United States Oil Fund

June WTI Crude Oil Contract Closes Up US$4.48; Settles at US$106.42 per Barrel

Sector Update: Energy Stocks Decline Premarket Monday

Energy stocks were declining premarket Monday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.3% lower.The United States Oil Fund (USO) was marginally lower and The United States Natural Gas Fund (UNG) was 1% higher.Front-month US West Texas Intermediate crude oil was 0.4% higher at $102.32 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 1.8% to $110.13 per barrel, and natural gas futures were up 1.1% at $2.81 per 1 million British Thermal Units.Hess Midstream (HESM) shares were up more than 2% after the company posted higher Q1 earnings and revenue.Equinor (EQNR) is extending key supplier deals for drilling and well services with an aggregate value of about 17 billion Norwegian kroner ($1.83 billion), the company said. Equinor stock was up more than 1% premarket.ProPetro (PUMP) shares were down more than 5% after the company said it plans to offer $500 million in convertible senior notes due 2031 in a private placement, with an additional $75 million option for initial purchasers.

Exchange-Traded Funds, Equity Futures Lower Pre-Bell Monday as US-Iran Tensions Escalate Near Strait of Hormuz

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.3% and the actively traded Invesco QQQ Trust (QQQ) retreated 0.03% in Monday's premarket activity as escalating tensions between the US and Iran near the Strait of Hormuz push oil prices higher.US stock futures were also lower, with S&P 500 Index futures down 0.2%, Dow Jones Industrial Average futures slipping 0.5%, and Nasdaq futures retreating 0.1% before the start of regular trading.The factory orders data for March will be released at 10 am ET.New York Federal Reserve President John Williams is slated to speak on Monday.In premarket activity, bitcoin was up by 0.4%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.6% higher, Ether ETF (EETH) advanced 1.5%, and Bitcoin & Ether Market Cap Weight ETF (BETH) retreated by 0.3%.Power Play:ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.2%, while the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was up 0.4%. The iShares US Consumer Staples ETF (IYK) was 0.5% lower. 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) declined by 0.3%.Norwegian Cruise Line (NCLH) shares were down more than 7% pre-bell after the company lowered its outlook for 2026 adjusted earnings.Winners and Losers:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) retreated by 0.1%, the Vanguard Health Care Index Fund (VHT) was down 0.4%, while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) was 0.2% lower.Evotec (EVO) stock was up more than 3% premarket after the company said it has nominated the first small molecule preclinical development candidate from its multi-target drug discovery collaboration in medical dermatology with Almirall.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) retreated by 0.2%. Direxion Daily Financial Bull 3X Shares (FAS) was down 0.4%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.7% higher.CNA Financial (CNA) shares were down more than 2% pre-bell after the company reported lower Q1 core income.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated by 0.2%, while the Vanguard Industrials Index Fund (VIS) declined by 0.01% and the iShares US Industrials ETF (IYJ) was inactive.ADT (ADT) stock was down more than 2% before the opening bell after the company said it initiated a secondary public offering of 102 million shares held by entities managed by affiliates of Apollo Global Management (APO).EnergyThe iShares US Energy ETF (IYE) was down 0.4%, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 0.5%.Equinor (EQNR) stock was up more than 2% before the opening bell after the company said it is extending key supplier deals for drilling and well services with an aggregate value of about 17 billion Norwegian kroner ($1.83 billion).TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) gained by 0.2%, and the iShares US Technology ETF (IYW) was 0.2% higher, while the iShares Expanded Tech Sector ETF (IGM) was down 0.6%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) declined by 0.01%, while the iShares Semiconductor ETF (SOXX) advanced by 0.01%.SAP (SAP) shares were up more than 1% in premarket activity after the company said it has agreed to acquire Dremio and Prior Labs in separate deals aimed at supporting its enterprise AI and data capabilities.CommoditiesFront-month US West Texas Intermediate crude oil rose by 3% to $105.10 per barrel on the New York Mercantile Exchange. Natural gas was up by 1.4% to $2.82 per 1 million British Thermal Units. The United States Oil Fund (USO) rose by 2%, while the United States Natural Gas Fund (UNG) was 1% higher.Gold futures for May were down by 1.7% at $4,567.80 an ounce on the Comex. Silver futures fell by 3.5% to $73.76 an ounce. SPDR Gold Shares (GLD) was 1.1% lower, and the iShares Silver Trust (SLV) declined by 2.8%.

