United States Oil Fund

Sector Update: Energy Stocks Decline Premarket Friday

Energy stocks were declining premarket Friday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.5% lower.The United States Oil Fund (USO) was down 2.2% and The United States Natural Gas Fund (UNG) was 2.6% higher.Front-month US West Texas Intermediate crude oil was 1.9% lower at $87.18 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 1.9% to reach $91.98 per barrel, and natural gas futures were up 5% at $3.04 per 1 million British Thermal Units.Chevron's (CVX) oil production at its Tengiz field in Kazakhstan dropped significantly on Tuesday after an accident, Reuters reported, citing industry sources. Shares of Chevron were down 0.3% pre-bell.Eni (E) Industrial Evolution and Seri Industrial agreed on a joint project to build an integrated industrial supply chain in the lithium iron phosphate battery sector, the oil major said. Eni shares were 0.2% lower premarket.

Exchange-Traded Funds, Equity Futures Rise Pre-Bell Friday Amid US-Iran Deal Hopes

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 0.1% higher in Friday's premarket activity amid hopes of a possible US-Iran shipping and ceasefire agreement.US stock futures were also higher, with S&P 500 Index futures up 0.1%, Dow Jones Industrial Average futures advancing 0.3%, and Nasdaq futures gaining 0.1% before the start of regular trading.The US advance international trade in goods deficit narrowed to $82.40 billion in April from $85.27 billion in March, according to data released by the US Census Bureau. In the same report, wholesale inventories rose by 0.5% in April after a 1.5% increase in March. Analysts polled by Bloomberg expected wholesale inventories to increase by 0.8%.Chicago PMI data for May will be released at 9:45 am ET.Federal Reserve Vice Chair for Supervision Michelle Bowman is slated to speak on Friday.In premarket activity, bitcoin was down by 1.8%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1.6% higher, Ether ETF (EETH) advanced 2.6%, and Bitcoin & Ether Market Cap Weight ETF (BETH) gained 0.9%.Power Play:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) advanced 1.1%, and the iShares US Technology ETF (IYW) was 1.4% 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 0.9%, while the iShares Semiconductor ETF (SOXX) rose by 0.6%.Dell (DELL) shares were 34% higher in premarket activity after the company reported fiscal Q1 financial results that topped analyst estimates and issued higher-than-expected guidance for fiscal Q2 and fiscal 2027.Winners and Losers:ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.02%, 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) lost 0.2%. The VanEck Retail ETF (RTH) gained 0.1%, while the State Street SPDR S&P Retail ETF (XRT) declined by 1.6%.Chagee (CHA) shares were up more than 12% pre-bell after the company reported higher Q1 revenue.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) retreated by 0.1%, the Vanguard Health Care Index Fund (VHT) advanced by 0.02%, while the iShares US Healthcare ETF (IYH) was flat. The iShares Biotechnology ETF (IBB) gained by 0.3%.Agios Pharmaceuticals (AGIO) stock was down more than 5% premarket after the company said it will discontinue development of tebapivat for lower-risk myelodysplastic syndromes following a phase 2b study that failed to meet the company's threshold for further advancement.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced by 0.1%, while the Vanguard Industrials Index Fund (VIS) rose 0.6% and the iShares US Industrials ETF (IYJ) was 0.2% higher.Firefly Aerospace (FLY) shares were more than 5% lower before market open after the company said late Thursday it priced a public offering of 4 million shares, alongside 8 million shares being offered by certain selling stockholders, at $48 per share.EnergyThe iShares US Energy ETF (IYE) was flat, while the State Street Energy Select Sector SPDR ETF (XLE) was down by 0.3%.Solv Energy (MWH) stock was down more than 1% before the opening bell after the company priced an upsized public offering of 15 million Class A common shares at $36 apiece.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.1%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.2%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.4% lower.Blackstone (BX) shares were edging 0.2% higher pre-bell after closing the previous session with a 106% decline. Bloomberg reported that the company is in talks to sell its 45% stake in Leica Camera to Asian investment firm HSG.CommoditiesFront-month US West Texas Intermediate crude oil retreated by 1.3% to $87.76 per barrel on the New York Mercantile Exchange. Natural gas was up 5% at $3.04 per 1 million British Thermal Units. The United States Oil Fund (USO) fell by 2%, while the United States Natural Gas Fund (UNG) was 1.8% higher.Gold futures for July advanced by 0.6% to $4,561.10 an ounce on the Comex. Silver futures declined by 0.2% to $75.78 an ounce. SPDR Gold Shares (GLD) was up by 0.6%, and the iShares Silver Trust (SLV) fell by 0.2%.

