Bloomberg News

Oil Rises a Fourth Day as Coper, Gold Gain: Commodities at Close

December 07, 2011

Dec. 7 (Bloomberg) -- The Standard & Poor’s GSCI gauge of 24 commodities advanced 0.5 percent to 662.64 as of 4:32 p.m. in Singapore. The UBS Bloomberg CMCI index of 26 raw materials gained 0.4 percent to 1,559.657.

CRUDE OIL

Oil rose for a fourth day in New York on concern global supplies of crude will shrink after the European Union signaled it may ban imports from Iran and U.S. stockpiles declined.

Crude for January delivery gained as much as 57 cents to $101.85 a barrel in electronic trading on the New York Mercantile Exchange. Yesterday, the contract added 29 cents to $101.28, the highest since Nov. 16. Prices are up 11 percent this year after climbing 15 percent in 2010.

Brent oil for January settlement on the London-based ICE Futures Europe exchange rose as much as 55 cents, or 0.5 percent, to $111.36 a barrel. The European benchmark contract was at a premium of $9.50 to New York-traded West Texas Intermediate grade. The spread reached a record $27.88 on Oct. 14. Crude oil futures: NI CRMKTS <GO>

NATURAL GAS

Natural gas futures rose for a second day in New York. Gas for January delivery climbed 0.2 percent to $3.493 per million British thermal units on the New York Mercantile Exchange. Prices are 21 percent lower this year. U.S. natural gas: NI NUSMKT <GO>

OIL PRODUCTS

December swaps for naphtha, a feedstock for petrochemicals and gasoline, rose $12.50, or 1.4 percent, to $915 a metric ton at 11:51 a.m. Singapore time, according to data from PVM Oil Associates Ltd., a London-based broker.

The swap value was at a premium of $81.50 a ton to Brent oil, up from $79.90 a ton at the end of Asian trading yesterday, according to data compiled by Bloomberg. The crack is at the widest level since Oct. 19.

Gasoil’s premium to Dubai crude rose 62 cents, or 3.5 percent, to $18.46 a barrel, PVM data showed. January swaps for gasoil rose $1.67, or 1.3 percent, to $126.10 a barrel. Jet fuel’s premium to gasoil, also known as the regrade, was unchanged at $1.30 a barrel.

High-sulfur fuel-oil swaps rose $4, or 0.6 percent, to $663 a ton, PVM data showed. Fuel oil’s discount to Dubai crude, a measure of refining losses from the fuel, widened to $5.64 from $5.21 a barrel yesterday. The premium of 180-centistoke fuel oil to the 380-centistoke grade was unchanged at $13.75 a ton. Asia oil products: NI OPAMKT <GO>

BASE METALS

Three-month delivery copper rose as much as 1.3 percent to $7,935 per metric ton on the London Metal Exchange, and was at $7,926.25 at 3:37 p.m. in Shanghai. The metal for March delivery gained 0.8 percent to $3.6055 per pound on the Comex. Copper for February delivery on the Shanghai Futures Exchange settled 1.2 percent higher at 58,360 yuan ($9,176) per ton.

On the LME, aluminum rose 0.8 percent to $2,130 a ton, tin advanced 0.3 percent to $20,380 a ton and lead climbed 0.9 percent to $2,145 a ton. Zinc was unchanged at $2,045 a ton, and nickel was little changed at $18,400 a ton. Base metals markets: NI BMMKTS <GO>

PRECIOUS METALS

Immediate-delivery gold advanced 0.2 percent to $1,731.28 an ounce at 3:23 p.m. in Singapore. Metal held in ETPs climbed to 2,358.206 metric tons yesterday, according to data compiled by Bloomberg. February-delivery bullion rose 0.2 percent to $1,734.80 on the Comex in New York.

Spot palladium extended yesterday’s 5.9 percent gain, the most since December 2009, after U.S. light-vehicle sales grew last month, boosting speculation demand will increase for the metal used in autocatalysts. It climbed as much as 1.5 percent to $680 an ounce today, the highest price since Sept. 22. Precious metal markets: NI PCMKTS <GO>

GRAINS, OILSEEDS, LIVESTOCK

Corn for March delivery rose as much as 0.5 percent to $5.9975 a bushel on the Chicago Board of Trade and was at $5.98 at 2:55 p.m. in Singapore.

Soybeans for delivery in January were 0.3 percent higher at $11.325 a bushel after climbing as much as 0.5 percent. Wheat for March-delivery declined 0.4 percent to $6.105 a bushel.

Cattle futures for February delivery dropped 0.6 percent to settle at $1.1955 at 1 p.m. on the Chicago Mercantile Exchange yesterday. Hog futures for February settlement rose 1.1 percent to settle at 89.075 cents a pound, snapping a three-session slump. The price has climbed 12 percent this year. Grain markets: NI GRMKTS <GO> Livestock markets: NI LVMKTS <GO>

SOFT COMMODITIES

Cotton for March delivery rose 1.7 percent to settle at 93.81 cents a pound at 2:35 p.m. on ICE Futures U.S. in New York yesterday, the biggest gain since Nov. 15. The commodity advanced for a fourth straight session, the longest winning streak since late October.

Orange-juice futures for January delivery fell 1.1 percent to $1.763 a pound in New York, halting a three-session rally. The commodity, which has climbed 7.8 percent this year, is headed for its third straight annual gain. Soft commodities markets: NI SOMKTS <GO>

--Editor: Alexander Kwiatkowski

To contact the reporter on this story: Alexander Kwiatkowski in Singapore at akwiatkowsk2@bloomberg.net

To contact the editor responsible for this story: Stuart Wallace at swallace6@bloomberg.net


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