Crude Extends Fall, Gold Flat (USO, GLD, SLV, UNG

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Commodities continued to trade lower on Thursday as the dollar continued to new multi-year high against the major currencies. Crude oil futures for July month slumped $1.44, or 1.6%, to $86.37 a barrel, off session high of $88.50.The U.S. Energy Information Administration reported a 2.2 million barrel rise in U.S. crude supplies for the week ended May 25. Motor gasoline supplies, however, fell by 800,000 barrels, while distillate stocks dropped 1.7 million barrels in the latest week, the EIA report said.

Analysts polled by Platts expected a climb of 100,000 barrels in crude supplies. They also forecasted unchanged inventories of gasoline and a rise of 150,000 barrels in distillate stocks. The American Petroleum Institute late Wednesday reported a 353,000-barrel fall in crude supplies.The pace of hiring in private jobs is slowing down, according to an employment report released Thursday by payrolls-processor Automatic Data Processing Inc.
So far in the second quarter, the average monthly gain for private-sector payrolls is 123,000, compared with a pace of more than 200,000 seen for the U.S. economy in the first quarter, according to ADP.
The nation’s private-sector payrolls increased by 133,000 in May, led by small businesses and the service-providing sector. The April level was revised to growth of 113,000 from a prior estimate of 119,000.
Gold for August delivery was up $6.40, or 0.2%, to $1,568.60 an ounce on the Comex division of the New York Mercantile Exchange.In other metals trading, July silver futures fell -0.55% $27.82 an ounce and July copper lost -1.03% to $3.36 a pound. July platinum added +0.24% to $1,403.90 an ounce

Elsewhere in the energy complex, the June gasoline lost -1.31% at $2.82 per gallon, while the heating-oil fell -1.08% at $2.71 per gallon. July natural-gas futures was up +1.08% at $2.44 per million British thermal units.
The ICE dollar index, a measure of the greenback’s performance against a basket of six other major currencies, stood at 82.99, up a bit from 83.053 in North American trade Wednesday.
United States Oil Fund LP (ETF)(NYSEARCA:USO) was down 0.35 (-1.06%) at $32.67, SPDR Gold Trust (ETF)(NYSEARCA:GLD) rose 0.19 (0.13%) to $152.07, iShares Silver Trust (ETF)(NYSEARCA:SLV) lost 0.07 (-0.26%) to $27.05 and United States Natural Gas Fund, LP(NYSEARCA:UNG) rose 0.10 (0.59%) to $17.01.