Bloomberg News

Crude Past $90 on Rising Housing Starts: Commodities at Close

July 18, 2012

The Standard & Poor’s GSCI gauge of 24 commodities rose 0.5 percent to 635.45 in London. The UBS Bloomberg CMCI index of 26 raw materials was up 0.2 percent at 1,549.9978.

CRUDE OIL

Oil rose for a sixth day, exceeding $90 a barrel for the first time since May, as U.S. housing starts rose more than forecast and gasoline inventories fell.

Oil for August delivery rose 71 cents, or 0.8 percent, to $89.93 a barrel on the New York Mercantile Exchange. The price ranged from $88.59 to $90.04, the highest level since May 30. Prices are down 9 percent this year.

Brent crude for September settlement increased $1.27, or 1.2 percent, to $105.27 on the London-based ICE Futures Europe exchange.

Oil markets: NI OILMARKET

OIL PRODUCTS

Gasoline rose after the Energy Department reported stockpiles fell unexpectedly last week.

August-delivery gasoline gained 4.9 cents, or 1.7 percent, to $2.894 a gallon on the New York Mercantile Exchange.

Heating oil for August delivery rose 2.79 cents, or 1 percent, to $2.8701 a gallon.

Oil Products Europe: NI OPEMKT Gasoline: NI GASOLINE Heating oil: NI HEATOIL

NATURAL GAS

Natural gas futures advanced for the first time in four days on predictions of a smaller-than-normal increase in stockpiles of the fuel for last week.

Natural gas for August delivery rose 13.4 cents, or 4.8 percent, to $2.93 per million British thermal units on the New York Mercantile Exchange after briefly rising to $3.02. The futures have declined 2 percent this year. Prices last climbed above $3 per million Btu on July 6.

U.K. natural gas for delivery today fell as demand dropped to its lowest in more than a week.

Same-day gas dropped 1.7 percent to 54.25 pence a therm. August gas declined 0.5 percent to 53.9 pence a therm. That’s equivalent to $8.42 per million British thermal units and compares with $2.91 per million Btu for front-month U.S. gas.

U.K. natural gas: NI NUKMKT Gas market: NI GASMARKET Americas natural gas: NI AGASMARKET European natural gas: NI EGASMARKET

SOFT COMMODITIES

Orange juice for September delivery fell 3.85 cents, or 3.3 percent, to $1.138 a pound on ICE Futures U.S. in New York. Earlier, the price dropped as much as 4 percent to $1.13, the lowest for a most-active contract since June 29.

The commodity headed for its seventh straight decline, the longest slump in two months.

Cocoa fell for a third day in New York and London on speculation slowing economies are denting demand before tomorrow’s release of processing figures in North America. Sugar and arabica coffee slid as commodities fell.

Cocoa for September delivery fell 0.2 percent to $2,190 a metric ton on ICE Futures U.S. in New York. Cocoa for December delivery was down 0.7 percent to 1,490 pounds ($2,325) a metric ton on NYSE Liffe in London.

Raw sugar for October delivery was 0.6 percent down at 22.66 cents a pound on ICE. White, or refined, sugar for October delivery fell 0.4 percent to $615.60 a ton on NYSE Liffe.

Arabica coffee for September delivery was down 1.2 percent to $1.797 a pound in New York. Robusta coffee for September delivery climbed 0.4 percent to $2,092 a ton in London.

Soft commodities markets: NI SOMKTS

BASE METALS

Copper rallied for the first time in three days as U.S. equities gained and a government report showed new-home construction rose at the fastest pace in almost four years, brightening demand prospects for the metal.

Copper futures for September delivery rose 0.5 percent to $3.4735 a pound on the Comex in New York. The metal fell 1.4 percent in the previous two sessions.

On the London Metal Exchange, copper for delivery in three months rose 0.7 percent to $7,645.50 a metric ton ($3.47 a pound).

Aluminum and zinc also advanced in London, while nickel, tin and lead fell.

Base metals markets: NI BMMKTS

PRECIOUS METALS

Gold futures fell after Federal Reserve Chairman Ben S. Bernanke provided no specific plans for more purchases of U.S. debt to bolster the economy.

On the Comex in New York, gold futures for August delivery fell 0.7 percent to $1,578.20 an ounce. A close at that price would mark the biggest drop for a most-active contract since July 6.

Silver futures for September delivery dropped 0.6 percent to $27.15 an ounce. Through yesterday, the metal dropped 30 percent in the past 12 months.

Precious metal markets: NI PCMKTS

LIVESTOCK

Cattle futures rose the most this month on speculation that the declining U.S. herd size caused by rising feed costs will lead to a shortage of supplies. Hogs also gained.

Cattle futures for October delivery jumped 1.7 percent to $1.21975 a pound on the Chicago Mercantile Exchange. Feeder- cattle futures for August settlement climbed 2.1 percent to $1.37 a pound in Chicago.

Hog futures for October settlement rose 1.7 percent to 79 cents a pound. The price of wholesale boxed pork rose 1.4 percent yesterday, the first gain since June 27.

Livestock markets: NI LVMKTS

European Carbon Permits

European Union carbon for December fell as much as 88 cents, or 11 percent, to 6.80 euros ($6.80) on the ICE Futures Europe exchange in London.

EU Carbon Emissions: NI ECBMKT

To contact the reporter on this story: Tom Metcalf in London at tmetcalf7@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net


Too Cool for Crisis Management
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus