Bloomberg News

Oil, Natural Gas Decline, Gold Advances: Commodities at Close

February 28, 2012

The Standard & Poor’s GSCI gauge of 24 commodities fell 0.1 percent to 710.73 at 5 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials rose 0.2 percent to 1,657.047.

OIL

Crude dropped for a second day in New York on speculation rising U.S. stockpiles signal easing fuel demand as crude trades near the highest price in nine months. Oil for April delivery fell as much 72 cents to $107.84 a barrel in electronic trading on the New York Mercantile Exchange and was at $108.46 a barrel at 4 p.m. Singapore time. The contract yesterday slid 1.1 percent to $108.56, snapping the longest winning streak since January 2010. Prices rose 6.3 percent last week to the highest since May 3 and are up 12 percent in the past year.

NATURAL GAS

Natural gas futures declined for a fourth day in New York as forecasts showed above-normal temperatures in the eastern U.S., limiting demand for the furnace fuel.

OIL PRODUCTS

Fuel oil rose 37 cents to $6.13 a barrel below Asian marker Dubai crude at 10:12 a.m. Singapore time, according to data from PVM Oil Associates Ltd., a broker. The discount narrowed for the first time in four days.

March gasoil, or diesel, swaps decreased 45 cents, or 0.3 percent, to $136.35 a barrel, according to PVM. That’s the first drop in five days.

PRECIOUS METALS

Gold gained for the first time in three days in London as a weaker dollar spurred demand for the metal an alternative investment.

Bullion for immediate delivery gained 0.5 percent to $1,776.52 an ounce by 9:06 a.m. in London. Gold for April delivery was 0.2 percent higher at $1,778.10 on the Comex in New York.

BASE METALS

Copper climbed as much as 0.5 percent to $8,578 per metric ton on the London Metal Exchange, the highest level since Feb. 13, after falling 0.5 percent earlier in the day. The contract traded at $8,574.75 by 3:01 p.m. Shanghai time. The Comex May contract rose 0.3 percent to $3.902 a pound.

GRAINS, SOFT COMMODITIES

To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net


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