Relief Rally For Commodities, Gold Up 2.3% (USO, UNG, GLD, SLV, VALE, IOC)

Commodities rebounded on Thursday with Gold gaining the most after slumping recently on political uncertainty over Greece.Gold for June delivery added $35.40, or 2.3%, to $1,572 an ounce on the Comex division of the New York Mercantile Exchange. Gold was biggest loser and ended at 10-month low on Wednesday.
However, despite today’s respite, analysts are taking cautious approach as nobody knows what will happen in the upcoming elections in Greece, which would decide whether it leaves the euro zone.
In addition, the dollar gained, stretching its longest winning streak in more than two decades, keeping some pressure on gold and other commodities.

July silver rose 2.57% to $27.90 an ounce. Copper for the same month’s delivery fell 0.30% to $3.47 per pound.
In the economic news, Jobless claims were flat at a seasonally adjusted 370,000 in the week ended May 12, the Labor Department said. Initial claims from two weeks ago were revised up to 370,000 from an initial reading of 367,000. Filings for jobless benefits are a rough gauge of whether layoffs are rising or falling. Economists surveyed by MarketWatch had projected claims would fall to 367,000 in the latest week.Also, The Philadelphia Federal Reserve said its manufacturing index sank to -5.8 in May from 8.5 in April, marking the first negative reading since September. Economists polled by MarketWatch were expecting the index to increase to 10.0.

Crude oil bounced back from 6-month lows and was recent up 0.20% at $92.98, off session high of $94 a barrel.
Natural gas for June delivery slumped 3.50% to $2.53 per million British thermal units after the Energy Information Administration reported a rise of 61 billion cubic feet in inventories of the product for the week ended May 11. That contrasted with analyst expectations of an increase between 52 to 56 bcf, according to analysts polled by Platts.
June gasoline was up marginally at $2.92 per gallon, while heating oil for the same month’s delivery fell 0.50% at $2.89 per gallon.

United States Oil Fund LP (ETF)(NYSEARCA:USO) was up 0.15 (0.43%) at $35.20, SPDR Gold Trust (ETF)(NYSEARCA:GLD) rose 3.46 (2.31%) to $152.92, iShares Silver Trust (ETF)(NYSEARCA:SLV) added 0.89 (3.38%) to $27.26 and United States Natural Gas Fund, LP(NYSEARCA:UNG) slumped 0.75 (-3.99%) to $18.07.
Vale (ADR)(NYSE:VALE) has hired Bank of Nova Scotia and Citigroup to sell its Brazilian oil exploration fields, Bloomberg reports. The assets reportedly could fetch as much as $1B. Shares of VALE are down 0.65% to $18.46.
InterOil Corporation (USA)(NYSE:IOC) lost 2.36% to $54.68 as it is looking to sell its Dartmouth Refinery in Nova Scotia or find "other alternatives,” according to CEO Bruce March. Several refineries in eastern North America facing closure on waning demand and mounting competition from newer refineries have enjoyed a reprieve as new owners find strategic fits for the mostly older plants.