Bloomberg News

Oil Falls to Seven-Week Low on Jobs, Iran: Commodities at Close

April 09, 2012

The Standard & Poor’s GSCI Spot Index of 24 raw materials fell 0.6 percent to 684.85 at 3:49 p.m. in New York, led by energy.

The UBS Bloomberg CMCI Index of 26 prices declined 0.5 percent to 1,594.35.

CRUDE OIL

Crude Oil declined to a seven-week low as an employment report spurred speculation that U.S. fuel demand will ease, and Iran agreed to resume talks on its nuclear program.

The Labor Department said on April 6 that the U.S. created 120,000 jobs in March, below the median forecast of 205,000 in a Bloomberg survey. Negotiations between Iran and United Nations Security Council members, plus Germany, are scheduled to start April 14, adding to confidence that global supplies won’t be disrupted.

On the New York Mercantile Exchange, oil futures for May delivery fell 0.8 percent to $102.46 a barrel. Earlier, the price touched $100.81, the lowest since Feb. 15.

The London-based ICE Futures Europe exchange was closed for a public holiday.

Premiums for crude from Abu Dhabi fell to the lowest in almost seven months. Saudi Arabia will make all its contracted shipments to Asia next month, according to buyers at four refineries in the region.

OIL PRODUCTS

Gasoline slid to a three-week low as slower job growth in the U.S. and accelerating inflation in China raised concern that global demand for fuel may shrink.

On the Nymex, gasoline futures for May delivery slumped 1.3 percent to $3.2967 a gallon, the lowest settlement price since March 15.

Heating-oil futures for May delivery fell 0.7 percent to $3.1459 a gallon.

SOFT COMMODITIES

Orange juice tumbled to a six-month low on signs of ample global supplies and sluggish demand in the U.S.

On ICE Futures U.S. in New York, orange-juice futures for May delivery plunged 3.7 percent to $1.528 a pound. Earlier, the price touched $1.5175, the lowest for a most-active contract since Oct. 4.

Arabica-coffee futures for May delivery dropped 2.7 percent to $1.7805 a pound.

Raw-sugar futures for July delivery declined 0.4 percent to 23.61 cents a pound.

Cotton futures for May delivery rose 1.1 percent to 89.48 cents a pound.

Cocoa futures for May delivery advanced 0.5 percent to $2,118 a metric ton.

GRAINS, OILSEEDS

Soybeans fell from a seven-month high and corn declined on speculation that warm, dry weather this week will accelerate U.S. Midwest planting.

On the Chicago Board of Trade, soybean futures for May delivery dropped 0.2 percent to $14.31 a bushel. Earlier, the price touched $14.4675, the highest since Sept. 2.

Corn futures for May delivery slid 1.4 percent to $6.49 a bushel.

Wheat futures for May delivery climbed 0.7 percent to $6.43 a bushel.

BASE METALS

Copper fell to the lowest in seven weeks after the U.S. added fewer jobs than expected in March and inflation accelerated in China, the world’s biggest consumer.

On the Comex in New York, copper futures for May delivery fell 2 percent to $3.72 a pound. Earlier, the price touched $3.705, the lowest since Feb. 17.

The London Metal Exchange was closed for a public holiday.

PRECIOUS METALS

Gold advanced for the second straight session on speculation that the U.S. will take steps to boost growth after employers added fewer jobs than forecast and as jewelers ended a strike in India, the biggest buyer.

On the Comex, gold futures for June delivery rose 0.8 percent to $1,643.90 an ounce.

Silver futures for May delivery fell 0.6 percent to $31.524 an ounce.

On the New York Mercantile Exchange, platinum futures for July delivery climbed 0.7 percent to $1,618.20 an ounce. Palladium futures for June delivery declined 0.2 percent to $643.80 an ounce.

LIVESTOCK

Hog prices rose on speculation that U.S. demand is increasing as more consumers buy meat to grill outdoors in the warmer-than-normal weather.

On the Chicago Mercantile Exchange, hog futures for June settlement rose 0.1 percent to 93.6 cents a pound. The commodity has climbed 11 percent this year.

Cattle futures for June delivery fell less than 0.1 percent to $1.15775 a pound.

Feeder-cattle futures for August settlement climbed less than 0.1 percent to $1.51025 a pound.

NATURAL GAS

Natural gas rebounded from a 10-year low on forecasts for cooler-than-normal weather that may boost demand for the heating fuel.

On the Nymex, gas futures for May delivery rose 1 percent to $2.107 per million British thermal units. Earlier, the price touched $2.061, the lowest since Feb. 6, 2002.

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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