Bloomberg News

Crude-Oil Futures Surge on Economic Data: Commodities at Close

August 03, 2012

The Standard & Poor’s GSCI gauge of 24 raw materials rose 2.7 percent to settle at 647.65 at 4 p.m. in New York, led by oil futures.

The UBS Bloomberg CMCI index of 26 prices advanced 1.7 percent to 1,555.76.

CRUDE OIL

Oil surged the most in a month after U.S. payrolls climbed more than estimated and service industries expanded at a faster pace, bolstering optimism about economic strength in the world’s biggest crude-consuming country.

Payrolls gained 163,000 in July, Labor Department figures showed today in Washington. The Institute for Supply Management’s non-manufacturing index unexpectedly rose.

On the New York Mercantile Exchange, oil futures for September delivery climbed 4.9 percent to $91.40 a barrel, the highest settlement since July 20.

Brent oil for September settlement advanced 2.8 percent to $108.87 a barrel on the London-based ICE Futures Europe exchange.

Vitol Group failed to buy North Sea Forties crude at the same price as yesterday. Socar Trading SA didn’t find a buyer for an Azeri Light cargo in the Mediterranean for the third day.

Exports of North Sea Oseberg crude for September are planned at seven lots of 600,000 barrels each, one more than this month, a loading program obtained by Bloomberg News showed.

NATURAL GAS

Natural gas fell in New York, capping the biggest weekly loss since June, as forecasts for a break in recent heat signaled reduced demand from power plants.

On the Nymex, gas futures for September delivery dropped 1.5 percent to $2.877 per million British thermal units. The futures declined 4.4 percent this week, the most since the week ended June 1.

U.K. natural gas advanced as imports from Norway through the Langeled pipeline fell and flows into St. Fergus dropped.

Within-day gas added 0.5 percent to 51.9 pence a therm, snapping a three-day decline, according to broker data compiled by Bloomberg. September gas fell 0.3 percent to 54.15 pence a therm. That’s equivalent to $8.47 per million British thermal units. A therm is 100,000 Btu.

OIL PRODUCTS

Gasoline and heating oil gained as U.S. payrolls rose more than estimated in July and a sagging dollar boosted the investment appeal of commodities.

On the Nymex, gasoline futures for September delivery climbed 2.1 percent to $2.931 a gallon.

Heating-oil futures for September delivery advanced 2.9 percent to $2.9261 a gallon.

BASE METALS

Copper futures rallied the most in three weeks after the government reported U.S. payrolls climbed more than forecast in July, easing concern that slowing economic growth is eroding demand for the metal.

On the Comex in New York, copper futures for September delivery climbed 2.3 percent to $3.3675 a pound, the biggest gain for a most-active contract since July 13.

On the London Metal Exchange, copper for delivery in three months jumped 1.6 percent to $7,445 a metric ton ($3.38 a pound).

Nickel for delivery in three months gained 2.4 percent to $15,610 a ton, the biggest gain since July 13 on the LME. Aluminum, zinc, lead, and tin also climbed in London.

PRECIOUS METALS

Gold futures jumped most in more than a week after a report showed the U.S. jobless rate unexpectedly increased to a five- month high.

On the Comex, gold futures for December delivery advanced 1.2 percent to $1,609.30 an ounce, the biggest gain since July 25.

Silver futures for September delivery jumped 3 percent to $27.810 an ounce, the biggest rise since June 29.

On the New York Mercantile Exchange, platinum futures for October delivery climbed 1.9 percent to $1,414.40 an ounce. Palladium futures for September delivery rose 1.8 percent to $578.20 an ounce.

GRAINS, OILSEEDS

Wheat and corn gained for the first time in four days as the lightest Indian monsoon in three years may curb global production already hurt by dry weather in the U.S., Russia and Australia. Soybeans also rose.

On the Chicago Board of Trade, wheat futures for September delivery rose 3 percent to $8.9125 a bushel.

Corn futures for December delivery climbed 1.5 percent to $8.075 a bushel.

Soybean futures for November delivery advanced 0.8 percent to $16.2875 a bushel.

SOFT COMMODITIES

Cotton futures gained the most in almost two months on signs of tightening supplies from the U.S., the world’s top exporter, amid a pick-up in demand.

On ICE Futures U.S. in New York, cotton for December delivery surged 4.2 percent to 73.94 cents a pound, the biggest increase since June 7.

Orange-juice futures for September delivery rose 2.7 percent to $1.122 a pound.

Cocoa futures for September delivery advanced 1.2 percent to $2,398 a metric ton.

Arabica-coffee futures for September delivery climbed 1.3 percent to $1.738 a pound.

Raw-sugar futures for October delivery dropped 0.2 percent to 22 cents a pound, after touching 21.78 cents, the lowest since July 6.

LIVESTOCK

Hog prices tumbled to a 19-month low on signs that the worsening U.S. drought is forcing farmers to sell more animals for slaughter to limit losses on higher feed costs, boosting pork supplies.

On the Chicago Mercantile Exchange, hog futures for October settlement slumped 3 percent to 75.85 cents a pound, after reaching 75.8 cents, the lowest since Dec. 21, 2010.

Cattle futures for October delivery fell 0.6 percent to $1.24375 a pound.

Feeder-cattle futures for October settlement slid 1.3 percent to $1.40125 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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