United States Oil Fund

Sector Update: Energy Stocks Advance Premarket Friday

Energy stocks were advancing premarket Friday, with the State Street Energy Select Sector SPDR ETF (XLE) up 0.4%.The United States Oil Fund (USO) was down 1.4% and The United States Natural Gas Fund (UNG) was 1.5% lower.Front-month US West Texas Intermediate crude oil was 0.3% higher at $96.66 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil gained 0.9% to reach $103.49 per barrel, and natural gas futures were down 2.3% at $2.95 per 1 million British Thermal Units.TotalEnergies (TTE) is considering selling a 50% stake in a portfolio of European renewable energy assets, Bloomberg reported Friday, citing unnamed people familiar with the matter. TotalEnergies shares were down nearly 2% pre-bell.EU antitrust regulators will decide by June 26 whether to approve or further investigate Baker Hughes' (BKR) proposed $13.60 billion acquisition of Chart Industries (GTLS), Reuters reported, citing European Commission filing. Baker Hughes stock was 0.1% lower premarket.Frontline (FRO) shares were down 0.7% even after the company posted higher Q1 adjusted earnings and revenue.

Exchange-Traded Funds, Equity Futures Higher Pre-Bell Friday Buoyed by Robust Corporate Earnings Season

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.5% and the actively traded Invesco QQQ Trust (QQQ) was 0.4% higher in Friday's premarket activity, buoyed by a robust corporate earnings season.US stock futures were also higher, with S&P 500 Index futures up 0.2%, Dow Jones Industrial Average futures advancing 0.4%, and Nasdaq futures gaining 0.2% before the start of regular trading.The final University of Michigan consumer sentiment reading for May and the leading indicators data for April will be released at 10 am ET.Kansas City Fed's services reading for May is slated for an 11 am ET release.Federal Reserve Governor Christopher Waller speaks on Friday.In premarket activity, bitcoin was down by 0.4%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.5% lower, Ether ETF (EETH) retreated by 0.7%, and Bitcoin & Ether Market Cap Weight ETF (BETH) declined by 0.03%.Power Play:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) advanced by 0.4%, and the iShares US Technology ETF (IYW) was 0.7% higher, while the iShares Expanded Tech Sector ETF (IGM) was up 0.5%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) increased by 0.5%, while the iShares Semiconductor ETF (SOXX) rose by 0.7%.Workday (WDAY) shares were up more than 7% in premarket activity after the company's fiscal Q1 results overnight surpassed market expectations.Winners and Losers:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.2%, while the Vanguard Industrials Index Fund (VIS) and the iShares US Industrials ETF (IYJ) were flat.Rocket Lab (RKLB) stock was up more than 2% before the opening bell after the company received a $90 million US Space Force contract to design, build, and operate two satellites hosting the Heimdall space domain awareness payload.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.3%, the Vanguard Health Care Index Fund (VHT) was down 0.1%, while the iShares US Healthcare ETF (IYH) was flat. The iShares Biotechnology ETF (IBB) was 0.1% lower.Novo Nordisk (NVO) stock was down more than 1% premarket, after an almost similar fall in the previous session. The European Medicines Agency said it has recommended extending Wegovy's marketing authorization to include its oral formulation for weight management.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.2%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.4%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.5% lower.UBS (UBS) shares were down more than 1% pre-bell. The company said Thursday it expects the voluntary review of Credit Suisse's World War II operations to conclude by the end of the year.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 0.5%. The iShares US Consumer Staples ETF (IYK) was down 0.2%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) advanced by 0.1%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) increased 0.4%.Yum China Holdings (YUMC) shares were down more than 1% pre-bell, continuing from a 1.3% decline at the prior close. The company said its KFC light-meal business, KPRO, now operates more than 300 sites in China.EnergyThe iShares US Energy ETF (IYE) was inactive, while the State Street Energy Select Sector SPDR ETF (XLE) was down by 0.2%.TotalEnergies (TTE) stock was down more than 1% before the opening bell after Bloomberg reported the company is considering selling a 50% stake in a portfolio of European renewable energy assets.CommoditiesFront-month US West Texas Intermediate crude oil advanced by 1.2% to $97.49 per barrel on the New York Mercantile Exchange. Natural gas was down 1.2% at $2.98 per 1 million British Thermal Units. The United States Oil Fund (USO) retreated by 0.7%, while the United States Natural Gas Fund (UNG) was 0.9% lower.Gold futures for May retreated by 0.5% to $4,521.20 an ounce on the Comex. Silver futures declined by 0.8% to $76.09 an ounce. SPDR Gold Shares (GLD) was down by 0.4%, and the iShares Silver Trust (SLV) fell by 1.3%.

