United States Oil Fund

Oil Prices Rise as Iran Reportedly Refusing to Surrender Its Uranium Stocks

Oil prices are up early Thursday, rebounding from a day-prior plunge as the United States awaits Iran's response to it latest peace proposal, though reports said the Persian Gulf country will not agree to U.S. demands to end its nuclear program.West Texas Intermediate crude oil for July delivery was last seen up $2.34 to US$100.60 per barrel, while July Brent oil was up $1.94 to US$106.96.The rise comes a day after the U.S. sent Iran a fresh peace offer while threatening to resume attacks on the country should its terms be rejected. While Iran has yet to formally respond Reuters reported Iranian Supreme Leader Ayatollah Mojtaba Khamenei ordered the country's stocks of enriched uranium would not be surrendered, blocking a key U.S. peace demand.The news agency said that along with Iran's refusal to end its nuclear program, it also formed a Persian Gulf Strait Authority to firm its control of the Strait of Hormuz, the choke point for 20% of global oil demand supplied by Persian Gulf nations.Iran blockaded the Strait at the Feb. 28 start to the war, producing the largest-ever energy supply shock, boosting oil prices by more than half and boosting inflation and raising fears central banks will need to raise interest rates and slow global growth while roiling markets."Oil moved sharply lower (Wednesday) after Trump stated that the US was in the "final stages" of talks with Iran, raising hopes that some form of diplomatic breakthrough could eventually ease supply disruptions. Those hopes faded after subsequent comments warning that "there's more fighting to come unless Iran gets smart. Markets increasingly appear trapped between these alternating signals. The result has been substantial price volatility without delivering the one development that ultimately matters: a reopening of the Strait of Hormuz and a normalization of regional energy flows," Ole Hansen head of commodity strategy at Saxo Bank, wrote.

Brent Crude Up 1.5% at Near US$106.50, NY Crude Up 1.7% at Near US$100 As Bloomberg TV Cites Report of Iran Supreme Leader Saying Uranium Must Stay In Iran

U.S. Crude Oil Stocks Drop 7.9 Million Barrels in Week Ended May 15, EIA Reports

U.S. crude oil inventories dropped 7.9 million barrels to 445.0 million barrels in the week ended May 15, the U.S. Energy Information Administration said in its Weekly Petroleum Status report released Wednesday.Motor gasoline inventories also declined 1.5 million barrels to 214.2 million barrels. Meanwhile, distillate fuel stocks edged higher by 0.4 million barrels, the EIA reported.U.S. crude oil imports rose 116,000 barrels per day to 6.0 million barrels per day, according to the agency.U.S. crude oil refinery inputs decreased 80,000 barrels per day to 16.3 million barrels per day. Refineries operated at 91.6% of their operable capacity during the report week, the EIA reported.

Crude Oil Prices Fall as Market Awaits Further Developments in U.S.-Iran Peace Talks

Crude oil prices fell as the market continued to wait for developments in U.S.-Iran peace talks, which are said to be in the final stages.Brent crude at last look lost 0.2% to US$104.80/barrel and West Texas Intermediate crude was down 0.8% to $107.77/barrel. U.S. President Donald Trump said talks are in the final stages and that he could wait a few days for "the right answers" from Iran, Reuters said in a Thursday report.Tehran said it was reviewing Washington's latest responses but warned against further attacks, the report said. The Strait of Hormuz, a critical waterway for energy supplies, remains effectively closed as Iran unveiled steps entrenching its control of the strait.Iran on Wednesday announced a new "Persian Gulf Strait Authority," saying there would be a "controlled maritime zone" in the Strait of Hormuz, Reuters reported.

Market Chatter: Canada PM Carney Pitches Reluctant British Columbia on New Oil Pipeline to Fuel Asia

Prime Minister Mark Carney said people in British Columbia should see "substantial economic and financial benefits" from a proposed new oil pipeline to the province's coast, which BC Premier David Eby opposes, Bloomberg is reporting Wednesday.Last Friday, the neighboring province of Alberta signed a deal with Carney on energy rules, helping pave the way for a pipeline it is proposing to carry 1 million barrels of crude a day to the west coast for shipment to Asian markets, the report noted.It faces environmental and Indigenous resistance in BC, the report also noted.In an address to the Greater Vancouver Board of Trade, Carney said it would only be built under three conditions: benefits for BC, the building of a massive carbon capture project and consultation with Indigenous people.One item on the agenda is a national harmonized levy on carbon, Carney said. Last week's deal with Alberta included a lower carbon price than the previous federal minimum. The new lower figure will also now apply for all provinces, according to the government's website.The prime minister said he'll engage with BC and other provinces about the new threshold.(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.)

