Wednesday, June 13, 2012

Commodities Range Bound Trading, Oil Down (USO, UNG, GLD, SLV, GEVO, CIE)

Commodities were mostly trading flat on Wednesday with crude oil turned lower after reporting a broad decline in petroleum supplies for the week ended June 8.
July crude fell -0.05% to $83.29 a barrel. It was trading around $83.12, down 20 cents, shortly before the data release. Crude supplies fell by 200,000 barrels, while motor gasoline supplies declined by 1.7 million barrels and distillate stocks shed 100,000 barrels in the latest week, the EIA report said. Analysts polled by Platts expected a 2 million-barrel decline in crude-oil supplies for last week. They also forecast an increase of 1 million barrels each for inventories of gasoline and distillate. The American Petroleum Institute late Tuesday reported a 1.6 million-barrel rise in crude supplies.

Lower costs energy and food pulled the U.S. producer price index down 1.0% in May, the Labor Department reported Wednesday, in the biggest one-month drop in close to three years. The results were close to economist expectations. Analysts surveyed by MarketWatch had predicted a fall of 0.9% for the month.Gold futures headed higher Wednesday, ready to post a fourth-straight session gain, finding support after news that U.S. retail sales fell and producer prices saw their biggest one-month drop in almost three years in May.Gold for August rose +0.47% to trade at $1,621.30 an ounce on the Comex division of the New York Stock Exchange. silver for July fell -0.15% at $28.90 an ounce after posting a 1.2% rise in the previous session. Rounding out action among the major metals, July platinum surged +0.85%   traded at $1,467 while September palladium lost $2.90, or 0.5%, to $621.35 an ounce. July copper fell less than 1 cent, or 0.2%, to $3.33 a pound.

United States Oil Fund LP (ETF)(NYSEARCA:USO) was down 0.23 (-0.72%) at $31.18, SPDR Gold Trust (ETF)(NYSEARCA:GLD) rose 0.24 (0.15%) to $156.69, iShares Silver Trust (ETF)(NYSEARCA:SLV) fell 0.11 (-0.39%) to $28.01 and United States Natural Gas Fund, LP(NYSEARCA:UNG) climbed 0.01 (-0.07%) to $15.38.
Gevo, Inc.(NASDAQ:GEVO) rose 1.24% after the company said a U.S. District Court judge issued a temporary order allowing the renewable chemicals and biofuels company to continue the startup of its Luverne Plant, the world's first commercial biobased isobutanol production plant, as planned.
Cobalt International Energy, Inc.(NYSE:CIE) slid 4.34% after the company's update on its drilling operations in the Gulf of Mexico and West Africa shows its well on Canyon Block 814 in the Gulf did not encounter commercial hydrocarbons, and operations are underway to plug and abandon the wellbore


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