Bloomberg News

Crude Oil Rallies From Eight-Month Low: Commodities at Close

June 22, 2012

The Standard & Poor’s GSCI gauge of 24 raw materials rose 0.8 percent to settle at 563.72 at 3:44 p.m. in New York, led by energy.

The UBS Bloomberg CMCI index of 26 prices advanced 0.1 percent to 1,410.18.

CRUDE OIL

Crude oil climbed from an eight-month low as U.S. equities rallied after Moody’s Investors Service’s downgrade of 15 global banks was less severe than threatened.

On the New York Mercantile Exchange, oil futures for August delivery increased 2 percent to $79.76 a barrel. Earlier, the price touched $77.56, the lowest since Oct. 5.

Brent oil for August settlement gained $1.75, or 2 percent, to $90.98 a barrel on the London-based ICE Futures Europe exchange. Earlier the contract touched $88.49, the lowest since Dec. 2, 2010.

No bids or offers were made for North Sea Forties and Russian Urals crude in Europe. Socar Trading SA failed to sell Azeri Light at a lower price than the last trade.

Nigeria, Africa’s largest oil producer, plans to increase benchmark Qua Iboe crude exports in August to 12 cargoes, one more than July, according to a loading schedule obtained by Bloomberg News.

NATURAL GAS

Natural gas rose, capping the second straight weekly increase, on speculation that a weather system near the Yucatan Peninsula may strengthen into a tropical storm and move toward drilling rigs and production platforms in the Gulf of Mexico.

On the Nymex, gas futures for July delivery climbed 1.7 percent to $2.625 per million British thermal units. The price gained 6.4 percent this week.

U.K. gas for delivery today declined as demand stayed close to a nine-month low amid higher flows from Norway.

Gas declined 0.95 pence, or 1.7 percent, to 54.75 pence a therm at 4:15 p.m. London time. That’s equivalent to $8.52 per million Btu. A therm is 100,000 Btu.

Gasoline rose as the dollar slipped after the European Central Bank took additional measures to improve banks’ access to funds.

On the Nymex, gasoline futures for July delivery advanced 0.8 percent to $2.5699 a gallon.

Heating-oil futures for July delivery climbed 0.3 percent to $2.5337 a gallon.

SOFT COMMODITIES

Cotton futures rebounded from the biggest drop in almost 21 years on speculation that demand will climb in China, the world’s top user.

On ICE Futures U.S. in New York, cotton for December delivery jumped 2.1 percent to 69.12 cents a pound. Yesterday, the price plunged 6.9 percent, the most since June 1991.

Orange-juice futures for September delivery rose 0.2 percent to $1.157 a pound.

Raw-sugar futures for October delivery plunged 5 percent to settle at 19.75 cents a pound.

Arabica-coffee futures for September delivery fell 1.8 percent to $1.559 a pound.

Cocoa futures for September delivery declined 2.1 percent to $2,102 a metric ton.

PRECIOUS METALS

Gold advanced for the first time in five days in New York, trimming the biggest weekly loss in more than six months, as Europe’s worsening debt crisis spurs demand for the metal as a hedge.

On the Comex in New York, gold futures for August delivery rose 0.1 percent to $1,566.90 an ounce.

Silver futures for September delivery fell 0.7 percent to $26.724 an ounce.

On the Nymex, platinum futures for July delivery slid 0.5 percent to $1,431.20 an ounce. Palladium futures for September delivery slipped 0.2 percent to $607.20 an ounce.

GRAINS, OILSEEDS

Wheat futures capped the biggest weekly gain in five on speculation that a drought in Russia and Ukraine will curb global stockpiles.

On the Chicago Board of Trade, wheat futures for September delivery climbed 1.3 percent to $6.875 a bushel. This week, the price 9.7 percent, the most since the period ended May 18.

Corn futures for December delivery, the contract with the highest open interest, rose 0.7 percent to $5.54 a bushel.

Soybean futures for November delivery rose 0.3 percent to $13.755.

BASE METALS

Copper in London fell to a six-month low after German business confidence slumped as Europe’s debt woes eroded prospects for raw-material demand.

On the London Metal Exchange, copper for delivery in three months slid 0.4 percent to settle at $7,310 a ton ($3.32 a pound). Earlier, the price touched $7,219.50, the lowest since Dec. 19.

On the Comex, copper futures for September delivery rose 0.3 percent to $3.315 a pound.

Tin, lead, aluminum and zinc prices declined in London. Nickel gained.

LIVESTOCK

Hog futures dropped, capping the longest slump in a month, on signs of ample supplies of U.S. pork.

On the Chicago Mercantile Exchange, hog futures for August settlement fell 0.8 percent to 91.375 cents a pound. The price dropped for the fourth straight session, the longest slump since late May.

Cattle futures for August delivery rose 0.3 percent to $1.169 a pound.

Feeder-cattle futures for August settlement gained 0.1 percent to $1.528 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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