Update: WTI Plunges 5.7% as Trump Says an Iran Deal is Near

West Texas Intermediate (WTI) crude oil closed sharply lower on Wednesday after as U.S. President Trump said negotiations with Iran were in their final stages while threatening to renew attacks if a deal cannot be reached.WTI crude oil for July delivery closed down US$5.89 to settle at US$98.26 per barrel, while July Brent oil was last seen down US$6.18 to US$105.10.Reuters reported Trump on Wednesday told reporters "We're in the final stages of Iran. We'll see what happens. Either have a deal or we're going to do some things that are a little bit nasty, but hopefully that won't happen".Iranian media confirmed it received a fresh U.S. offer through an intermediary and is reviewing the proposed deal.The war has blocked the Strait of Hormuz since it began on Feb. 28, keeping the 20% of daily oil demand supplied by Persian Gulf nations mostly off the market and producing the world's largest-ever supply shock. Though the closure of the Strait has already pushed oil prices up by more than half, analytics firm Woods Mackenzie said if the war is extended until the end of the year, oil prices could rise as high as US$200 per barrel, though a quick settlement could lower Brent prices to US$80 by year end."The Strait of Hormuz is the most critical chokepoint in global energy markets, and a prolonged closure would become far more than an energy crisis," said Peter Martin, head of economics at Wood Mackenzie. "The longer disruption persists, the greater the impact on energy prices, industrial activity, trade flows and global economic growth."The market is awaiting the start of the high-demand U.S. summer driving season, which begins with this weekend's Memorial Day holiday. The start of the season comes as U.S. oil inventories continue to decline, with the Energy Information Administration reporting U.S. commercial oil inventories fell 7.9-million barrels last week, well above consensus estimate for a drop of 2.9-million barrels among analysts polled by Reuters.

July WTI Crude Oil Contract Closes Down US$5.89, or 5.7%; Settles at US$98.26 per Barrel

Sector Update: Energy Stocks Lean Lower Premarket Wednesday

Energy stocks were leaning lower premarket Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) declining by 0.7%.The United States Oil Fund (USO) was down 2.8% and the United States Natural Gas Fund (UNG) was 1.9% lower.Front-month US West Texas Intermediate crude oil was 0.8% lower at $107.77 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 2.3% to $108.68 per barrel, and natural gas futures were down 2.1% at $3.05 per 1 million British Thermal Units.Golar LNG (GLNG) stock was up more than 3% after the company posted higher Q1 net income and operating revenue.Dorian LPG (LPG) shares were up more than 4% after the company reported higher fiscal Q4 adjusted earnings and revenue.Shell (SHEL) unit BG International has sold participating interests in three exploration blocks offshore Uruguay to QatarEnergy. Shell shares were 0.4% lower pre-bell.

Exchange-Traded Funds, Equity Futures Advance Pre-Bell Wednesday Ahead of Nvidia Earnings Report

