Bloomberg News

Crude Trims Weekly Gain; Gold May Decline: Commodities at Close

April 27, 2012

The Standard & Poor’s GSCI gauge of 24 commodities declined 0.2 percent to 680.41 at 5:52 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials dropped 0.01 percent to 1,576.2867.

CRUDE OIL

Oil fell from the highest level in almost four weeks in New York, trimming a second weekly gain, after a cut in Spain’s credit rating renewed concern that Europe’s faltering economy may curb fuel demand.

Crude for June delivery slid as much as 81 cents to $103.74 a barrel in electronic trading on the New York Mercantile Exchange. It was at $104.19 at 9:44 a.m. London time. The contract rose 43 cents yesterday to $104.55, the highest close since April 2. Prices are up 1.1 percent this week and have posted a similar gain this month.

NATURAL GAS

Natural gas futures in New York rose amid signs of warmer- than-normal weather across the continental U.S.

OIL PRODUCTS

The premium of gasoil to Dubai crude, a benchmark price for Asia, dropped 48 cents, or 2.8 percent, to $16.51 a barrel at 10:05 a.m. Singapore time, according to data from PVM Oil Associates Ltd., a broker. The spread has fallen 0.3 percent this week, the first weekly decline since Feb. 23. Singapore gasoil swaps for May were unchanged at $132.70 a barrel.

High-sulfur fuel-oil swaps for May rose $1.50, or 0.2 percent, to $726.25 a metric ton, PVM data showed. Singapore fuel oil’s discount to Dubai crude, a measure of refining losses from the fuel, increased to $4.46 a barrel from $4.21. The spread widened 3.7 percent from $4.30 a barrel on April 20.

PRECIOUS METALS

Gold may decline for the first time in four days in London as a stronger dollar curbs demand for the metal as an alternative investment.

Bullion for immediate delivery fell 0.1 percent to $1,655.40 an ounce by 9:42 a.m. in London. Prices are up 0.7 percent this week, cutting the monthly loss to 0.8 percent. June-delivery futures were 0.3 percent lower at $1,655.90 on the Comex in New York.

BASE METALS

Copper, on course for a second monthly drop, swung between gains and declines in London as investors weighed falling inventories of the metal against concern the euro-area debt crisis may worsen.

GRAINS, SOFT COMMODITIES

Soybeans gained for a fourth day, heading for the third straight monthly rise, on concerns that reduced production in South America will boost demand for supplies from the U.S.

Soybeans for July delivery rose as much as 0.6 percent to $14.8875 a bushel on the Chicago Board of Trade and were at $14.8625 at 2:17 p.m. in Singapore. Futures have climbed 2.5 percent this week and reached $14.9675 on April 25, the highest since July 18, 2008. Prices are up 5.9 percent in April.

Corn for July delivery gained as much as 0.4 percent to $6.0975 a bushel and traded little changed at $6.0725. Prices are set to advance 0.7 percent this week on buying by China to expand state inventories. July-delivery wheat dropped 0.3 percent to $6.335 a bushel and was set to advance 1.7 percent this week.

Palm oil for July delivery traded little changed at 3,503 ringgit per metric ton on the Malaysia Derivatives Exchange at 3:31 p.m. in Singapore, erasing an earlier loss of as much as 0.5 percent.

To contact the reporter on this story: Christian Schmollinger in Singapore at christian.s@bloomberg.net

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


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