Oil Trading at a Six-Week Low on Reports Iran and the U.S. May be Nearing a Peace Deal

Oil traded at a six-week low early Friday on reports the United States and Iran will extend their tenuous ceasefire while a Trump Administration official said the two sides are nearing a deal to end the war.West Texas Intermediate crude oil for July delivery was last seen down $1.26 to US$87.64 per barrel, the lowest since April 17, while July Brent oil was down $1.55 to US$92.16.The Wall Street Journal reported U.S. Treasury Secretary Scott Bessent said the Trump Administration is near a deal to end the war, which enters its fourth month today. The paper said President Trump is pressing for Iran to for a commitment to surrender its stocks of enriched uranium and fully reopen the Strait of Hormuz. Thursday reports that the two countries have extended a ceasefire for 60 days is also pressing prices.The Strait has been mostly closed to shipping since the Feb. 28 start to the war, blocking exports from the Persian Gulf nations that supplied 20% of daily oil demand. A peace deal could see shipping resume, but Iran is likely to maintain control of the waterway once hostilities end."Any end to the conflict that leaves Iran exercising operational control and influence over the Strait will result in appreciably lower flows through the waterway in our view. Moreover, we struggle to see how a sizeable number of Western shipping companies will be willing to risk transiting the waterway even if a 60-day MoU is inked, given the ever-present risk of recurrent rounds of military action involving missiles, drones, and mines. These factors are compounded by extremely elevated insurance rates as well as the legal difficulties associated with paying or coordinating with IRGC entities under US sanctions," Helima Croft, Head of Global Commodity Strategy and MENA Research at RBC Capital Markets, wrote.Still, hopes for a full return of Persian Gulf have cut into oil prices, which are posting their largest monthly drop in six years on expectations for a peace deal. However prices are not expected to soon return to pre-war levels as importing countries rebuild depleted inventories."While significant hurdles remain, the market is reacting to the prospect of a supply surge once hundreds of tankers loaded with crude oil and refined fuels are released from the Persian Gulf. In the months ahead, however, demand to replenish depleted global inventories is likely to provide support, potentially lifting the price floor compared with pre-war levels," Saxo Bank noted.

Update: -- NY Crude Down 1.55% at Near US$87.50 and Brent Crude Down 1.5% at About US$92.30

Brent Crude Down 1.6% at About US$92.20

Crude Oil Prices Fall After Reports of Potential U.S.-Iran Ceasefire Extension Deal

Crude oil prices fell on Friday following reports that an agreement has been reached between the U.S. and Iran to potentially extend their ceasefire.Brent crude at last look lost 1.3% to US$92.46/barrel and West Texas Intermediate crude declined 1.7% to $87.39/barrel. Both benchmarks are on track for their steepest weekly decline since early April.The U.S. and Iran reportedly reached an agreement on Thursday to extend the ceasefire and lift restrictions on shipping through the Strait of Hormuz, Reuters said in a Friday report, citing unnamed sources. The deal has not been approved by U.S. President Donald Trump and Iranian state media said it has not been finalized, according to the report."While oil flows through the Strait of Hormuz remain restricted and oil inventories keep falling, the market focus remains on the possibility of a deal between the U.S. and Iran," Reuters quoted UBS analyst Giovanni Staunovo as saying.A reopening of the strait would offer some immediate relief to the oil market, but recovery remains uncertain, analysts at ING said, as reported by Reuters.