Oil Moves Higher as U.S. Denies Iran's Claim It Hit a U.S. Warship with Missiles

Oil prices were higher early Monday in volatile trade after Iran claimed it struck a U.S. warship moving into the Strait of Hormuz with two missiles, a claim denied by U.S. Central Command, according to reports. If such a hit did happen, it would potentially bringing an end to a ceasefire between the two countries.West Texas Intermediate crude oil for June delivery was last seen up $1.38 to US$103.32 per barrel, after touching US$107.46 in Asian trade, while July Brent oil was up $2.64 to US$110.81.Iran's Fars News Agency reported Iranian forces struck the U.S. ship to prevent it from moving into the Strait, which Iran blocked at the Feb. 28 start of the war, cutting off 20% of the world's oil demand supplied by Persian Gulf nations. However, The Guardian reported U.S. Central Command dismissed the report, while continuing the blockade of Iranian ports.U.S. President Trump in a weekend social media post said the U.S. would begin escorting ships trapped in the Gulf through the Strait, but offered no details on the scheme. The Wall Street Journal reported Trump "intends to use countries, insurance companies and shipping organizations to move traffic through the strait. It doesn't currently involve U.S. Navy warships escorting vessels through the waterway", citing two U.S. officials. The uncertain details of the plan has done little to lower prices, which have climbed by about half since the conflict began."The market remains fragile because the plan's implementation is uncertain, and Kuwait's oil exports reportedly falling to zero underlines how severe the regional supply disruption has become," Saxo Bank wrote.

NY Crude Now Up 3.5% at US$105.50 and Brent Crude Up 3.6% at Near US$112.10

NY Crude Up 4.3% at US$106.30 and Brent Crude Up 4.8% at Near US$113.35; Iran Announcing New 'Control Zone' In Strait of Hormuz, says Bloomberg TV, citing Tasnim

Brent Crude Up 1.6% at Near US$109.90

Crude Oil Prices Jump Amid Lack of Peace Deal, Constrained Flows Through Strait of Hormuz

Crude oil prices surged on Monday as negotiations to end the war in Iran remain at a standstill, with a grim outlook for flows through the Strait of Hormuz.Brent crude at last look jumped 1.2% to US$109.43/barrel and West Texas Intermediate crude rose 1% to $102.94/barrel. This comes as U.S. President Donald Trump said the U.S. plans to assist ships passing through the Strait of Hormuz, but shipping through the waterway is still constrained, Reuters said in a Monday report.In response, Iran's military warned U.S. forces not to enter the strait, the report said."The path for prices remains skewed to the upside as long as flows through the Strait remain restricted," Reuters quoted UBS analyst Giovanni Staunovo as saying.Trump is prioritizing a nuclear deal with Tehran, but Iran wants to defer nuclear talks until after the war and first lift rival blockades on Gulf shipping, Reuters reported.

Update: WTI Oil Falls As Iran Offers New Peace Plan

West Texas Intermediate (WTI) crude oil closed lower Friday as Iran made a new peace proposal, however U.S. President Trump rejected the plan.WTI crude oil for June delivery closed down US$3.13 to US$101.94 per barrel, while July Brent oil was last seen down US$2.177 to US$108.23.Reuters reported Iran offered a new proposal to reach a peace deal with the United States. While details were not disclosed Trump rejected the plan, telling reporters he was not satisfied with the plan. However he confirmed indirect talks mediated by Pakistan are continuing by phone.Oil remains in short supply following the closure of the Strait, the chokepoint for exports from the Persian Gulf nations that accounted for 20% of daily demand. The lack of supply has pushed up crude oil prices by more than half since the Feb.28 start of the war amid shortages of crude oil and refined products, with Nymex gasoline futures up 81% since the war began while supplies of aviation are tightening.The supply crunch comes ahead of the May 23 start to the Memorial Day weekend, the traditional start of the summer driving season, when demand for fuel peaks, which is likely to push prices even higher."With summer demand season quickly approaching, we see a path for oil prices to exceed the 2022 and even 2008 highs, especially as sentiment may finally be shifting on the duration of the Hormuz blockage," Helima Croft, Head of Global Commodity Strategy and MENA Research at RBC Capital Markets, wrote.

