Commodities Mostly Up In Mid Day (USO, UNG, GLD, SLV, ARP, CRZO, XOM, RIG)
Crude Oil turned higher in the late morning session after an Obama administration official denied a report that the U.S. and U.K. had agreed to release strategic oil reserves, which was pushing oil lower in the previous trading session.
However, commodities came a slight under pressure on an unexpected fall in U.S. consumer sentiment. The University of Michigan and Thomson Reuters said sentiment fell to 74.3 in a preliminary reading for March from a final level of 75.3 for February.April futures for light, sweet crude was trading higher by 66 cents, or 0.60%, to $105.77, off session high of $ near $106.50. Yesterday crude slipped below $104 mark in the intraday session on reports from Reuters that the United States and Britain had agreed to release oil from their strategic oil reserves, which was found untrue. In other energy space, April heating oil added 4 cents to $3.27 a gallon and April gasoline surged 5 cents to stand at $3.33 a gallon.
April natural gas also rose 4 cents, or 1.9%, to $2.32 per million British thermal units. In the precious metals, Gold for April delivery slid $1.60 to $1,657.90 an ounce on the Comex division of the New York Mercantile Exchange after hitting session low of $1,639.70 earlier. Gold is on the way to post a weekly loss of about 3% as Fed’s comments dampened the expectation of monetary stimulus. Silver for May deliver fell 19 cents to $32.55 an ounce. May copper added 1 cent, or 0.2%, at $3.91 a pound. April platinum fell $5.30 to $1,678.60 an ounce, while June palladium slid $7.90, or 1.11%, to $702 an ounce.
United States Oil Fund LP (ETF)(NYSEARCA:USO) was trading higher by 0.09 (0.22%) at $40.36, United States Natural Gas Fund, LP(NYSEARCA:UNG) 0.45 (2.51%) to $18.40, SPDR Gold Trust (ETF)(NYSEARCA:GLD) fell 0.12 (-0.07%) to $160.95 and iShares Silver Trust (ETF)(NYSEARCA:SLV) added 0.07 (0.22%) to $31.60. Atlas Resource Partners, L.P. C (ARP) shares soared over 25% in the opening session on news that Carrizo Oil & Gas, Inc. NASDAQ:CRZO) would purchase a portion of its properties in the Barnett Shale for about $190 million in cash. Transocean LTD(NYSE:RIG) climbed 4.31% after analyst at Global Hunter upgraded the stock to a Buy rating from Neutral after analysts meet with project managers to take a pulse on the status of the firm's operations. Exxon Mobil Corporation(NYSE:XOM) is up 0.51% at $86.53. The company stops work at a LNG project in Papua New Guinea due to a dispute with locals demanding over compensation over land.
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