%, and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was up 0.2%. The iShares US Consumer Staples ETF (IYK) declined by 0.2%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.2%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was 0.3% lower.Domino's Pizza (DPZ) shares were down more than 4% pre-bell after the company reported lower-than-expected fiscal Q1 earnings and revenue.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) advanced by 0.2%, the iShares US Technology ETF (IYW) was 0.4% higher, and the iShares Expanded Tech Sector ETF (IGM) was up 0.5%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) gained by 0.6%, while the iShares Semiconductor ETF (SOXX) rose by 0.5%.Tower Semiconductor (TSEM) shares were up more than 4% in Monday's premarket activity after the company and Axiro Semiconductor said that Axiro's Ku- and X-band radar beamforming integrated circuits are now ready for deployment in critical defense systems.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.02%, while the Vanguard Industrials Index Fund (VIS) gained 0.4% and the iShares US Industrials ETF (IYJ) was flat.Joby Aviation (JOBY) stock was up more than 3% before the opening bell after the company said it completed the first point-to-point electric vertical takeoff and landing passenger flights in New York.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) retreated by 0.1%. Direxion Daily Financial Bull 3X Shares (FAS) was down 0.4%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.3% higher.HBT Financial (HBT) shares were up more than 1% pre-bell after the company reported higher Q1 adjusted earnings and operating revenue.EnergyThe iShares US Energy ETF (IYE) gained 0.02%, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 0.5%.TotalEnergies (TTE) stock was up more than 1% before the opening bell after news reports that the company is running its Gonfreville, France, site at its full capacity to maintain the supply of oil to the domestic market.CommoditiesFront-month US West Texas Intermediate crude oil advanced by 0.7% to $95.07 per barrel on the New York Mercantile Exchange. Natural gas gained by 1% to reach $2.67 per 1 million British Thermal Units. The United States Oil Fund (USO) increased by 0.9%, while the United States Natural Gas Fund (UNG) was 3.7% higher.Gold futures for May were down by 0.4% at $4,720.60 an ounce on the Comex. Silver futures retreated by 0.8% to $76.36 an ounce. SPDR Gold Shares (GLD) was 0.3% lower, and the iShares Silver Trust (SLV) fell by 0.4%.

NY Crude Now Up 0.7% at Just Over US$95, Was Near US$96.30; Brent Crude Now Up 1% at US$106.36, Was Near US$107.60