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.4% and the actively traded Invesco QQQ Trust (QQQ) was 0.7% higher in Wednesday's premarket activity, ahead of the release of Nvidia's (NVDA) latest financial results.US stock futures were also higher, with S&P 500 Index futures up 0.3%, Dow Jones Industrial Average futures advancing 0.2%, and Nasdaq futures gaining 0.6% before the start of regular trading.Earlier Wednesday, the Mortgage Bankers Association reported that mortgage applications declined in the week ended May 15 due to a seven-week high in mortgage rates.The weekly petroleum stocks data will be released at 10:30 am ET.The minutes of the April 28-29 Federal Open Market Committee meeting will be released at 2 pm ET.In premarket activity, bitcoin was up by 0.8%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.8% higher, Ether ETF (EETH) advanced 0.8%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was flat.Power Play:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) retreated 0.03%, the Vanguard Health Care Index Fund (VHT) was up 0.3%, while the iShares US Healthcare ETF (IYH) gained 0.3%. The iShares Biotechnology ETF (IBB) was 0.3% higher.ImmunityBio's (IBRX) stock was up more than 8% premarket after the company said its supplemental biologics license application for Anktiva in combination with Bacillus Calmette-Guerin in patients with bladder cancer with papillary disease has been accepted for review by the US Food and Drug Administration.Winners and Losers:EnergyThe iShares US Energy ETF (IYE) was down 0.8%, while the State Street Energy Select Sector SPDR ETF (XLE) retreated by 0.5%.Dorian LPG (LPG) stock was up more than 5% before Wednesday's opening bell after the company reported higher fiscal Q4 adjusted earnings and revenue.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.2%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.6%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.7% lower.CorVel (CRVL) shares were up more than 1% pre-bell after the company reported higher fiscal Q4 earnings and revenue.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.5%, while the Vanguard Industrials Index Fund (VIS) was down 0.1%, and the iShares US Industrials ETF (IYJ) retreated 0.2%.Southwest Airlines (LUV) stock was up more than 1% before the opening bell after Business Standard reported that the company opened a Global Innovation Centre in Hyderabad through its wholly owned subsidiary, Southwest Airlines India, as the U.S. carrier expands its global technology, engineering, and business operations capabilities.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) advanced by 0.9%, and the iShares US Technology ETF (IYW) was 1% higher, while the iShares Expanded Tech Sector ETF (IGM) was up 0.6%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) increased by 1.8%, while the iShares Semiconductor ETF (SOXX) rose by 2%.Nvidia shares were up more than 1% in premarket activity ahead of the release of its quarterly financial results. The company will open its first research center in Singapore, focused on embodied AI and improving AI infrastructure efficiency, according to multiple media reports.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.2% and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was down 0.9%. The iShares US Consumer Staples ETF (IYK) retreated 0.01%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) gained 0.5%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) rose by 0.5%.Tesla (TSLA) shares were up more than 1% pre-bell. Recruitment notices on the electric vehicle maker's website showed it is hiring people for driver-assistance roles in China.CommoditiesFront-month US West Texas Intermediate crude oil retreated by 0.8% to $107.77 per barrel on the New York Mercantile Exchange. Natural gas was down 0.2% at $3.11 per 1 million British Thermal Units. The United States Oil Fund (USO) decreased by 2.2%, while the United States Natural Gas Fund (UNG) was 0.1% lower.Gold futures for May retreated by 0.3% to $4,498.10 an ounce on the Comex. Silver futures rose 1.2% to $76.08 an ounce. SPDR Gold Shares (GLD) was up by 0.4%, and the iShares Silver Trust (SLV) rose by 2.3%.

Oil Prices Fall Despite U.S. Threats to Resume Attacks on Iran

Oil prices eased early on Wednesday even as U.S. President Trump again threatened fresh attacks on Iran, while Iran threatened strikes outside the Persian Gulf region should the United States resume attacks.West Texas Intermediate crude oil for July delivery was last seen down US$0.89 to US$107.77 per barrel, while July Brent oil was down US$2.25 to US$109.03.The Guardian reported Iran's Islamic Revolutionary Guard Corps threatened to extend the war beyond the Persian Gulf region if the United States resumes strikes against the country after Trump on Tuesday promised a fresh wave of attacks if Iran does not agree to a peace deal.The war has blocked the Strait of Hormuz since it began on Feb. 28, keeping the 20% of daily oil demand supplied by Persian Gulf nations mostly off the market and producing the world's largest-ever supply shock. Though the closure of the Strait has already pushed oil prices up by more than half, analytics firm Woods Mackenzie said if the war is extended until the end of the year, oil prices could rise as high as US$200 per barrel, though a quick settlement could lower Brent prices to US$80 by year end."The Strait of Hormuz is the most critical chokepoint in global energy markets, and a prolonged closure would become far more than an energy crisis," said Peter Martin, head of economics at Wood Mackenzie. "The longer disruption persists, the greater the impact on energy prices, industrial activity, trade flows and global economic growth."The market is awaiting the start of the high-demand U.S. summer driving season, which begins with this weekend's Memorial Day holiday. The start of the season comes as U.S. oil inventories continue to decline, with the American Petroleum Institute's weekly survey showing stocks fell by 9.1-million barrels last week, well ahead of the consensus estimate for a drop of 3.4-million barrels. The Energy Information Administration will release official inventory data later on Wednesday morning.

NY Crude Down 1.9% at US$102.15 and Brent Crude Down 2% at Near US$109

Crude Oil Processing in China Falls in April Amid Elevated Oil Prices, Commerzbank Says

Crude oil processing in China was significantly scaled back in April due to negative margins amid high crude oil prices, Commerzbank said in a Tuesday note.Crude processing was 13.3 million barrels per day in April, 1.2 million barrels per day lower than in March and its lowest level since the coronavirus pandemic in August 2022, the bank noted.In May, further cuts are expected despite the government's call to maintain high production levels, as refineries are likely to bring forward closures as part of their routine maintenance schedule, Commerzbank said.However, crude oil stocks appear to continue to rise in purely mathematical terms, albeit not as sharply as in previous months, despite a sharper drop in crude oil imports in April compared with the previous month, the bank said.

