$USO

May WTI Crude Oil Contract Closes Up US$3.40; Settles at US$94.69 per Barrel

Sector Update: Energy Stocks Rise Premarket Thursday

Energy stocks were rising premarket Thursday, with the State Street Energy Select Sector SPDR ETF (XLE) advancing by 0.5%.The United States Oil Fund (USO) was up 1.3% and the United States Natural Gas Fund (UNG) was 0.4% higher.Front-month US West Texas Intermediate crude oil was 1.4% higher at $92.50 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 1.9% to $96.69 per barrel, and natural gas futures were up 0.3% at $2.62 per 1 million British Thermal Units.TotalEnergies (TTE) shares were up more than 3% after the company said Q1 exploration and production results are expected to rise significantly, supported by higher oil prices and contributions from new projects.Equinor (EQNR) stock was up more than 1% after the company said it expects stronger Q1 results in its marketing, midstream, and processing division.Enbridge's (ENB) Enbridge Energy has received US presidential permits to operate and maintain the existing pipeline facilities at the US-Canada border in St. Clair County, Michigan, and Pembina County, North Dakota, the White House said. Enbridge shares were 0.4% higher premarket.

Oil Moves Higher, But Remains Under US$100 on Hopes Around Talks Between the U.S. and Iran

Oil prices rose early Thursday, but remained firmly below the US$100 mark on hopes the United States and Iran will extend their ceasefire and resume talks to end war in the Middle East.West Texas Intermediate crude oil for May delivery was last seen up $0.43 to US$91.72 per barrel, while June Brent oil was up $0.95 to US$95.88.The U.S. Navy is blockading Iranian ports while Iran continues to block the Strait of Hormuz. However, U.S. President Trump's Wednesday comments that he, once again, thinks the end of the conflict is near, while Pakistan mediators continue to press for a resumption of talks between the two countries, is offering some hope for an end to a war that has kept the 20% of daily oil and gas demand from Persian Gulf Nations off the market.The supply shock has hit hardest in Asian nations, where some countries have introduced rationing while bidding up prices for immediately available supplies that are fetching near US$150 per barrel."Oil has steadied...on signs the US and Iran may extend a ceasefire and restart talks aimed at ending a war that has choked global supplies of key commodities from the Persian Gulf. This has triggered a major supply shock, the impact of which continues to build globally, with the relative calm and sub-USD 100 futures prices not fully reflecting the reality in the physical market," Saxo Bank noted.

Exchange-Traded Funds, Equity Futures Higher Pre-Bell Thursday Amid Incoming Economic Data Releases

