Oil Pressure High ( USO,UNG,GLD,SLV,YPF)

Commodities Under Pressure, Crude Plunge over 2% (USO, UNG, GLD, SLV, YPF)

The entire commodities pack is trading sharply lower on Thursday along with a fall in equities with crude oil slumped over 2% for the second consecutive day as Saudi Arabia’s oil minister remarked that his country is able to boost supplies to counter higher oil prices.Crude-oil futures for May fell $2.04, or 1.9%, $103.37 a barrel on the New York Mercantile Exchange after falling 1.8% in the previous session.

This morning, Saudi Arabia’s oil minister Ali al-Naimi wrote in a Financial Times opinion piece on Thursday that the giant oil exporter “would like to see a lower price” and that geopolitical concerns, not inadequate supplies, are helping to keep prices high.Yesterday, crude oil fell after a French official said France, along with the U.S. and U.K., is considering the International Energy Agency about the possibility of releasing oil reserves to curtail price increases.Also, rising dallar kept the oil lower with The dollar index was higher at 79.31.

Natural-gas futures also fell after a U.S. government weekly report showed a higher-than-expected increase in supplies of the product. The Energy Information Administration reported an increase of 57 billion cubic feet in the week ended March 23, compared to analysts’ estimates of a rise of 43 bcf to 47 bcf.
Elsewhere in the energy complex, April gasoline lost 1 cent to $3.42 a gallon. April heating oil fell 3 cents to $3.18 a gallon.May natural-gas futures plunged 12 cents, or 5%, to $2.16 per million British thermal units.

In the metal space, Gold for April delivery slid $12.30 to $1,645.80 an ounce on the Comex division of the New York Stock Exchange. Copper for May delivery lost 2 cents to $3.77 a pound. May silver slid 12 cents, or 0.4%, to $31.72. Palladium for June delivery also fell $4.60, or 0.70%, to $642.75 an ounce. April platinum lost $12.80, or 0.80%, to $1,622.54 an ounce.
United States Oil Fund LP (ETF)(NYSEARCA:USO) was down 0.83 (-2.07%) at $39.36, United States Natural Gas Fund, LP(NYSEARCA:UNG) slumped -0.77 (-4.50%) $16.34. SPDR Gold Trust (ETF)(NYSEARCA:GLD) is down 1.33 (-0.82%)to $160.18, iShares Silver Trust (ETF)(NYSEARCA:SLV) fell over 0.27 (-0.87%) to $30.89.YPF SA (ADR)(NYSE:YPF) shares soared about 5% after After saying just last week it had no interest in nationalizing in the company, the Argentine government reportedly is seeking to control a 33% chunk of the company, thus becoming its largest minority shareholder.