Brent Crude Down Near 1.7% at Near US$102.40

Crude Oil Prices Fall Following Trump Remarks About Ending Iran War Soon

Crude oil prices fell on Wednesday following remarks from U.S. President Donald Trump of a quick end to the war in the Middle East.Brent crude at last look fell 1.8% to US$109.28/barrel and West Texas Intermediate crude lost 0.8% to $107.77/barrel. U.S. Vice President JD Vance also said U.S. and Iran had made progress in talks, but investors remain wary about the outcome, Reuters said in a Wednesday report."Prices are likely to still exhibit some upside potential even if a deal is concluded, given that supply will likely not return to pre-war levels immediately," Reuters quoted LSEG research analyst Emril Jamil as saying.Oil prices are expected to rise further amid the risk of a prolonged supply disruption and global oil stocks reaching critically low levels, analysts said in the report.U.S. crude stockpiles are expected to have fallen by about 3.4 million barrels, according to a Reuters poll. The U.S. Energy Information Administration is due to publish its weekly oil market data report Wednesday afternoon.

Update: WTI Falls as Trump Extends U.S. Ceasefire on Iran

West Texas Intermediate (WTI) crude oil eased om Tuesday after the United States extended a ceasefire with Iran, in favor of continuing peace talks with the country.WTI oil for June delivery closed down US$0.89 to settle at US$107.77, falling off the highest since April 7. July Brent oil was last seen down $1.70 to US$110.40.The Wall Street Journal cited U.S. President Trump saying the U.S. agreed to hold off fresh attacks on Iran at the request of Persian Gulf nations and will continue to look for negotiations to end the war that has blocked 20% of daily oil demand shipped through the blockaded Strait of Hormuz."The President, at the request of several Gulf states, suspended a planned Tuesday attack, allowing what he described as "serious negotiations" to continue. No ships have reportedly left Iran's main export terminal during the past 10 days, potentially increasing the prospects for a deal. Overall, traffic through the Strait of Hormuz remains only a fraction of pre-war levels, despite the waterway accounting for roughly one-fifth of global oil supply," Saxo Bank noted.Oil has gained 62% since Feb. 28, when the U.S, and Israel launched their war on Iran, which responded by blocking the Strait, shutting off exports of oil and raising refined-product prices ahead next weekend's Memorial Day holiday in the United States, which launches the high-demand summer driving season."The likely path forward this summer is a steady draw down in jet fuel, diesel and gasoline," Bjarne Schieldrop, chief analyst commodities at SEB Research, wrote.

June WTI Crude Oil Contract Closes Down US$0.89; Settles at US$107.77 per Barrel

Sector Update: Energy Stocks Advance Premarket Tuesday

Energy stocks were advancing premarket Tuesday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.4% higher.The United States Oil Fund (USO) was up 1.5% and the United States Natural Gas Fund (UNG) was 0.8% higher.Front-month US West Texas Intermediate crude oil was 0.7% lower at $107.95 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 1.5% to $110.40 per barrel, and natural gas futures were up 0.6% at $3.04 per 1 million British Thermal Units.Equinor (EQNR) shares were up more than 2% after the company said it signed a 5-year agreement with Dutch energy provider Eneco to supply natural gas from the Norwegian continental shelf.BP (BP) maintained the lockout at its Whiting refinery in Indiana after failing to reach a deal with the United Steelworkers, or USW, Local 7-1, the company said. BP stock was 0.4% higher pre-bell.Kinetik Holdings (KNTK) shares were up more than 1% after the company said it has reached a final investment decision and will proceed with the Kings Landing II natural gas processing plant at its existing Kings Landing complex in New Mexico, which is estimated to cost about $260 million.

