Commodities Extends Slide, But Off Session Lows (USO, UNG, GLD, SLV, WTI, TTI)

Commodities continued to fall on Wednesday amid worries about Europe’s political future and global growth.
Crude oil for June delivery fell .85%, to $96.21 a barrel on the New York Mercantile Exchange, following losses of 1% on Tuesday. It has lost over 2% this week so far.

This morning, The Energy Information Administration reported crude inventories rising 3.7 million barrels, compared to expectations of an increase of 2.2 million, according to Platts, but less drastic than the increase a trade group reported late Tuesday.The EIA also reported gasoline supplies down 2.6 million barrels, and inventories of distillates down 3.3 million barrels. The analysts polled by Platts had forecast gasoline inventories down 600,000 barrels and unchanged supplies for distillates, which include heating oil.

Meanwhile, June gasoline was trading flat at $2.99 a gallon, while June heating oil fell 0.30%, to $2.98.
June natural gas bucked the downward trend, rose 9 cents, or 3.80%, to $2.48 per million British thermal units.
On the other hand, Gold for June delivery slid another 0.65%, to $1,593.80 on the Comex division of the New York Mercantile Exchange, off session low of $1,580. Other metals also fell Wednesday, with silver and palladium showing the sharpest percentage pullbacks.

Silver for July delivery 1.08%, to $29.15 an ounce, July platinum lost 0.62% to $1499 an ounce. June palladium was down 1.30%, to $615 an ounce.

United States Oil Fund LP (ETF)(NYSEARCA:USO) was down 0.52 (-1.41%) at $36.35, SPDR Gold Trust (ETF)(NYSEARCA:GLD) fell 1.47 (-0.94%)to $154.53, iShares Silver Trust (ETF)(NYSEARCA:SLV) slumped 0.42 (-1.46%) to $28.25 and United States Natural Gas Fund, LP(NYSEARCA:UNG) rose 0.29 (1.66%) to $17.79.

W&T Offshore, Inc.(NYSE:WTI) slumped 10.72% after the company reported first-quarter net income of $3.2 million or $0.04 per share, as compared to $18.6 million or $0.25 per share in the same period last year. Adjusted net income was $30.6 million or $0.40 per share. Revenues for the quarter grew to $235.9 million from $210.9 million in the same period last year. Analysts expected earnings of $0.49 per share on revenues of $247.92 million for the quarter.​
Looking forward, the company still expects fiscal 2012 production in the range of 16.9-18.8

TETRA Technologies, Inc.(NYSE:TTI) fell 10.25% after the oil service provider posts lower-than-expected Q1 results, as unfavorable weather in the Gulf of Mexico hurt its offshore business and low natural gas prices affected demand for its U.S. onshore services. Revenues at TTI's key fluids division fell 5%.