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.1%, and the actively traded Invesco QQQ Trust (QQQ) was 0.2% higher in Thursday's premarket activity amid incoming economic data releases.US stock futures were also edging higher, with S&P 500 Index futures up 0.1%, Dow Jones Industrial Average futures advancing 0.1%, and Nasdaq futures gaining 0.2% before the start of regular trading.US initial jobless claims came in at 207,000, compared with expectations of 213,000 and a prior reading of 218,000.The New York Fed's regional services index for April was negative 14.0, versus expectations of negative 20.0 and a prior reading of negative 22.6.The Philadelphia Fed's regional manufacturing index for April rose to 26.7, above expectations of 10.0 and a prior reading of 18.1.The industrial production data for March will be released at 9:15 am ET, followed by the weekly natural gas data at 10:30 am ET.Fed Governor Stephen Miran is slated to speak on Thursday.In premarket activity, bitcoin was down by 1%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.8% lower, Ether ETF (EETH) retreated by 2.1%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was flat.Power Play:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.01%, the Vanguard Health Care Index Fund (VHT) was up 0.7%, while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) slipped 0.1%.Hims & Hers Health (HIMS) stock was up more than 9% premarket after US Health and Human Services Secretary Robert Kennedy Jr. signaled plans to ease restrictions on certain peptides.Winners and Losers:ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.1%, and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was flat. The iShares US Consumer Staples ETF (IYK) was flat. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) gained 0.1%. The VanEck Retail ETF (RTH) and the State Street SPDR S&P Retail ETF (XRT) were inactive.Alibaba (BABA) shares were up more than 3% pre-bell after Bloomberg reported the retailer has launched a new AI model that creates 3D environments and interactive videos, expanding into gaming and content to compete more directly with Tencent.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) advanced 0.4%, and the iShares US Technology ETF (IYW) was 0.1% higher, while the iShares Expanded Tech Sector ETF (IGM) was up 1.2%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) gained 0.6%, while the iShares Semiconductor ETF (SOXX) declined by 0.5%.Taiwan Semiconductor Manufacturing (TSM) shares were down more than 1% in Thursday's premarket activity even after the company reported higher Q1 earnings and net revenue.EnergyThe iShares US Energy ETF (IYE) was down 0.02% while the State Street Energy Select Sector SPDR ETF (XLE) was up by 0.02%.TotalEnergies (TTE) stock was up more than 1% before Thursday's opening bell after the company said that Q1 exploration and production results are expected to rise significantly, supported by higher oil prices and contributions from new projects.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.02%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.1%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.02% higher.Travelers (TRV) shares were down more than 1% pre-bell after the company's Q1 revenue trailed the estimates of analysts polled by FactSet.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.3%, while the Vanguard Industrials Index Fund (VIS) retreated 0.3% and the iShares US Industrials ETF (IYJ) was inactive.Willdan Group (WLDN) stock was up more than 1% before the opening bell after the company was awarded a $27 million, three-year contract with the New York City Mayor's Office of Climate & Environmental Justice to redesign and implement the NYC Accelerator program.CommoditiesFront-month US West Texas Intermediate crude oil gained by 0.2% to reach $91.45 per barrel on the New York Mercantile Exchange. Natural gas retreated by 0.2% to $2.61 per 1 million British Thermal Units. The United States Oil Fund (USO) increased by 0.8%, while the United States Natural Gas Fund (UNG) was 0.5% higher.Gold futures for May were up by 0.3% at $4,840.00 an ounce on the Comex. Silver futures gained by 0.1% to reach $79.68 an ounce. SPDR Gold Shares (GLD) was 0.4% higher, and the iShares Silver Trust (SLV) advanced by 0.3%.

U.S. Commercial Crude Oil Inventories Fell 0.9 Million Barrels in Week Ended April 10, EIA Reports

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) fell by 0.9 million barrels to 463.8 million barrels in the week ended April 10, the U.S. Energy Information Administration said in its Weekly Petroleum Status Report released Wednesday. They are about 1% above the five-year average for this time of year.Total motor gasoline inventories declined 6.3 million barrels to 232.9 million barrels. Distillate fuel stocks dropped 3.1 million barrels to 111.6 million barrels, the EIA reported.Crude oil refinery inputs fell 208,000 barrels per day to 16 million barrels per day week over week. Refineries operated at 89.6% of their operable capacity during the week, the EIA said.Crude imports were down 1 million barrels per day to 5.3 million barrels per day, according to the agency.

Crude Oil Prices Rise as Market Expects Continued Supply Disruptions Despite U.S.-Iran Talks

Crude oil prices rose on Thursday as the war in the Middle East is expected to continue despite peace talks between the U.S. and Iran and the possibility of a two week ceasefire extension.Brent crude at last look had gained 1.4% to US$96.28/barrel while West Texas Intermediate crude was up 1.2% to $92.42/barrel. U.S. and Iranian officials consider returning to Pakistan for further talks as early as this weekend, Reuters said in a Thursday report.The Strait of Hormuz remains effectively closed and the U.S. blockade on Iranian ports is expected to exacerbate supply disruptions, the report said."We remain sceptical of any immediate solving of this war," Reuters quoted PVM oil market analyst John Evans as saying. "Pick any headline and there is always a counter."