Oil Trading Lower as Trump Extends U.S. Ceasefire on Iran

Oil prices eased early Tuesday after the United States extended a ceasefire with Iran, in favor of continuing peace talks with the country.West Texas Intermediate crude oil for June delivery was last seen down $0.37 to US$108.29, falling off the highest since April 7. July Brent oil was last seen down $1.66 to US$110.44.The Wall Street Journal cited U.S. President Trump saying the U.S. agreed to hold off fresh attacks on Iran at the request of Persian Gulf nations and will continue to look for negotiations to end the war that has blocked 20% of daily oil demand shipped through the blockaded Strait of Hormuz."The President, at the request of several Gulf states, suspended a planned Tuesday attack, allowing what he described as "serious negotiations" to continue. No ships have reportedly left Iran's main export terminal during the past 10 days, potentially increasing the prospects for a deal. Overall, traffic through the Strait of Hormuz remains only a fraction of pre-war levels, despite the waterway accounting for roughly one-fifth of global oil supply," Saxo Bank noted.Oil has gained 62% since Feb. 28, when the U.S, and Israel launched their war on Iran, which responded by blocking the Strait, shutting off exports of oil and raising refined-product prices ahead next weekend's Memorial Day holiday in the United States, which launches the high-demand summer driving season."The likely path forward this summer is a steady draw down in jet fuel, diesel and gasoline," Bjarne Schieldrop, chief analyst commodities at SEB Research, wrote.

Exchange-Traded Funds, Equity Futures Edge Lower Pre-Bell Tuesday Amid Uncertainty Surrounding US-Iran Talks

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.4% and the actively traded Invesco QQQ Trust (QQQ) was 0.7% lower in Tuesday's premarket activity amid uncertainty surrounding US-Iran negotiations.US stock futures were also lower, with S&P 500 Index futures down 0.4%, Dow Jones Industrial Average futures slipping 0.2%, and Nasdaq futures retreating 0.6% before the start of regular trading.The pending home sales data for April will be released at 10 am ET.In premarket activity, bitcoin was down by 0.2%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.3% lower, Ether ETF (EETH) retreated 0.7%, and Bitcoin & Ether Market Cap Weight ETF (BETH) declined by 0.02%.Power Play:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 1%, and the iShares US Technology ETF (IYW) was 0.6% lower, while the iShares Expanded Tech Sector ETF (IGM) was down 0.3%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) declined by 3.4%, while the iShares Semiconductor ETF (SOXX) fell by 1.7%.Agilysys (AGYS) shares were up more than 23% in premarket activity after the company overnight reported fiscal Q4 earnings and sales above market expectations.Winners and Losers:HealthcareThe State Street Health Care Select Sector SPDR ETF (XLV) retreated by 0.04%, the Vanguard Health Care Index Fund (VHT) was down 0.04%, while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) was up 0.3%.Relay Therapeutics (RLAY) stock was up more than 9% premarket after the company said that the early phase 2 data showed its experimental drug zovegalisib reduced lesion volume in patients with rare vascular anomalies linked to PIK3CA mutations.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) retreated 0.1%. Direxion Daily Financial Bull 3X Shares (FAS) was down 0.01%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.1% higher.XP (XP) shares were down 5.2% in premarket activity after the company overnight reported Q1 results that fell short of analyst expectations.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 0.4% lower. The iShares US Consumer Staples ETF (IYK) was flat. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.7%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was 0.7% higher.Amer Sports (AS) shares were up more than 3% pre-bell after the company reported Q1 adjusted earnings and revenue.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated 0.1%, while the Vanguard Industrials Index Fund (VIS) was 0.1% lower, and the iShares US Industrials ETF (IYJ) gained 0.2%.Allegiant Travel (ALGT) stock was down more than 1% before the opening bell after the company said it is launching eight new nonstop routes beginning in fall 2026, expanding service across Florida leisure markets.EnergyThe iShares US Energy ETF (IYE) was 1.3%, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 0.4%.Equinor (EQNR) stock was up more than 1% before the opening bell after the company said it signed a 5-year agreement with Eneco to supply natural gas from the Norwegian continental shelf.CommoditiesFront-month US West Texas Intermediate crude oil retreated by 0.3% to $108.38 per barrel on the New York Mercantile Exchange. Natural gas was up 1.2% at $3.06 per 1 million British Thermal Units. The United States Oil Fund (USO) increased by 1.5%, while the United States Natural Gas Fund (UNG) was 1.2% higher.Gold futures for May retreated by 0.5% to $4,534.30 an ounce on the Comex. Silver futures fell by 1.7% to $76.13 an ounce. SPDR Gold Shares (GLD) was down by 0.3%, and the iShares Silver Trust (SLV) declined by 1.5%.

Brent Crude Down 2% at US#109.90 and NY Crude Down 1.05% at US$107.50