June WTI Crude Oil Contract Closes Down US$3.13; Settles at US$101.94 per Barrel

Exchange-Traded Funds Higher, Equity Futures Mixed Amid Continued Earnings Results

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.3% and the actively traded Invesco QQQ Trust (QQQ) gained 0.1% in Friday's premarket activity, as earnings reports continued to pour in.US stock futures were mixed, with S&P 500 Index futures up 0.1%, Dow Jones Industrial Average futures gaining 0.3%, and Nasdaq futures slipping by 0.2% before the start of regular trading.The S&P Global US manufacturing purchasing managers index for April will be released at 9:45 am ET, followed by the ISM Manufacturing Index for April at 10 am ET.The weekly Baker Hughes domestic oil-and-gas rig count posts at 1 pm ET.In premarket action, bitcoin was up by 1.4%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 2.3% higher, Ether ETF (EETH) advanced 2.1%, and Bitcoin & Ether Market Cap Weight ETF (BETH) gained 1.6%.Power Play:ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.4% and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was flat. The iShares US Consumer Staples ETF (IYK) was also flat. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.1%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was 0.5% higher.Estee Lauder (EL) shares were up more than 11% pre-bell after the company reported higher fiscal Q3 earnings and said it expects to eliminate between 9,000 and 10,000 positions as part of a revised profit recovery program.Winners and Losers:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.4%, the Vanguard Health Care Index Fund (VHT) was up 1.2%, while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) was flat.Moderna (MRNA) stock was up more than 3% premarket after the company reported a narrower-than-expected net loss and higher revenue.EnergyThe iShares US Energy ETF (IYE) was down 0.1%, while the State Street Energy Select Sector SPDR ETF (XLE) was 0.4% lower.Imperial Oil (IMO) stock was down more than 2% before Friday's opening bell after the company reported lower Q1 net income and revenue.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.4%. Direxion Daily Financial Bull 3X Shares (FAS) was up 1.3%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 1.1% lower.Aon (AON) shares were up 3% pre-bell after the company reported higher Q1 adjusted earnings and revenue.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.4%, while the Vanguard Industrials Index Fund (VIS) gained 0.4% and the iShares US Industrials ETF (IYJ) was inactive.Gates Industrial (GTES) stock was up more than 3% before the opening bell after Timken (TKR) agreed to sell the assets of its belts business to Gates.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) advanced by 0.3%, and the iShares US Technology ETF (IYW) was 0.6% higher, while the iShares Expanded Tech Sector ETF (IGM) was down 0.03%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) declined by 0.4%, while the iShares Semiconductor ETF (SOXX) fell by 0.8%.Apple (AAPL) shares were up about 3% in premarket activity after the iPhone maker's fiscal Q2 results topped market estimates.CommoditiesFront-month US West Texas Intermediate crude oil fell by 2.6% to $102.31 per barrel on the New York Mercantile Exchange. Natural gas gained by 0.3% to $2.78 per 1 million British Thermal Units. The United States Oil Fund (USO) decreased by 2%, while the United States Natural Gas Fund (UNG) was 0.8% higher.Gold futures for May were down by 0.5% to $4,607.80 an ounce on the Comex. Silver futures added 1.5% to $75.31 an ounce. SPDR Gold Shares (GLD) was 0.5% lower, and the iShares Silver Trust (SLV) gained by 0.8%.

Sector Update: Energy Stocks Lean Lower Premarket Friday

Energy stocks were leaning lower premarket Friday, with the State Street Energy Select Sector SPDR ETF (XLE) declining by 0.3%.The United States Oil Fund (USO) was down 2.1% and the United States Natural Gas Fund (UNG) was 1.1% higher.Front-month US West Texas Intermediate crude oil was 1.3% lower at $103.71 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 0.3% to $110.77 per barrel, and natural gas futures were up 0.4% at $2.56 per 1 million British Thermal Units.Exxon Mobil (XOM) shares were down 0.7% after the company reported a decline in Q1 adjusted earnings.Chevron (CVX) stock was 0.8% lower after the company posted a decline in Q1 adjusted earnings, while revenue missed analysts' estimates.Imperial Oil (IMO) shares were down more than 2% after the company reported lower Q1 net income and revenue.