Update: WTI Closes Up a Penny as Supply Worries Continue Even as Trump Claims the War is "Close to Over"

West Texas Intermediate (WTI) crude oil closed up by a penny on Wednesday as U.S. President Trump again declared the war on Iran is near an end while traders continue to scramble for supply with the closure of the Strait of Hormuz keeping a fifth of daily oil demand off the market.WTI crude oil for May delivery closed up US$0.01 to settle at US$91.29 per barrel, while June Brent oil was last seen up US$0.23 to US$95.02.Trump's on Wednesday told a U.S. television network that the war was "close to over", according to the New York Times, while on Tuesday saying he expected negotiations with Iran to soon continue.Still, the Strait of Hormuz remains closed to most shipping, keeping 20% of daily oil demand from the market, as Iran continues to forbid tankers from transiting the waterway while the United States blockades Iranian ports."Iran's own blockade of non-Iranian oil keeps most crude inside the Gulf, while the US blockade now prevents Iranian crude from getting out. i.e., the (Strait of Hormuz) is theoretically closed from both sides (with some ships sailing through). The only meaningful ME (Middle Eastern) oil reaching the global market is Saudi Arabia's pipeline exports through Yanbu to the Red Sea," Ole Hvalbye, a commodities analyst at SEB Research, wrote.U.S. commercial oil inventories posted an unexpected drop last week, as the Energy Information Administration reported stocks fell 0.9-million barrels, while the consensus estimate among analysts polled by Reuters expected a rise of 0.15-million barrels

May WTI Crude Oil Contract Closes Up US$0.01; Settles at US$91.29 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 0.3%.The United States Oil Fund (USO) was down 0.1% and The United States Natural Gas Fund (UNG) was 0.3% lower.Front-month US West Texas Intermediate crude oil was 0.9% higher at $92.10 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 0.5% to $95.30 per barrel, and natural gas futures were up 0.4% at $2.61 per 1 million British Thermal Units.Borr Drilling (BORR) shares were down more than 2% after the company priced a $260 million offering of 3.50% senior notes due 2033.NOV (NOV) stock was down more than 2% after the company said disruptions linked to the war in the Middle East are expected to weigh on its Q1 results, with revenue and earnings coming in below prior guidance due to logistical challenges and delayed equipment deliveries in the region.

Exchange-Traded Funds, Equity Futures Higher Pre-Bell Wednesday as Investors Turn to Corporate Earnings

