Commodities Showing Early Strength (USO, UNG, GLD, SLV, CLR, TDW, GDP)

 
 Commodities are showing buying action in early on Monday after posting heavy selling in the past two weeks in the wake of ongoing geopolitical turmoil in Greece, which has reduced the risk appetite significantly.Gold for June delivery was trading almost at $1,593.10 an ounce on the Comex division of the New York Mercantile Exchange. July silver lost -1.22% to $28.38 an ounce. Copper for the same month’s delivery rose +0.87% to at $3.50 per pound.July platinum gained +0.20% to $1,462 an ounce, while June rose +1.50% to $611 an ounce.On the other hand, Crude for June delivery, which had been struggling over the past few trading sessions, gained 0.80% to $92.22 a barrel on the New York Mercantile Exchange. Oil ended lower for the sixth straight session on Friday and made 7-month low.


Today’s rise came as equities opened higher on value buying after posting its weakest weak of the yuear last week.
During a conference of the Group of Eight developed nations over the weekend, leaders referred to the threat of oil disruptions and the likelihood of increased demand for crude.Also over the weekend, Enterprise Products Partners and Enbridge announced the reversed Seaway pipeline began accepting crude from Cushing, Okla., the delivery point of Nymex oil, to the U.S. Gulf Coast.The June contracts for gasoline added +1.16% to $2.92 a gallon and heating oil gained +1.15%  , to $2.87 a gallon.Natural gas for June delivery slumped 3.20%, to $2.65 per million British thermal units.
The dollar index, which measures the U.S. unit against a basket of six currencies, fell to 81.21, from 81.278 in North American trade late Friday.

United States Oil Fund LP (ETF)(NYSEARCA:USO) was up 0.40 (1.16%) at $34.83, SPDR Gold Trust (ETF)(NYSEARCA:GLD) fell 0.33 (-0.21%) to $154.22, iShares Silver Trust (ETF)(NYSEARCA:SLV) lost 0.39 (-1.40%) to $27.40 and United States Natural Gas Fund, LP(NYSEARCA:UNG) slumped 0.47 (-2.42%) to $18.96.
Continental Resources, Inc.(NYSE:CLR) jumped 4.84% to $74.76 p on news that CEO Harold Hamm bought 100K shares of the company on May 16 at $71-$72.50, worth ~$7.2M. Following the purchases, Hamm holds an aggregate of more than 123M shares directly.