Update: WTI Oil Closes Higher But Gives Up Early Gains Following Reports Iran and the U.S. To Extend Ceasefire

West Texas Intermediate (WTI) crude oil closed with a small gain on Thursday but fell off early highs following reports s the United States and Iran agreed to extend their ceasefire even as they earlier traded strikesWTI crude oil for July delivery up US$0.22 to settle at US$US$88.90 per barrel after earlier touching US$92.52. July Brent oil was last seen down US$0.64 to US$93.65.The drop off session highs came after Axios reported the two countries will extend their ceasefire agreement. The potential deal comes despite earlier reports U.S. forces attacked a drone-control base in Iran and shot down Iranian drones, while Kuwait intercepted an Iranian missile and Iran attacked commercial shipping in the Persian GulfOil prices have climbed by half since Iran closed the Strait of Homuz on the Feb. 28 start to the war, blocking much of the 20% of daily oil demand supplied by Persian Gulf nations.In its weekly survey the Energy Information Administration reported U.S. commercial oil inventories fell by 3.3-million barrels last week, while the consensus estimate among analysts polled by Reuters expected a 4.1-million barrel drop.

Update: WTI Oi Closes Higher But Gives Up Early Gains Following Reports Iran and the U.S. To Extend Ceasefire

West Texas Intermediate (WTI) crude oil closed with a small gain on Thursday but fell off early highs following reports s the United States and Iran agreed to extend their ceasefire even as they earlier traded strikesWTI crude oil for July delivery up US$0.22 to settle at US$US$88.90 per barrel after earlier touching US$92.52. July Brent oil was last seen down US$0.64 to US$93.65.The drop off session highs came after Axios reported the two countries will extend their ceasefire agreement. The potential deal comes despite earlier reports U.S. forces attacked a drone-control base in Iran and shot down Iranian drones, while Kuwait intercepted an Iranian missile and Iran attacked commercial shipping in the Persian GulfOil prices have climbed by half since Iran closed the Strait of Homuz on the Feb. 28 start to the war, blocking much of the 20% of daily oil demand supplied by Persian Gulf nations.In its weekly survey the Energy Information Administration reported U.S. commercial oil inventories fell by 3.3-million barrels last week, while the consensus estimate among analysts polled by Reuters expected a 4.1-million barrel drop.

July WTI Crude Oil Contract Closes up US$0.22; Settles at US$88.90 per Barrel

Market Chatter: Alberta Oil Pipeline to Cost Sector More Than C$100 Billion, Imperial Says

Alberta's proposed million-barrel-a-day pipeline to the British Columbia coast will require Canada's oil industry to invest more than C$100 billion ($72.5 billion), the chief executive officer of Imperial Oil Ltd. says, Bloomberg is reporting Thursday.Industry will need to invest capital in growing production to fill the new line, make shipping commitments, as well as invest in a carbon capture project mandated by the federal government, John Whelan said at the Energy Roundtable conference in Calgary. The total cost is "north of a hundred billion dollars that we will need to attract to this industry," he said. "Now I think we can do that, but that's kind of scale of what we're talking about."Thursday's report noted Alberta Premier Danielle Smith proposed a new pipeline to the west coast as part of her goal to eventually double oil production in the province. Canadian Prime Minister Mark Carney has pledged to back the new pipeline in exchange for a series of measures including a higher industrial carbon tax and the deployment of a long-planned carbon capture project in the oil sands, called Pathways, to reduce emissions, it also noted.Alberta plans to roll out details of the new pipeline, including the planned route to the coast, by July for federal approval by October, the report says. But Alberta's preferred northwest route faces stiff pushback from Indigenous groups in BC as well as the province's Premier David Eby. The project may also require a lifting of a moratorium on oil tankers if the pipeline goes to the northern BC coast, which Smith wants, it adds.Construction could start late next year, the government has said.(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 Stocks Advance Premarket Thursday