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.1% and the actively traded Invesco QQQ Trust (QQQ) was 0.01% higher in Wednesday's premarket activity as investors shift focus from geopolitical risks to earnings updates.US stock futures were also higher, with S&P 500 Index futures up 0.1%, Dow Jones Industrial Average futures advancing 0.1%, and Nasdaq futures gaining 0.01%before the start of regular trading.US mortgage applications increased 1.8% in the week ended April 10 as a rise in refinancing tied to lower rates offset a slight decline in purchase activity, Mortgage Bankers Association data showed Wednesday.US import prices increased 0.8% in March, below expectations, as a surge in petroleum costs drove most of the gain, government data showed. Excluding fuel, import prices edged up 0.1%, missing forecasts and slowing from the prior month.The National Association of Home Builders sentiment reading for April is due to be released at 10 am ET, followed by weekly petroleum stocks data at 10:30 am ET.The Fed's Beige Book report is due to be released at 2 pm ET.Fed Vice Chair for Supervision Michelle Bowman is slated to speak on Wednesday.In premarket activity, bitcoin was down by 0.1%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was flat, the Ether ETF (EETH) advanced 0.9%, and Bitcoin & Ether Market Cap Weight ETF (BETH) rose 11.6%.Power Play:EnergyThe iShares US Energy ETF (IYE) gained 0.2%, while the State Street Energy Select Sector SPDR ETF (XLE) was down by 0.2%.DHT (DHT) stock was up more than 4% before Wednesday's opening bell after the company said it expects Q1 time charter equivalent earnings of $78,800 per day.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 flat. The iShares US Consumer Staples ETF (IYK) was inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) gained 0.1%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was 0.1% higher.Stellantis (STLA) shares were up more than 2% pre-bell after the company said its Q1 estimated consolidated shipments totaled 1.4 million units, up 12% from a year earlier.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.1%, the Vanguard Health Care Index Fund (VHT) was up 0.7%, while the iShares US Healthcare ETF (IYH) was flat. The iShares Biotechnology ETF (IBB) was inactive.Spyre Therapeutics (SYRE) stock was up more than 2% premarket after the company said late Tuesday it priced its upsized underwritten public offering of 6.5 million shares at $62 apiece for gross proceeds of about $403 million.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.3%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.9%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.8% lower.Morgan Stanley (MS) shares were up more than 2% pre-bell after the company posted higher Q1 earnings and revenue.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 0.04%, and the iShares US Technology ETF (IYW) was flat, while the iShares Expanded Tech Sector ETF (IGM) was up 0.02%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) gained 0.02%, while the iShares Semiconductor ETF (SOXX) retreated by 0.5%.ASML Holding (ASML) shares were down more than 2% in premarket activity after the company reported higher Q1 earnings and sales.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.1%, while the Vanguard Industrials Index Fund (VIS) gained 0.3% and the iShares US Industrials ETF (IYJ) was inactive.CommoditiesFront-month US West Texas Intermediate crude oil gained by 0.4% to reach $91.66 per barrel on the New York Mercantile Exchange. Natural gas advanced by 0.9% to $2.62 per 1 million British Thermal Units. The United States Oil Fund (USO) increased by 0.1%, while the United States Natural Gas Fund (UNG) was 1.1% lower.Gold futures for May were down by 0.3% at $4,834.40 an ounce on the Comex. Silver futures declined by 0.8% to $78.95 an ounce. SPDR Gold Shares (GLD) was 2.2% higher, and the iShares Silver Trust (SLV) advanced by 5.5%.

Oil Edges Higher as Supply Worries Continue Even as Trump Claims the War is "Close to Over"

Oil prices edged higher early even as U.S. President Trump again declared the war on Iran is near an end as traders continue to scramble for supply with the closure of the Strait of Hormuz keeping a fifth of daily supply off the market.West Texas Intermediate crude oil for May delivery was last seen up US$0.88 to US$92.16 per barrel, while June Brent oil was up US$0.81 to US$95.58.The rise comes despite Trump's comments to a U.S. television network that the war was "close to over", according to the New York Times, while on Tuesday saying he expected negotiations with Iran to soon continue.Still, the Strait of Hormuz remains closed to most shipping, keeping 20% of daily oil demand from the market, as Iran continues to forbid tankers from transiting the waterway while the United States blockades Iranian ports."Iran's own blockade of non-Iranian oil keeps most crude inside the Gulf, while the US blockade now prevents Iranian crude from getting out. i.e., the (Strait of Hormuz) is theoretically closed from both sides (with some ships sailing through). The only meaningful ME (Middle Eastern) oil reaching the global market is Saudi Arabia's pipeline exports through Yanbu to the Red Sea," Ole Hvalbye, a commodities analyst at SEB Research, wrote.Despite the supply shock, U.S. inventories continue to rise, limiting oil's rise. In its weekly survey released Tuesday, the American Petroleum Institute said U.S. oil stocks rose by 6.1-million barrels last week, while the consensus estimate expected a drop of 1.3-milllion barrels, according to Investing.com. The Energy Information Adminstration will release official inventory data later on Wednesday morning.

