Oil at $94 a barrel, Gold falls Below $1500 an Ounce (USO, UNG, GLD, SLV, PETD, BHP)

Commodities continued to be under selling pressure on the first day of the week as investors worried about Greece's potential exit from the euro zone and rising Spanish and Italian bond yields.Greek anti-bailout party Syriza said over the weekend it would not take part in a coalition government to help put austerity measures in place. If President Karolos Papoulias can’t put a coalition together by Thursday, new elections will be held in June, and concerns that Greece could exit the euro zone are building.
Also, Spain’s new requirements that banks increase the amount of money they set aside to cover potentially bad real-estate loans. And a decline in industrial output affirmed that the 17-nation euro zone has returned to recession.

Crude for June delivery slumped $2 or 2%, to trade at $94.15 a barrel on the New York Mercantile Exchange.
Among other energy futures, June heating oil fell 1.31% to $2.93 a gallon. June gasoline declined 1.48%   to $2.96 a gallon. Copper for July delivery slid -2.41% to $3.55 a pound. July silver plunged 2.01% to $28.30 an ounce. July platinum lost -1.57% to $1,447 an ounce, while the June contract for sister metal palladium slid 0.86% to $598.50 an ounce.Gold for June delivery lost 1.47% to $1,560.10 an ounce on the Comex division of the New York Mercantile Exchange, trading at their lowest since late December.
United States Oil Fund LP (ETF)(NYSEARCA:USO) was down 0.49 (-1.35%) at $35.77, SPDR Gold Trust (ETF)(NYSEARCA:GLD) fell 1.68 (-1.09%) to $151.89, iShares Silver Trust (ETF)(NYSEARCA:SLV) slumped 0.46 (-1.64%)to $27.62 and United States Natural Gas Fund, LP(NYSEARCA:UNG) was down 0.41 (-2.29%) to $17.51.

Petroleum Development Corporation(NASDAQ:PETD) fell over 5% After the company agrees to pay ~$331M to acquire liquids-rich assets in Colorado’s Wattenberg oil and gas field from an undisclosed seller, boosting its holdings there by nearly 50%. Assets include ~35K net acres for development, where current net production is ~2,800 boe/day. Separately, the company files to sell 6.5M shares of common stock.
BHP Billiton Limited (ADR)(NYSE:BHP) was down 1.60% as it leaves the door open to the possibility of a writedown on its U.S. shale gas assets, saying it will decide the issue by the end of its fiscal year on June 30. BHP bought the 1.6M-acre Fayetteville and Petrohawk shale gas assets last year for a combined  $17B billion, but shale gas prices have been cut in half since the acquisitions.