Bloomberg News

Oil, Gasoline Rise on Drop Fuel Supplies: Commodities at Close

April 11, 2012

The Standard & Poor’s GSCI Spot Index of 24 raw materials climbed 0.8 percent to settle at 679.53 4:07 p.m. New York time, led by crude oil and gasoline.

The UBS Bloomberg CMCI Index of 26 prices advanced 0.3 percent to 1,577.34.

CRUDE OIL

Crude oil rose after the U.S. Energy Department said that fuel stockpiles declined and as a European Central Bank official signaled that the lender may act to stem the spread of the region’s debt crisis.

The DOE reported that gasoline inventories fell 4.28 million barrels last week. Supplies of distillate fuel, a category that includes heating oil and diesel, dropped 4 million barrels. A member of the ECB executive board suggested that the bank may restart bond purchases for Spain.

On the New York Mercantile Exchange, oil futures for May delivery rose 1.7 percent to $102.70 a barrel.

Brent oil for May settlement increased 0.3 percent to $120.18 a barrel on the London-based ICE Futures Europe exchange.

Chevron Corp. bought its fourth North Sea Forties cargo for loading in April within yesterday’s traded range. Glencore International Plc sold Russian Urals in northwest Europe at a lower price.

Chevron purchased the Forties cargo for April 27 to April 29 loading from Trafigura Beheer BV at 40 cents a barrel more than dated Brent, according to a Bloomberg survey of traders and brokers monitoring the Platts trading window. Chevron bought one shipment each yesterday at a premium of 35 cents and 50 cents.

OIL PRODUCTS

Gasoline rose for the first time in three days after the DOE reported that stockpiles fell more than projected to the lowest since December.

On the Nymex, gasoline futures for May delivery climbed 1.4 percent to $3.2955 a gallon.

Heating-oil futures for May delivery advanced 0.6 percent to $3.1149 a gallon.

NATURAL GAS

Natural gas dropped below $2 per million British thermal units for the first time in a decade on a growing supply glut caused by mild weather and record production.

On the Nymex, gas futures for May delivery slid 2.3 percent to $1.984 per million Btu, the lowest settlement price since Jan. 28, 2002.

U.K. gas for next-month delivery rose, ending a five- session slump, as temperatures were forecast to remain below normal.

Gas climbed 0.85 pence to 59.05 pence a therm at 4:32 p.m. London time. That’s equivalent to $9.39 per million Btu. A therm is 100,000 Btu.

GRAINS, OILSEEDS

Soybeans fell for the third straight day on signs that farmers in the U.S., the world’s largest producer, will increase planting after the biggest quarterly price rally in more than a year.

On the Chicago Board of Trade, soybean futures for May delivery dropped 0.3 percent to $14.22 a bushel.

Wheat futures for July delivery climbed 0.2 percent to $6.335 a bushel.

Corn futures for May delivery rose 0.2 percent to $6.36 a bushel.

SOFT COMMODITIES

Orange-juice futures tumbled to a 19-month low on speculation that citrus crops in Florida face no weather threat until the start of the hurricane season in June amid mounting concern that demand will drop.

On ICE Futures U.S. in New York, orange juice for May delivery slumped 3.6 percent to $1.417 a pound, after touching $1.3835, the lowest for a most-active contract since Sept. 9, 2010.

Cocoa futures for July delivery advanced 1.6 percent to $2,104 a metric ton.

Arabica-coffee futures for May delivery climbed 1.4 percent to $1.8065 a pound.

Raw-sugar futures for July delivery gained 0.3 percent to 23.22 cents a pound.

Cotton futures for July delivery rose less than 0.1 percent to 88.3 cents a pound.

BASE METALS

Copper fell to the lowest since mid-January as signs of a worsening debt crisis in Europe and slowing growth in China fueled concern that demand for the metal will stall.

On the Comex in New York, copper futures for May delivery fell 0.3 percent to $3.6395 a pound, after reaching $3.6305, the lowest since Jan. 17.

On the London Metal Exchange, copper for delivery in three months rose 0.1 percent to $8,040 a metric ton ($3.65 a pound).

Aluminum, lead and zinc also gained on the LME. Nickel and tin fell.

PRECIOUS METALS

Gold dropped for the first time in four sessions as U.S. equities halted the longest slump of the year, eroding demand for the precious metal as a haven.

On the Comex, gold futures for June delivery declined 40 cents to $1,660.30 an ounce.

Silver futures for May delivery fell 0.5 percent to $31.521 an ounce.

On the New York Mercantile Exchange, platinum futures for July delivery dropped 0.6 percent to $1,584.30 an ounce. Palladium futures for June delivery declined 25 cents to $636.60 an ounce on the Nymex.

LIVESTOCK

Cattle prices rose from a seven-month low on speculation that U.S. and export demand for beef may gain.

On the Chicago Mercantile Exchange, cattle futures for June delivery rose 0.7 percent to $1.1505 a pound. Earlier, the price touched $1.139, the lowest for a most-active contract since Sept. 2.

Hog futures for June settlement declined 0.7 percent to 92.65 cents a pound.

Feeder-cattle futures for August settlement climbed 1.2 percent to $1.521 a pound.

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

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net


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