NY Crude Up 1% at US$92.20 and Brent Crude Up 1.25% at Near US$96

Brent Crude Up 1% at Near US$95.80

Signs Of Tightness Abound Ahead Of Impacts Of U.S. Blockade, Commerzbank Says

Signs of tightness in the oil market are proliferating as the supply situation is set to tighten further due to the maritime blockade, Commerzbank said in a Tuesday note.According to data from Kpler, Iran's oil exports stood at 1.84 million barrels per day in March and 1.71 million barrels per day so far in April, the bank noted.The price differentials between the various gasoil and Brent contract maturities on the forward curves are signaling tightness, while the price premium for physical crude on the spot market is even larger, Commerzbank said.Another sign of tight supply is the sharp rise in official selling prices for oil deliveries from the Gulf region. Though Saudi Arabia can divert its oil via the East-West Pipeline to the Red Sea and export it from there, Iraqi and Kuwaiti oil exports have been largely paralyzed by the closure of the Strait of Hormuz, the bank said.For Arab Light, buyers in Asia must now pay a record-high premium of almost US$20/barrel over the Oman/Dubai benchmark. In April, the price premium was still at $2.5. Kuwait has also demanded a premium of $17/barrel over Oman/Dubai for oil supplied to Asia.

Crude Oil Prices Rise As Markets Await Outcome Of Renewed U.S.-Iran Talks

Crude oil prices saw gains on Wednesday amid uncertainty about the outcome of renewed talks between the U.S. and Iran to end the war in the Middle East.Brent crude at last look rose 1.5% to US$96.24/barrel and West Texas Intermediate crude climbed 1.2% to $92.46/barrel. The Strait of Hormuz remains effectively closed due to the war, affecting global crude supply.U.S. President Donald Trump said talks with Iran could resume this week, Reuters said in a Wednesday report. This comes even as the U.S. has implemented a blockade of Iranian ports."The trajectory of oil prices will likely hinge less on battlefield developments and more on diplomatic momentum. Markets are increasingly reacting to headlines around negotiations rather than troop deployments," Reuters quoted Priyanka Sachdeva, senior market analyst at Phillip Nova, as saying.

Update: WTI Oil Closes Sharply Lower on the Prospect of Further U.S.-Iran Talks

West Texas intermediate (WTI) crude oil closed sharply lower on Tuesday after U.S. President Trump said further talks with Iran in Pakistan "could be happening over next two days", while the International Energy Agency said it expects oil demand to fall this year on a lack of supply as the Strait of Hormuz remains essentially closed.WTI crude oil for May delivery was closed down US$7.80 to settle at US$91.28 per barrel, while June Brent oil was last seen down US$4.58 to US$94.78.Trump's widely reported comments raise hopes the two sides can reach an agreement to reopen the Strait to tanker traffic. Persian Gulf nations shipped a fifth of daily oil supply through the Strait prior to the start of the war. While some of the region's producers have increased pipeline shipments outside of the conflict, the bulk of the supply remains off the market."The SoH (Strait of Hormuz) is now essentially fully closed. Iran won't allow non-Iranian oil out while the US blockade will prevent Iranian oil to transit out through the SoH. The only oil coming from the Middle East is now coming from Saudi Arabia through the East-West pipeline to Yanbu in the Read Sea," Bjarne Schieldrop, chief commodities strategist at SEB Research wrote.The supply shock is forcing spot oil prices well above futures as countries compete for scant supply. The Wall Street Journal reported Dated Brent oil, for delivery within 30 days, traded at US$132.74 on Monday as desperate buyers meet a lack of suppliers.In its monthly Oil Market Report, the International Energy Agency said the lack of supply is being met with a drop in demand. The agency said it expects oil demand to fall by 80,000 barrels per day this year, the first drop since the pandemic, and down by 730,000 bpd from its prior forecast."Initially, the deepest cuts in oil use have come in the Middle East and Asia Pacific, mainly for naphtha, LPG and jet fuel. However, demand destruction will spread as scarcity and higher prices persist," it said.The agency said supply dropped by 10.1-million bpd to 97 million in March due to the closure of the Strait and Iranian attacks on oil infrastructure in the Persian Gulf region. Global oil inventories dropped by 85-million barrels last month, with stocks outside the Middle East down by 205-million barrels."Resuming flows through the Strait of Hormuz remains the single most important variable in easing the pressure on energy supplies, prices and the global economy ... Shipments through the Strait remained severely restricted, with loadings of crude, natural gas liquids and refined products averaging around 3.8 mb/d, compared with more than 20 mb/d in February ahead of the crisis," the report noted.

