Commodities Jumped On ISM, Crude Leads (USO, UNG, SLV, GLD, CHK, APC)

Commodities resumed its uptrend on Tuesday after Growth among U.S. manufacturers expanded in April at the fastest pace in 10 months.The Institute for Supply Management said Tuesday its survey of senior executives in the manufacturing sector climbed up to 54.8% from 53.4% in March, the highest reading since June 2011. Economists were expecting April index to fall slightly, to 53.3%.

The new-orders index, an indication of future demand, jumped to 58.2% from 54.5% in March. The production index also rose, up 2.7 percentage points to 61.0%.In the energy pack, Crude for June delivery soared $1.20, or 1.1%, to $105.99 a barrel on the New York Mercantile Exchange.The product for June delivery jumped 2.32% to $2.34 per million British thermal units. The rally came on the heels of a government estimate pegging lower natural-gas production in the lower 48 states.

June gasoline fell 2 cents, or 0.6%, to $3.11 per gallon. Heating oil for the same month was flat at $3.18 per gallon.
In the metal space, Gold for June delivery was almost flat at $1,664.90 an ounce on the Comex division of the New York Mercantile Exchange.Copper traded weaker on the Chinese data, but rebounded and added to gains after the ISM index. July copper rose 1 cent, or 0.4%, to $3.84 a pound. Silver for July delivery climbed 19 cents, or 0.6%, to $31.22 an ounce.July platinum added $2.60, or 0.2%, to $1,574.50 an ounce.Palladium for June delivery was flat at $623.25 an ounce.

United States Oil Fund LP (ETF)(NYSEARCA:USO) was up 0.45 (1.13%) at $40.13, SPDR Gold Trust (ETF)(NYSEARCA:GLD) fell 0.35 (-0.22%)to $161.53, iShares Silver Trust (ETF)(NYSEARCA:SLV) rose 0.16 (0.53%) to $30.27 and United States Natural Gas Fund, LP(NYSEARCA:UNG) added 0.35 (2.13%)to $15.77.
Chesapeake Energy Corporation(NYSE:CHK) share soared 8% to $19.85 after disclosing yesterday the IRS is reviewing the controversial perk that allowed CEO Aubrey McClendon to buy a small stake in every oil or gas well the company drills. Chesapeake believes resolving the matter won't have a material impact on the company.
Anadarko Petroleum Corporation(NYSE:APC) added 3.50% after the company reported a sharp jump in its first-quarter profit mainly driven by an one time settlement of a tax dispute gain $1.8 billion with Algeria.The company said that it earned $2.16 billion, or $4.28 per share, in the first three months of the year in comparison with the net income of $216 million, or 43 cents a share, a year ago.