Oil Slumps 3.50%, Gold Up 3% On Safe Haven Buying (USO, UNG, GLD, SLV, CHK, BP, TSO)

Commodities slumped on Friday except Gold which soared over 3% as the latest weak jobs reports raised hopes of fresh monetary easing. Gold also gained momentum on safe haven buying or increase risk aversion.
The U.S. added just 69,000 jobs in May, the smallest net increase in nonfarm payrolls a year, the government reported. Economists surveyed by MarketWatch expected a 165,000 increase. Growth figures in payrolls were also revised lower for April and March.May’s unemployment rate, meanwhile, rose to 8.2% from 8.1%, mainly because more people entered the labor force even as hiring slowed. Read more on the jobs data.
Gold for August delivery oared +3.11% to trade at $1,612.80 an ounce on the Comex division of the New York Mercantile Exchange.

In other metals futures Friday, July silver climbed 67 cents, or 2.43% to trade at $28.43 an ounce and July platinum surged 0.66% to $1,427.10 an ounce. However, July copper fell 1.50% to $3.31 per pound.
July crude futures slumped -3.62% to $83.44 on the New York Mercantile Exchange, putting the contract on course for an 8% slide this week.

Round out action in the energy markets, July gasoline slumped -2.56% to $2.65 a gallon and July heating oil lost -2.30% to $2.64 a gallon on their first full trading day as front-month contracts.
July natural gas slumped -3.43%to $2.34 per million British thermal units, down 8 cents, or 3.2%.
United States Oil Fund LP (ETF)(NYSEARCA:USO) was down 1.11 (-3.40%) at $31.50, SPDR Gold Trust (ETF)(NYSEARCA:GLD) rose 4.98 (3.28%) to $156.60, iShares Silver Trust (ETF)(NYSEARCA:SLV) added 0.87 (3.23%) to $27.83 and United States Natural Gas Fund, LP(NYSEARCA:UNG) climbed 0.52 (-3.10%) to $16.27.
BP plc (ADR)(NYSE:BP) added 1.65% to $37.06. The London-based oil major said it plans to pursue the sale of its 50% interest in TNK-BP after receiving an unsolicited bid for the giant Russian joint-venture stake.
Tesoro Corporation(NYSE:TSO) soared 3.21% after analyst at UBS upgraded the stock to Buy from Neutral with a target price raised to $33 from $30.
Chesapeake Energy Corporation(NYSE:CHK) climbed 4.20% to $16.19. The company announces a "significant" new discovery in the Hogshooter play in the Anadarko Basin of the Texas Panhandle and western Oklahoma. Chesapeake owns ~30K net acres in the play, which are more than 90% held by production from its legacy deeper Granite Wash production.