May WTI Crude Oil Contract Closes Down US$7.80; Settles at US$91.28 per Barrel

Sector Update: Energy Stocks Lean Lower Premarket Tuesday

Energy stocks were leaning lower premarket Tuesday, with the State Street Energy Select Sector SPDR ETF (XLE) declining by 0.9%.The United States Oil Fund (USO) was down 1.2% and The United States Natural Gas Fund (UNG) was 0.6% higher.Front-month US West Texas Intermediate crude oil was 3% lower at $96.08 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 1.5% to $97.91 per barrel, and natural gas futures were up 0.1% at $2.63 per 1 million British Thermal Units.Chevron (CVX) said it agreed to an asset swap with Petroleos de Venezuela via its subsidiaries in the country to consolidate its heavy oil position. Chevron stock was down more than 1% pre-bell.BP (BP) said its Q1 upstream production is expected to be "broadly flat" from the previous quarter, while cautioning that energy market volatility may pressure results and widen price fluctuations. BP shares were 0.4% higher premarket.Transocean (RIG) said its Deepwater Corcovado drillship was awarded a 1,156-day contract extension with Petrobras (PBR) through November 2030. Petrobras shares were down more than 1% pre-bell.

Exchange-Traded Funds, Equity Futures Lower Pre-Bell Tuesday Amid Hopes of Long-Term US-Iran Truce

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.2% and the actively traded Invesco QQQ Trust (QQQ) was 0.4% higher in Tuesday's premarket activity amid hopes of a long-term truce between Iran and the US.US stock futures were also higher, with S&P 500 Index futures up 0.3%, Dow Jones Industrial Average futures advancing 0.1%, and Nasdaq futures gaining 0.5% before the start of regular trading.The National Federation of Independent Business said its Small Business Optimism Index fell to 95.8 in March from 98.8 in February, marking the lowest level since April 2025.US producer prices rose 0.5% in March, below expectations for a 1.1% increase and matching the prior month's gain.Core producer prices, which exclude food and energy, gained 0.1% in March, below forecasts for a 0.4% increase and slowing from a 0.3% advance in the prior month.Chicago Federal Reserve President Austan Goolsbee and Fed Governor Michael Barr are due to speak today.In premarket activity, bitcoin was up by 1.3%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1.5% higher, Ether ETF (EETH) advanced 4.8%, and Bitcoin & Ether Market Cap Weight ETF (BETH) gained 1%.Power Play:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.3%, while the Vanguard Industrials Index Fund (VIS) was up 0.3% and the iShares US Industrials ETF (IYJ) was 0.6% higher.American Airlines (AAL) stock was gaining more than 8% in premarket activity, while United Airlines (UAL) was up more than 3% before the opening bell after Reuters reported that United Chief Executive Scott Kirby proposed a potential combination with American during a late February meeting with President Donald Trump.Winners and Losers:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) retreated 0.04%, the Vanguard Health Care Index Fund (VHT) was 1% higher, while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) was up 0.5%.Novo Nordisk (NVO) stock was up more than 3% premarket after the UK's Medicines and Healthcare products Regulatory Agency approved a new single-dose 7.2 mg of Wegovy to treat adults with obesity. The company also announced a partnership with OpenAI to deploy advanced AI across its operations.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) retreated by 0.2%. Direxion Daily Financial Bull 3X Shares (FAS) was down 0.6%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.6% higher.BlackRock (BLK) shares were up more than 2% pre-bell after the company reported higher Q1 adjusted earnings and revenue.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.6%, and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was up 0.4%. The iShares US Consumer Staples ETF (IYK) gained 0.5%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) advanced by 0.5%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was 1.2% lower.Tesla's (TSLA) shares were up more than 1% pre-bell after Dutch vehicle regulator RDW said it has informed the European Commission of its intention to seek approval for Tesla's Full-Self Driving system across the European Union.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) advanced 0.7%, and the iShares US Technology ETF (IYW) was 0.6% higher, while the iShares Expanded Tech Sector ETF (IGM) was up 0.8%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) gained 2.5% while the iShares Semiconductor ETF (SOXX) rose by 1.2%.Microsoft (MSFT) shares were up more than 1% in Tuesday's premarket activity. Bloomberg News reported, citing Chief Sustainability Officer Melanie Nakagawa, that the company's carbon removal program "has not ended."EnergyThe iShares US Energy ETF (IYE) was down 0.2%, while the State Street Energy Select Sector SPDR ETF (XLE) retreated by 0.6%.BP (BP) stock was up nearly 1% before Tuesday's opening bell after the company said that it expects "exceptional" results from its oil trading business for Q1 2026, amid the spike in prices driven by the US and Israeli war against Iran.CommoditiesFront-month US West Texas Intermediate crude oil fell by 2.6% to $96.48 per barrel on the New York Mercantile Exchange. Natural gas retreated by 1.8% to $2.58 per 1 million British Thermal Units. The United States Oil Fund (USO) declined by 0.7%, while the United States Natural Gas Fund (UNG) was 1.7% lower.Gold futures for May were up by 0.6% at $4,797.10 an ounce on the Comex. Silver futures rose by 3% to $77.92 an ounce. SPDR Gold Shares (GLD) was 0.5% higher, and the iShares Silver Trust (SLV) advanced by 2.5%.