Oil Trading Higher as Hopes for a Diplomatic Agreement to End the War on Iran Fade

Oil traded higher early Friday on fading hopes for a quick peace deal between the United States and Iran. West Texas Intermediate crude oil for July delivery was last seen up $1.32 to US$97.67 per barrel, while July Brent oil was up $210 to US$104.88.The rise comes as prospects for a speedy end to the war on Iran fade, though the two sides continue indirect negotiations after the U.S. this week offered Iran a new peace plan. However, a key U.S. demand calling for Iran to surrender its nuclear stockpiles has been rejected by Supreme Leader Mojtaba Khamenei and the Strait of Hormuz, remains blocked, keeping much of the 20% of daily oil demand produced by Persian Gulf nations off the market."Hopes for a diplomatic resolution to the Iran conflict supported markets, with Tehran saying the latest proposal from Washington had helped narrow differences between the two sides. However, major hurdles remain, with the US demanding that Iran hand over its enriched uranium stockpile and commit to ending uranium enrichment, terms Iranian leaders have publicly resisted," Saxo Bank wrote.The supply shock that followed the end of the war has raised oil prices by more than half on an undersupplied market. But demand is set to climb with the start of the U.S. summer driving season which begins with this weekend's Memorial Day holiday.The Guardian reported Fatih Birol, executive director of the International Energy Agency, on Thursday warned the start of the travel season could push oil prices into a "red zone" as inventories continue to deplete, while demand is set to rise amid the travel season. He also said production from the Persian Gulf is likely to take a year to recover from the damage caused by the war.

Brent Crude Up 2.7% at Near US$105.30 and NY Crude Up 2.15% at About US$98.45

Crude Oil Prices Surge on Fading Hopes of a Peace Deal Between U.S., Iran

Crude oil prices jumped on Friday after sustaining losses during the week on diminishing confidence in a breakthrough in peace talks between the U.S. and Iran.Brent crude at last look surged 3.3% to US$105.93/barrel and West Texas Intermediate crude rose 2.7% to $98.92/barrel. Prices are on track for a weekly loss as the market continued to assess a potential peace deal, Reuters said in a Friday report.The countries, however, are still divided on Tehran's uranium stockpile and controls on the Strait of Hormuz, the report said. With the strait effectively closed, global oil inventories are dropping, analysts said in the report."The optimism of a relatively imminent truce and bearish rhetoric whenever Brent approaches $110 prevents oil prices from rallying significantly higher," Reuters quoted PVM Oil Associates analyst Tamas Varga as saying.

Update: WTI Oil Falls Again as Iran is Reportedly Refusing to Surrender Its Uranium Stocks

West Texas Intermediate (WTI) crude oil fell for a third day on Thursday 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.WTI crude oil for July delivery closed down US$1.91 to settle at US$96.35 per barrel, while July Brent oil was last seen down US$1.54 to US$103.48.The drop comes a day after the United States 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.

July WTI Crude Oil Contract Closes Down US$1.91; Settles at US$96.35 per Barrel

Sector Update: Energy Stocks Advance Pre-Bell Thursday

Energy stocks were advancing pre-bell Thursday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.8% higher.The United States Oil Fund (USO) was up 3.4% and The United States Natural Gas Fund (UNG) was 0.4% higher.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 rose 2.5% to $107.65 per barrel, and natural gas futures were up 1.5% at $3.05 per 1 million British Thermal Units.Shell (SHEL), BP (BP), PT Perusahaan Gas Negara, and PT PLN Energi Primer Indonesia signed agreements with Japan's Inpex for liquified natural gas offtake from the Abadi LNG Project at the Masela Block in offshore Indonesia, Inpex said. Shares of Shell and BP were up more than 1% premarket.Equinor (EQNR) and BP joint venture Aker BP have agreed on several transactions to support production across their portfolio on the Norwegian Continental Shelf, the companies said. Equinor shares were up more than 2% pre-bell.Borr Drilling (BORR) stock was down more than 6% after the company reported a wider Q1 net loss.