Energy stocks were advancing premarket Thursday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.9% higher.The United States Oil Fund (USO) was up 1.7% and The United States Natural Gas Fund (UNG) was 0.4% higher.Front-month US West Texas Intermediate crude oil was 2.1% higher at $90.56 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 1.6% to $95.84 per barrel, and natural gas futures were up 5% at $3.04 per 1 million British Thermal Units.TotalEnergies (TTE) and Stellantis (STLA) have renewed and expanded their partnership in Europe to develop and deliver engine oils and lubricants, the companies said. Shares of TotalEnergies were up 2% pre-bell.Baker Hughes (BKR) has secured multiyear contract extensions with Equinor (EQNR) for drilling, well services and wireline intervention in the North Sea. Equinor stock was up more than 1% premarket.Borr Drilling (BORR) stock was up more than 4% after the company priced an upsized $2.04 billion senior secured notes offering and simultaneously expanded a tender offer for its outstanding 10.375% senior secured notes due 2030.

Exchange-Traded Funds, Equity Futures Lower Pre-Bell Thursday Amid New US Attacks on Iran

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.04% and the actively traded Invesco QQQ Trust (QQQ) was 0.1% lower in Thursday's premarket activity as new US attacks on Iran led to rising oil prices.US stock futures were also lower, with S&P 500 Index futures down 0.2%, Dow Jones Industrial Average futures slipping 0.2%, and Nasdaq futures retreating 0.4% before the start of regular trading.US initial jobless claims rose to a level of 215,000 in the week ended May 23 from an upwardly revised 210,000 level in the previous week, compared with expectations for a level of 211,000 in survey of analysts compiled by Bloomberg.New orders for US durable goods rose by 7.9% in April following a smaller increase of 1.3% in March, well above the expectations for a 4.0% increase in a survey compiled by Bloomberg.The new-home sales data for April will be released at 10 am ET, followed by the weekly natural gas stocks at 10:30 am ET.The weekly petroleum stocks data posts at 12 pm ET.New York Federal Reserve President John Williams and St. Louis Fed President Alberto Musalem are slated to speak on Thursday.In premarket activity, bitcoin was down by 2.2%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 2.1% lower, Ether ETF (EETH) retreated by 3.5%, and Bitcoin & Ether Market Cap Weight ETF (BETH) declined by 1.1%.Power Play:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 0.5%, and the iShares US Technology ETF (IYW) was 0.4% lower, while the iShares Expanded Tech Sector ETF (IGM) was down 0.7%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) declined by 0.9%, while the iShares Semiconductor ETF (SOXX) lost 1%.Snowflake (SNOW) shares were up more than 38% in Thursday's premarket activity after the company lifted its full-year product revenue outlook and agreed to a $6 billion infrastructure spending deal with Amazon's (AMZN) Amazon Web Services.Winners and Losers:EnergyThe iShares US Energy ETF (IYE) gained 0.3%, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 1%.Borr Drilling (BORR) stock was up more than 5% before the opening bell after the company priced an upsized $2.04 billion senior secured notes offering and simultaneously expanded a tender offer for its outstanding 10.375% senior secured notes due 2030.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.3%, and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) gained 0.1%. The iShares US Consumer Staples ETF (IYK) was 0.8% lower. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.5%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was 0.8% higher.Burlington Stores (BURL) shares were down more than 2% pre-bell even after the company posted higher fiscal Q1 adjusted earnings and revenue.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated 0.5%, while the Vanguard Industrials Index Fund (VIS) was flat and the iShares US Industrials ETF (IYJ) was inactive.American Superconductor (AMSC) stock was down more than 2% before the opening bell after the company provided lower-than-expected fiscal Q1 guidance.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.3%, the Vanguard Health Care Index Fund (VHT) was 1.1% higher, while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) was 0.2% higher.Sanofi (SNY) stock was down more than 1% premarket. The company said it has been granted a US Food and Drug Administration priority review for a new drug application for venglustat for the treatment of type 3 Gaucher disease, a rare disorder.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) declined 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 0.2% higher.Bank of Montreal (BMO) shares were up more than 1% pre-bell after the company reported higher fiscal Q2 adjusted earnings and revenue.CommoditiesFront-month US West Texas Intermediate crude oil advanced by 2.9% to $91.23 per barrel on the New York Mercantile Exchange. Natural gas was up 0.5% at $3.11 per 1 million British Thermal Units. The United States Oil Fund (USO) rose by 1.5%, while the United States Natural Gas Fund (UNG) was 0.2% lower.Gold futures for July retreated by 1.5% to $4,414.10 an ounce on the Comex. Silver futures declined by 2.5% to $73.04 an ounce. SPDR Gold Shares (GLD) was down by 1.1%, and the iShares Silver Trust (SLV) fell by 1.7%.