Oil Mostly Steady As the U.S. and Iran Remain Deadlocked

Oil prices were little changed early Friday as the United States and Iran remain deadlocked, leaving the Strait of Hormuz closed and causing the largest even supply shock that is likely to be compounded by the coming start to the high-demand summer driving season.West Texas Intermediate crude oil for June delivery was last seen down $0.80 to US$104.27 per barrel, while July Brent oil was up $0.57 to US$110.97.Oil remains in short supply following the closure of the Strait, the chokepoint for exports from the Persian Gulf nations that accounted for 20% of daily demand. The U.S.-Israel war on Iran is now in its third month and neither side is talking to the other. The Guardian reported Pakistan is acting as a back channel to pass messages between the combatants, but little progress has appeared to be made after scheduled negotiations collapsed last weekend.The lack of supply has pushed up crude oil prices by about half since the Feb.28 start of the war amid shortages of crude oil and refined products, with Nymex gasoline futures up 81% since the war began while supplies of aviation are tightening.The supply crunch comes ahead of the May 23 start to the Memorial Day weekend, the traditional start of the summer driving season, when demand for fuel peaks, which is likely to push prices even higher."With summer demand season quickly approaching, we see a path for oil prices to exceed the 2022 and even 2008 highs, especially as sentiment may finally be shifting on the duration of the Hormuz blockage," Helima Croft, Head of Global Commodity Strategy and MENA Research at RBC Capital Markets, wrote.

Brent Crude Up Near 0.9% at Near US$111.40 and NY Crude Up Near 0.4% at About US$105.50

Crude Oil Prices Stay Elevated as U.S., Iran Remain at an Impasse

Crude oil prices remain elevated as there is no end in sight for the U.S.-Israel war with Iran, with the Strait of Hormuz still effectively closed due to the conflict.Brent crude at last look gained 1.5% to US$112.06/barrel and West Texas Intermediate crude rose 0.8% to $105.93/barrel. An Iranian Foreign Ministry spokesperson said it was not realistic to expect quick results from U.S. talks, Reuters said in a Friday report, citing the official IRNA news agency.A senior official of Iran's Revolutionary Guards had threatened "long and painful strikes" on U.S. positions if Washington renewed attacks on Iran, the report said.U.S. President Donald Trump is set to receive a briefing on plans for renewed military strikes on Iran to compel it to negotiate an end to the war, Reuters reported, citing a U.S. official.

Market Chatter: Trump Administration Authorizes New pipeline From Canada to U.S.

U.S. President Donald Trump on Thursday signed an order authorizing the Bridger Pipeline's proposed project to transport Canadian crude from the U.S.-Canada border to Wyoming, CTV News reported.Bridger Pipeline's project would have the capacity to move more than 1 million barrels of oil per day, according to the company. If built and connected, analysts told Reuters it could increase Canada's crude exports to the U.S. by more than 12%.(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 Closes Lower, Off Overnight Highs Despite Little Sign of Progress to End the Iran War

