Oil and energy ETFs pop sharply higher in broad based rally.

Thursday was a strong rally day for ETFs in the energy and commodity complex.

West Texas Intermediate Crude jumped (NYSEARCA:USO) 3.9% to $91.50/bbl on optimism for global growth spurred by central bank easing and gasoline (NYSEARCA:UGA) popped 5% on supply concerns.

In oil markets, concern over tensions in the Middle East continue to mount as Turkey and Syria escalate their conflict and Iran remains a front burner concern.  Natural gas (NYSEARCA:UNG) declined 0.3%.

 Oil Spot Price: $91.50/barrel, +3.9% 

United States Oil Fund LP ETF (NYSEARCA:USO):  +4.1%, This ETF is a commodity based ETF designed to track the price of West Texas Intermediate Crude Oil.  The United States Oil Fund LP ETF (NYSEARCA:USO) reflects the price of oil delivered to Cushing, Oklahoma and is traded as futures contracts on The New York Mercantile Exchange (NYMEX).

United States 12 Month Oil Fund LP ETF (NYSEARCA:USL):  +3.9%, This ETF is a commodity based ETF designed to track the price of West Texas Intermediate Crude Oil.  The United States 12 Month Oil Fund LP ETF (NYSEARCA:USO) reflects the price of oil delivered to Cushing, Oklahoma and reflects the average of the next 12 months of oil futures contracts on The New York Mercantile Exchange (NYMEX).

United States Natural Gas Fund LP ETF (NYSEARCA:UNG): -0.3%, This ETF is a commodity based ETF designed to track the price of Natural Gas delivered to Henry Hub, Louisiana.  The United States Natural Gas Fund LP ETF (NYSEARCA:UNG) is traded as futures contracts on The New York Mercantile Exchange (NYMEX).

Energy Select Sector SPDR Fund ETF (NYSEARCA:XLE): +1.01%, This ETF tracks the performance of the S&P Energy Select Sector Index.  The S&P Energy Select Sector Index closely tracks companies within the S&P 500’s Energy Sector, including oil, gas, and energy equipment companies.

iShares Trust Dow Jones United States Energy ETF (NYSEARCA:IYE): +0.98%, This ETF tracks the performance of US Energy Stocks in the Dow Jones US Oil & Gas Index.  The Dow Jones US Oil & Gas Index closely tracks oil and gas producers within the energy sector of the US Equities Market.

Bottom Line: Energy has been consolidating along with global equities but rebounded sharply today on strength in US stock markets and hopes for more central bank support of global economic growth. All major markets are in short term consolidation patterns within longer term bull markets and today’s move was back towards recent resistance levels, which, if broken, would point to higher prices ahead.

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About John Nyaradi (http://www.wallstreetsectorselector.com) John Nyaradi is Publisher of Wall Street Sector Selector: Your Home For ETF Investing! John writes a weekly guest column, John Nyaradi’s ETF Edge for MarketWatch.com and his investment articles have appeared in many online publications including Trading Markets, Money Show, Yahoo Finance, Investors Insight, Fidelity, ETF Daily News, iStock Analyst , among many others. His book, Super Sectors: How to Outsmart the Market Using Sector Rotation and ETFs, is published by John Wiley and Sons and included among the Years Top Investment Books in the 2011 Stock Trader’s Almanac.