Oil Rebounds From a Month Low as Iran and the U.S. Trade Strikes, Raising Doubts a Peace Deal is Near

Oil rose off a month low early on Thursday as the United States and Iran traded strikes, a threat to peace talks to end a war that is entering its fourth month and produced the largest-every energy supply shock.West Texas Intermediate crude oil for July delivery was last seen up US$2.78 to US$91.46 per barrel, rising off the lowest since April 20. July Brent oil was up US$2.85 to US$91.46.The rise comes on fresh hostilities in the Persian Gulf. The Wall Street Journal reported U.S. forces attacked a drone-control base in Iran and shot down Iranian drones, while Kuwait intercepted an Iranian missile and Iran attacked commercial shipping in the Persian Gulf.Despite the fighting, the Journal said U.S. officials expect a strained ceasefire between the two countries to stay in place while peace talks in Qatar continue.Oil prices have climbed by half since Iran blockaded the Strait of Homuz on the Feb. 28 start to the war, blocking much of the 20% of daily oil demand supplied by Persian Gulf nations."Brent crude spiked ... after renewed US attacks near the Strait of Hormuz and retaliatory IRGC strikes targeting US bases, underscoring the limited prospect for a near-term peace deal as the US and Iran remained far apart on steps needed to reopen the vital waterway," Saxo Bank noted.Falling U.S. oil inventories are also offering support to oil prices. In its weekly survey, the American Petroleum Institute reported U.S. oil stocks fell by 2.8-million barrels last week, the sixth-straight weekly draw. The Energy Information Administration will release official inventory data later on Thursday.

Crude Oil Prices Jump as Iran Strikes in Retaliation to U.S. Attack

Crude oil prices rose on Thursday following strikes by Iran in retaliation to an earlier U.S. attack, taking focus away from ongoing peace talks.Brent crude at last look gained 1.9% to near US$96.10/barrel and West Texas Intermediate crude was up 2.1% to above $90.50/barrel. This comes after Iran's Revolutionary Guard said they targeted a U.S. airbase in response to the U.S. military's drone operation in the port city of Bandar Abbas, Reuters said in a Thursday report.Both benchmarks previously hit their lowest levels in a month on the possibility of a deal between the U.S. and Iran to end the war and reopen the Strait of Hormuz, the report said."While any faith remains that a deal will be struck, prices will drift until some such time as the depletion in global oil inventories starts to finally bite and once again reminds us of how over a billion barrels of oil is stuck behind the pinch of Hormuz," Reuters quoted PVM Oil Association analyst John Evans saying.