Exchange-Traded Funds, Equity Futures Lower Pre-Bell Thursday 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 0.6% lower in Thursday's premarket activity amid increasing uncertainty about the progress of any talks between the US and Iran.US stock futures were also lower, with S&P 500 Index futures down 0.3%, Dow Jones Industrial Average futures slipping 0.2%, and Nasdaq futures retreating 0.5% before the start of regular trading.US initial jobless claims fell to a level of 209,000 in the employment survey week ended May 16 from an upwardly revised 212,000 level in the previous week, compared with expectations for a smaller decrease to 210,000 in survey of analysts compiled by Bloomberg as of 7:30 am ET.April housing starts fell by 2.8% from the previous month to a 1.465 million annual rate, compared with expectations compiled by Bloomberg as of 7:30 am ET for a 1.410 million rate after an increase to a 1.507 million pace in March.April housing starts fell by 2.8% from the previous month to a 1.465 million annual rate, compared with expectations compiled by Bloomberg as of 7:30 am ET for a 1.410 million rate after an increase to a 1.507 million pace in March.The Philadelphia Federal Reserve's monthly manufacturing index fell to minus 0.4 in May after rising to 26.7 in April, compared with expectations for a smaller decrease to a reading of 17.8 in a survey compiled by Bloomberg.Traders will be looking ahead to the S&P global flash estimates of May manufacturing and services conditions, which are slated for a 9:45 am ET release, followed by weekly natural gas stocks at 10:30 am ET.The Kansas City Fed's manufacturing index for May will be released at 11 am ET.Richmond Fed President Tom Barkin is due to speak on Thursday.In premarket activity, bitcoin was down by 0.5%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.5% lower, Ether ETF (EETH) declined 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 0.3%, the Vanguard Health Care Index Fund (VHT) retreated by 0.6%, while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) was flat.Nanobiotix (NBTX) stock was down more than 7% premarket after the company said it launched a global follow-on offering of 75 million euros ($87.2 million).Winners and Losers:EnergyThe iShares US Energy ETF (IYE) gained 0.2%, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 0.5%.Borr Drilling (BORR) stock was down more than 7% before the opening bell after the company reported a wider Q1 net loss.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) retreated by 0.3%. Direxion Daily Financial Bull 3X Shares (FAS) was down 0.8%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was up 1%.Hyperliquid Strategies (PURR) shares were up more than 6% pre-bell a day after Chardan raised its price target for the company's stock to $9.75 from $8.45.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated by 0.1%, while the Vanguard Industrials Index Fund (VIS) and the iShares US Industrials ETF (IYJ) were inactive.Deere (DE) stock was down more than 3% before the opening bell after the company reported lower fiscal Q2 earnings.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.8%, and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) retreated 0.6%. The iShares US Consumer Staples ETF (IYK) was 3.5% higher. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.2%. The VanEck Retail ETF (RTH) decreased by 0.2%, while the State Street SPDR S&P Retail ETF (XRT) declined by 0.4%.Kroger (KR) shares were down more than 3% pre-bell after closing the prior session with a 2.7% fall. Chief Executive Officer Greg Foran is looking to implement substantial price cuts to keep the company competitive, Bloomberg reported Thursday, citing an interview with the CEO.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 0.4%, and the iShares US Technology ETF (IYW) was 0.7% lower, while the iShares Expanded Tech Sector ETF (IGM) was up 0.01%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) was down 04%, while the iShares Semiconductor ETF (SOXX) fell by 0.6%.AMD (AMD) shares were down more than 2% in premarket activity after closing the previous day with a 8% rise. The company said it plans to invest more than $10 billion in Taiwan's artificial intelligence ecosystem and is ramping production of its new EPYC processor in Taiwan using Taiwan Semiconductor Manufacturing's (TSM) 2-nanometer process technology.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 up 0.8% at $3.03 per 1 million British Thermal Units. The United States Oil Fund (USO) increased by 2.7%, while the United States Natural Gas Fund (UNG) was 0.7% lower.Gold futures for May retreated by 0.4% to $4,517.40 an ounce on the Comex. Silver futures declined by 1.1% to $75.36 an ounce. SPDR Gold Shares (GLD) was down by 0.9%, and the iShares Silver Trust (SLV) fell by 1.6%.

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