Oil Trading Lower Even As Persian Gulf Supply Remains Blocked While IEA Slashed Its Demand Forecast

Oil prices moved lower early Tuesday as the International Energy Agency said it expects oil demand to fall this year on a lack of supply as the Strait of Hormuz remains essentially closed with the United States blockading Iranian ports while Iran continues to prevent most tanker transit though the waterway.West Texas Intermediate crude oil for May delivery was last seen down US$1.74 to US$97.34 per barrel, while June Brent oil was down US$0.38 to US$98.98.Persian Gulf nations shipped a fifth of daily oil supply through the Strait prior to the start of the war. While some of the region's producers have increased pipeline shipments outside of the conflict, the bulk of the supply remains off the market. The United States and Iran resumed hostilities following unsuccessful weekend talks to end the conflict. Though there are no reports the two countries are carrying out strikes, the U.S. Navy is preventing traffic to and from Iranian ports and few ships are passing through the Strait for fear of Iranian attacks."The SoH (Strait of Hormuz) is now essentially fully closed. Iran won't allow non-Iranian oil out while the US blockade will prevent Iranian oil to transit out through the SoH. The only oil coming from the Middle East is now coming from Saudi Arabia through the East-West pipeline to Yanbu in the Read Sea," Bjarne Schieldrop, chief commodities strategist at SEB Research wrote.The supply shock is forcing spot oil prices well above futures as countries compete for scant supply. The Wall Street Journal reported Dated Brent oil, for delivery within 30 days, traded at US$132.74 on Monday as desperate buyers meet a lack of suppliers.In its monthly Oil Market Report, the International Energy Agency said the lack of supply is being met with a drop in demand. The agency said it expects oil demand to fall by 80,000 barrels per day this year, the first drop since the pandemic, and down by 730,000 bpd from its prior forecast."Initially, the deepest cuts in oil use have come in the Middle East and Asia Pacific, mainly for naphtha, LPG and jet fuel. However, demand destruction will spread as scarcity and higher prices persist," it said.The agency said supply dropped by 10.1-million bpd to 97 million in March due to the closure of the Strait and Iranian attacks on oil infrastructure in the Persian Gulf region. Global oil inventories dropped by 85-million barrels last month, with stocks outside the Middle East down by 205-million barrels."Resuming flows through the Strait of Hormuz remains the single most important variable in easing the pressure on energy supplies, prices and the global economy ... Shipments through the Strait remained severely restricted, with loadings of crude, natural gas liquids and refined products averaging around 3.8 mb/d, compared with more than 20 mb/d in February ahead of the crisis," the report noted.