Brent Crude Up Near 2% at About US$96.10

Update: WTI Oil Plunges to a Month Low on Expectations the War on Iran is Nearing an End

West Texas Intermediate (WTI) crude oil plunged 5.6% on Wednesday on expectations the United States and Iran are nearing a deal to reopen the Strait of Hormuz and end the largest-ever energy supply shock.WTI crude oil for July delivery closed down US$5.21 to settle at US$88.68 per barrel, the lowest since April 20, while July Brent oil was last seen down US$5.30 to US$94.28.The drop comes as United States and Iran continue negotiations to end their war and reopen the crucial waterway that is the chokepoint for the 20% of daily oil supply from Persian Gulf nations that has been closed since the Feb. 28 start to the war.Talks between the two countries are continuing in Qatar and U.S. President Trump has repeatedly said a deal is near. Reuters reported Iranian State TV is saying it has seen a draft of "an initial, unofficial framework" for a peace agreement that sees the withdrawal of U.S. forces in the region while Iran and Oman will jointly managing shipping through the Strait.Though oil prices have retreated from April highs above US$110 per barrel, there is little expectations prices will quickly return to pre-war levels as importers look to rebuild inventories."Even if a deal is reached, market normalization is likely to take months, with ongoing demand for replacement barrels and depleted inventories potentially leading to a higher price floor than the one seen before the war," Saxo Bank noted.

July WTI Crude Oil Contract Closes Down US$5.21; Settles at US$88.68 per Barrel

Exchange-Traded Funds, Equity Futures Higher Pre-Bell Amid S&P 500, Nasdaq Rally, Middle East Peace Optimism

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.7%, and the actively traded Invesco QQQ Trust (QQQ) was 1.7% higher in Wednesday's premarket activity amid all-time highs achieved by the S&P 500 and the Nasdaq along with continued optimism for an end to the Middle East conflict.US stock futures were higher, with S&P 500 Index futures up 0.3%, Dow Jones Industrial Average futures advancing 0.3%, and Nasdaq futures gaining 0.7% before the start of regular trading.The Richmond Federal Reserve's manufacturing and business conditions readings for May are due to be released at 10 am ET, followed by the Dallas Fed's non-manufacturing survey for May at 10:30 am ET.Mortgage applications fell by 8.5% in the week ended May 22 as a sharp increase in mortgage rates pushed down refinancing activity and new home applications, according to Mortgage Bankers Association data released Wednesday.In premarket activity, bitcoin was down by 0.1%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.2% higher, Ether ETF (EETH) advanced 2.8%, and Bitcoin & Ether Market Cap Weight ETF (BETH) increased by 0.2%.Power Play:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 1.5%, while the Vanguard Industrials Index Fund (VIS) gained 1.7%, and the iShares US Industrials ETF (IYJ) rose 1.3%.Dycom Industries (DY) stock was up more than 23% before the opening bell after the company reported higher fiscal Q1 adjusted net income and contract revenue.Winners and Losers:FinancialThe State Street Financial Select Sector SPDR ETF (XLF) dropped 0.2%. Direxion Daily Financial Bull 3X Shares (FAS) was down 0.3%, while Direxion Daily Financial Bear 3X Shares (FAZ), was 0.2% higher.Qfin (QFIN) stock was up more than 7% even after the company posted lower Q1 non-GAAP net income and net revenue.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 1.4% and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) dropped by 1.4%. The iShares US Consumer Staples ETF (IYK) retreated by 1.6%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) increased by 0.2%. The VanEck Retail ETF (RTH) was 1.2% lower, while the State Street SPDR S&P Retail ETF (XRT) was 0.5% higher.PDD Holdings (PDD) shares were down more than 7% after the company posted Q1 non-GAAP earnings and revenue that missed analysts' estimates, with non-GAAP EPS declining year over year.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) increased by 2.6%, and the iShares US Technology ETF (IYW) was 2.3% higher, while the iShares Expanded Tech Sector ETF (IGM) was up 2.4%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) gained by 4.7%, while the iShares Semiconductor ETF (SOXX) rose by 6.1%.Micron Technology (MU) shares were up more than 7%, extending gains after the company's market capitalization eclipsed $1 trillion for the first time on Tuesday.EnergyThe iShares US Energy ETF (IYE) was 2.5% lower, while the State Street Energy Select Sector SPDR ETF (XLE) was down by 2.7%.TotalEnergies (TTE) is facing a dispute with Mozambique over about $2 billion in costs tied to delays at its liquefied natural gas project in the country, Bloomberg reported, citing an unnamed person familiar with the matter. Shares of TotalEnergies were down more than 2% pre-bell.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.9%, the Vanguard Health Care Index Fund (VHT) was up 0.7%, while the iShares US Healthcare ETF (IYH) lost by 0.7%. The iShares Biotechnology ETF (IBB) was 0.4% higher.Guardant Health (GH) shares were up more than 5% after the company said its Shield blood test has been included in the American Cancer Society's updated Colorectal Cancer Screening guidelines.CommoditiesFront-month US West Texas Intermediate crude oil fell by 5.6% to $88.54 per barrel on the New York Mercantile Exchange. Natural gas was up 1.8% at $2.95 per 1 million British Thermal Units. The United States Oil Fund (USO) retreated by 2.7%, while the United States Natural Gas Fund (UNG) was 0.3% lower.Gold futures for August retreated by 1.6% to $4,461.50 an ounce on the Comex. Silver futures fell by 2.9% to $74.35 an ounce. SPDR Gold Shares (GLD) was up by 0.04%, and the iShares Silver Trust (SLV) rose by 2%.

