Bloomberg News

Oil Advances to One-Month High on Greece: Commodities at Close

February 13, 2012

Feb. 13 (Bloomberg) -- The Standard & Poor’s GSCI Spot Index of 24 raw materials rose 1 percent to settle at 680.1 at 4:12 p.m. in New York, led by crude oil.

The UBS Bloomberg CMCI index of 26 prices gained 0.4 percent to 1,612.41.

CRUDE OIL

Crude oil rose to a one-month high after the Greek parliament approved an austerity plan, easing Europe’s debt crisis, and sanctions tightened on Iran.

Global equities advanced after passage of the Greek package needed for 130 billion euros ($172 billion) in aid. Companies controlling more than 100 supertankers said they would stop loading cargoes from Iran, the second-biggest producer in the Organization of Petroleum Exporting Countries.

Oil futures for March delivery increased 2.3 percent to $100.91 a barrel on the New York Mercantile Exchange, the highest settlement since Jan. 10. The price has climbed 18 percent in the past 12 months,

Royal Dutch Shell Plc sold North Sea Forties crude to Statoil ASA at the highest premium to dated Brent in five weeks. OAO Lukoil failed to buy Russian Urals blend at an increased price in northwest Europe.

Shell sold a Forties cargo for loading on March 8 to March 10 at 80 cents a barrel more than dated Brent, the highest since Jan. 3, according to a Bloomberg survey of traders monitoring the Platts trading window. The grade was last sold at a premium of 55 cents on Feb. 8.

Crude oil futures: NI CRMKTS <GO>

Europe physical crude: NI CNSMKT <GO>

U.S. physical crude: NI CRGMKT <GO>

Asia physical crude: NI CRAMKT <GO>

GRAINS, OILSEEDS

Wheat futures rose for the first time in five sessions on signs that demand for U.S. exports is rebounding as supplies diminish in Russia and eastern Europe.

On the Chicago Board of Trade, wheat futures for March delivery climbed 1.8 percent to $6.4125 a bushel.

Soybean futures for March delivery rose 1.9 percent to $12.52 a bushel, the biggest gain since Jan. 23.

Corn futures for March delivery gained 1.2 percent to $6.395 a bushel, the biggest rally since Jan. 24.

Grain markets: NI GRMKTS <GO>

LIVESTOCK

Cattle futures climbed the most in almost five weeks after the Greek parliament approved an austerity plan, signaling improved prospects for solving Europe’s debt crisis and higher commodity demand.

On the Chicago Mercantile Exchange, cattle futures for April delivery rose 1 percent to $1.28125 a pound. That’s the biggest gain for a most-active contract since Jan. 10. The commodity has climbed 5.5 percent this year.

Feeder-cattle futures for March settlement advanced 0.7 percent to $1.54725 a pound.

Hog futures for April settlement fell 0.4 percent to settle at 87.975 cents a pound.

Livestock markets: NI LVMKTS <GO>

OIL PRODUCTS

Gasoline rose after Greece approved austerity measures and refinery outages increased speculation that supplies may tighten.

On the Nymex, gasoline futures for March delivery rose 1.3 percent to $3.0125 a gallon.

Heating-oil futures for March delivery fell 0.7 percent to $3.16 a gallon, the second straight drop.

U.S. oil product futures: NI OPFMKT <GO>

U.S. oil products: NI OPUMKT <GO>

Asia oil products: NI OPAMKT <GO>

Europe oil products: NI OPEMKT <GO>

SOFT COMMODITIES:

Cocoa futures rose as demand rebounded following the biggest weekly slump in two months, while the dollar’s drop boosted the appeal of some commodities as alternative assets.

On ICE Futures U.S. in New York, cocoa for May delivery climbed 1.4 percent to settle at $2,192 a metric ton.

Raw-sugar futures for July delivery advanced 0.1 percent to 23.27 cents a pound, the contract’s fourth straight gain.

Arabica-coffee futures for May delivery fell 1.3 percent to $2.146 a pound.

Cotton futures for May delivery increased 0.5 percent to 92.54 cents a pound. The fiber has plunged 51 percent in the past 12 months.

Orange-juice futures for March delivery declined 0.9 percent to $1.842 a pound. The price dropped for the fifth straight session, the longest slump in two months.

Soft commodities markets: NI SOMKTS <GO>

BASE METALS

Copper dropped for the second straight session as climbing stockpiles signaled slackening demand in China, the world’s biggest metals consumer.

On the Comex in New York, copper futures for March delivery declined 0.6 percent to $3.8395 a pound.

On the London Metal Exchange, copper for delivery in three months fell 0.7 percent to $8,425 a metric ton ($3.82 a pound).

Aluminum, zinc, nickel, lead and tin also declined in London.

Base metals markets: NI BMMKTS <GO>

PRECIOUS METALS

Gold futures fell for the second straight session as Greek lawmakers approved austerity plans to win another international bailout, eroding the appeal of the precious metal as a haven.

On the Comex, gold futures for April delivery declined 40 cents to $1,724.90 an ounce.

Silver futures for March delivery gained 0.4 percent to $33.722 an ounce.

On the Nymex, platinum futures for April delivery declined 0.6 percent to $1,649.70 an ounce, the third straight drop. Palladium futures for March delivery fell 0.6 percent to $698.55 an ounce.

Precious metal markets: NI PCMKTS <GO>

NATURAL GAS

Natural gas fell as forecasts for mild weather in most of the U.S this month signaled reduced demand for the furnace fuel.

On the Nymex, gas futures for March delivery declined 1.9 percent to $2.431 per million British thermal units.

U.K. gas for next-day delivery fell to the lowest in more than two weeks amid speculation that rising temperatures will curb demand.

The price dropped as much as 15.75 pence to 57 pence a therm, the lowest since Jan. 27, and traded at 57.4 pence a therm, or $9.05 per million Btu, at 4:39 p.m. London time, according to broker data compiled by Bloomberg. A therm is 100,000 Btu.

U.S. natural gas: NI NUSMKT <GO>

U.K. natural gas: NI NUKMKT <GO>

--With assistance from Sherry Su and Matthew Brown in London; Barbara Powell in Dallas; Jeff Wilson, Whitney McFerron and Elizabeth Campbell in Chicago; and Debarati Roy, Mark Shenk, Naureen S. Malik, Marvin G. Perez and Joe Richter in New York. Editor: Patrick McKiernan

--Editor: Patrick McKiernan

To contact the reporter on this story: Thomas Galatola in New York at tgalatola@bloomberg.net

To contact the editor responsible for this story: Patrick McKiernan at pmckiernan@bloomberg.net


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