West Texas Intermediate (WTI) crude oil closed lower on Thursday, falling off four-year highs touched overnight during Asian trade on a report the U.S. may end the ceasefire with Iran as the largest-ever supply shock hits hardest for the continent that relies on Persian Gulf supplies now trapped behind the closed Strait of Hormuz.WTI crude oil for June delivery closed down US$1.81 to settle at US$105.07 per barrel after touching US$110.93 overnight, while June Brent oil was last seen down US$4.12 to US$113.91, after it reached US$126.34 overnight, the highest since 2022.WTI has now climbed 59% since the war began on Feb. 28, when Iran blocked the Strait of Hormuz, a key chokepoint for roughly 20% of global oil supply, following attacks by the United States and Israel. The United States is now blockading Iranian ports and Iran has demanded that they should be lifted before peace talks can resume, which the U.S. is refusing to do, continuing the largest-ever supply shock.The shortage is hitting hardest in Asia, which buys 80% of Persian Gulf exports, with countries bidding up spot prices and increasingly looking to tap China's strategic stockpiles to avoid shortages."There continue to be reports of fuel shortages in rural communities in several (Asian) countries whilst fuel distribution appears to be a bit of hap hazard. We continue to see more and more essentially government to government deals with China allowing some exports to friendly countries and Thailand considering providing more support to neighboring countries," Vikas Dwivedi, Global Energy Strategist at Macquarie Group, wrote.Still, there is little sign of any negotiations to end the war and reopen the blocked Strait. Talks scheduled between the United States and Iran expected to be held last weekend in Pakistan failed to take place after the U.S. refused an Iranian demand to lift a blockade of Iranian ports. The Wall Street Journal reported U.S. President Trump is asking other countries to join a coalition to reopen the Strait in what the American government is calling the "Maritime Freedom Construct" as it looks for its embassies to press allies to join, while Trump warned of an extended blockade of the Strait until Iran agreed to end its nuclear program.

June WTI Crude Oil Contract Closes Down US$1.81; Settles at US$105.07 per Barrel

Sector Update: Energy Stocks Decline Premarket Thursday

Energy stocks were declining premarket Thursday, with the State Street Energy Select Sector SPDR ETF (XLE) 1.2% lower.The United States Oil Fund (USO) was down 3.4% and the United States Natural Gas Fund (UNG) was 0.6% lower.Front-month US West Texas Intermediate crude oil was 1.5% lower at $105.33 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 3.3% to $114.13 per barrel, and natural gas futures were up 0.6% at $2.66 per 1 million British Thermal Units.ConocoPhillips (COP) shares were down more than 2% after the company posted lower Q1 adjusted earnings and revenue.TotalEnergies (TTE) and partner Nextnorth have reached financial close and broke ground on a 440 MWp solar power plant in Ilagan, the Philippines, the companies said. TotalEnergies stock was down more than 1% premarket.TechnipFMC (FTI) shares were down more than 3% after the company reported Q1 revenue that missed analysts' expectations.

Oil Price Ease, Falling Off Overnight Highs Despite Little Sign of Progress to End the Iran War

Oil prices eased early on Thursday, falling off four-year highs touched overnight during Asian trade on a report the U.S. may end the ceasefire with Iran as the largest-ever supply shock hits hardest for the continent that relies on Persian Gulf supplies now trapped behind the closed Strait of Hormuz.West Texas Intermediate (WTI) crude oil for June delivery was last seen down US$2.44 to US$104.44 per barrel after touching US$110.93 overnight, while June Brent oil was down US$4.01 to US$114.02 after it reached US$126.34 overnight, the highest since 2022.WTI has now climbed 59% since the war began on Feb. 28, when Iran blocked the Strait of Hormuz, a key chokepoint for roughly 20% of global oil supply, following attacks by the United States and Israel. The United States is now blockading Iranian ports and Iran has demanded that they should be lifted before peace talks can resume, which the U.S. is refusing to do, continuing the largest-ever supply shock.The shortage is hitting hardest in Asia, which buys 80% of Persian Gulf exports, with countries bidding up spot prices and increasingly looking to tap China's strategic stockpiles to avoid shortages."There continue to be reports of fuel shortages in rural communities in several (Asian) countries whilst fuel distribution appears to be a bit of hap hazard. We continue to see more and more essentially government to government deals with China allowing some exports to friendly countries and Thailand considering providing more support to neighboring countries," Vikas Dwivedi, Global Energy Strategist at Macquarie Group, wrote.Still, there is little sign of any negotiations to end the war and reopen the blocked Strait. Talks scheduled between the United States and Iran expected to be held last weekend in Pakistan failed to take place after the U.S. refused an Iranian demand to lift a blockade of Iranian ports. The Wall Street Journal reported U.S. President Trump is asking other countries to join a coalition to reopen the Strait in what the American government is calling the "Maritime Freedom Construct" as it looks for its embassies to press allies to join, while Trump warned of an extended blockade of the Strait until Iran agreed to end its nuclear program.