Sector Update: Energy Stocks Decline Premarket Wednesday

Energy stocks were declining premarket Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) 1.6% lower.The United States Oil Fund (USO) was down 4.4% and the United States Natural Gas Fund (UNG) was 1.7% higher.Front-month US West Texas Intermediate crude oil was 5.1% lower at $89.13 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 4.2% to $95.41 per barrel, and natural gas futures were up 1.2% at $2.93 per 1 million British Thermal Units.TotalEnergies (TTE) is facing a dispute with Mozambique over about $2 billion in costs tied to delays at its liquefied natural gas project in the country, Bloomberg reported, citing an unnamed person familiar with the matter. Shares of TotalEnergies were down more than 2% pre-bell.BP (BP) removed Chairman Albert Manifold, citing governance and oversight concerns, though Manifold rejected the company's account and said his dismissal came without explanation, Bloomberg reported, citing unnamed people familiar with the matter. BP stock was down more than 2% premarket.Gran Tierra Energy (GTE) said it has finalized all conditions tied to its previously announced agreement with Ecopetrol (EC) to acquire a 49% working interest in Colombia's Tisquirama block, expanding its footprint in the Middle Magdalena Valley Basin. Ecopetrol shares were nearly 2% lower pre-bell.

Oil Trading at a Month Low on Expectations the War on Iran is Nearing an End

Oil traded lower for a second session early on Wednesday on expectations the United States and Iran will reach a deal to reopen the Strait of Hormuz and end the largest-ever energy supply shock.West Texas Intermediate crude oil for July delivery was last seen down US$3.29 to US$90.60 per barrel, the lowest since April 20, while July Brent oil was down US$2.66 to US$96.92.The drop comes as United States and Iran continue negotiations to end their war and reopen the crucial waterway that is the chokepoint for the 20% of daily oil supply from Persian Gulf nations that has been closed since the Feb. 28 start to the war.Talks between the two countries are continuing in Qatar. While U.S. President Trump has repeatedly said a deal is near, The Guardian reported Iran is unwilling to agree to a deal that does not meet all its conditions. The paper said Iran has also launched talks with Oman on future regulations for ships transiting the Strait, which had been an international waterway prior to Iran's blockade.Though oil prices have retreated from April highs above US$110 per barrel, there is little expectations prices will quickly return to pre-war levels as importers look to rebuild inventories."Even if a deal is reached, market normalization is likely to take months, with ongoing demand for replacement barrels and depleted inventories potentially leading to a higher price floor than the one seen before the war," Saxo Bank noted.