Commodities Update: Gold & Oil Jump (USO, UNG, GLD, SLV, CHK, GRH)

Commodities were trading with modest gain on Friday as consumer sentiment improved in the latest month. However, still commodities are on the way to post weekly losses.The final reading of the University of Michigan-Thomson Reuters consumer sentiment index climbed to 79.3 in May - the highest level since October 2007 - from 76.4 in April, according to Friday reports. Economists polled by MarketWatch had expected a final May reading of 77.8 - matching the preliminary estimate. The index averaged about 87 in the year before the recession.
The ICE dollar index, which measures the greenback’s performance against a basket of six other currencies, rose to 82.41, from 83.342 in North American trade Thursday, its highest level since 2010.

Crude for July delivery added +0.25% to $90.91 a barrel on the New York Mercantile Exchange. It had wavered between gains and losses earlier. Earlier it traded as high as $91.32 a barrel.Gasoline and heating oil for June delivery gained, with gasoline turning higher. Gasoline added +0.14%   to $2.88 per gallon. Heating oil rose +0.26% to $2.83 per gallon.June natural gas slumped -3.82% to $2.55 per million British thermal units.
Gold futures for June delivery climbed 0.58% to $1,566.20 an ounce on the Comex division of the New York Mercantile Exchange.As for other precious metals, Silver for July delivery rose +0.40% to $28.27 an ounce. July platinum added +0.29% to $1,426.50 an ounce.Among the industrial metals, June palladium surged +0.62% to $590.75 an ounce. Copper for July delivery added +0.70% to $3.45 a pound.

United States Oil Fund LP (ETF)(NYSEARCA:USO) was down 0.02 (-0.06%) at $34.24, SPDR Gold Trust (ETF)(NYSEARCA:GLD) rose 0.65 (0.43%) to $152.06, iShares Silver Trust (ETF)(NYSEARCA:SLV) rose 0.02 (0.07%) to $27.46 and United States Natural Gas Fund, LP(NYSEARCA:UNG) fell 0.77 (-4.09%) to $18.05.
GreenHunter Energy, Inc.(NYSEAMEX:GRH) added 2.11% to $1.94 after announcing an enhanced Eagle Ford presence through the development of seven new salt water disposal wells, says it has expanded its Appalachian equipment assets to service oil and gas operators active in the Marcellus and Utica shale plays.
Chesapeake Energy Corporation(NYSE:CHK) soared 3.50% on news of Carl Icahn's bet on the company, but Antoine Gara reminds that the Icahn rumors aren't a reason for investors to start buying. With or without Icahn, asset sales are the make or break issue as CHK tries to bridge a big funding gap. Also worth noting: The last time Icahn held a big CHK stake, he was in and out with barely a ripple.