Commodities Jumped On value buying (USO, UNG, GLD, SLV, E, KMI)

Commodities jumped on Thursday as buyers came forward after a sharp fall recently as investors sought the dollar as their safe-haven investment on continued concerns Greece may exit the euro zone.Leaders at an informal European Union summit Wednesday voiced support for Greece’s staying in the single-currency zone but announced no measures to combat the euro-zone sovereign debt crisis.Gold for June delivery added +1.23% to $1,567 an ounce on the Comex division of the New York Mercantile Exchange.Other metals futures tracked gold higher, with silver for July delivery rose +2.51% to $28.21 an ounce. July copper rose +1.08% to $3.43 per pound, while July platinum rose to $1,428 an ounce. June palladium rose +0.67% to $595 an ounce.

Natural-gas futures trimmed losses Thursday after a weekly government report on supplies, but the boost was short-lived. Natural gas for June delivery fell -1.21% to trade at $2.70 per million British thermal units.Jobless claims dipped by 2,000 to a seasonally adjusted 370,000 in the week ended May 19, the U.S. Labor Department said Thursday. Claims from two weeks ago were revised up to 372,000 from an original reading of 370,000, based on more complete data collected at the state level.Prices briefly traded in the black, past $2.74, moments before the report, only to fall further after traders parsed the data. The Energy Information Administration reported a rise of 77 billion cubic feet for the week ended May 18. Analysts polled by Platts had expected the report to show an increase between 75 and 79 bcf.Crude for July delivery +1.30% to $91.06 a barrel on the New York Mercantile Exchange. Prices ended 2.1% lower Wednesday, settling at their lowest since October 2011 as turmoil in the euro zone continued to weighed on prospects for future energy demand. The International Energy Agency has said oil markets lack about 300,000 barrels of Iranian oil per day.

United States Oil Fund LP (ETF)(NYSEARCA:USO) was added 0.26 (0.76%) at $34.35, SPDR Gold Trust (ETF)(NYSEARCA:GLD) rose 0.45 (0.30%) to $152.07, iShares Silver Trust (ETF)(NYSEARCA:SLV) declined 0.35 (1.29%) to $27.40 and United States Natural Gas Fund, LP(NYSEARCA:UNG) fell 0.15 (-0.77%) to $19.29.
Kinder Morgan Inc(NYSE:KMI) fell 2% as the company completes its acquisition of El Paso, it now expects to see cost savings of $400M/year from the deal, up from its previous estimates of $350M in savings. KMI also expects to declare dividends of at least $1.40/share for 2012, up from its previous plan of $1.35.
Eni S.p.A. (ADR)(NYSE:E) says it has made a significant oil discovery in Egypt's Western desert, striking more than 250 ft. of net pay at its Emry Deep prospect. Eni plans further appraisal drilling at the find, which it now estimates to hold 150M-250M barrels of oil in place.