Bloomberg News

Oil, Gasoline Fall on Chinese Trade Data: Commodities at Close

By Jessica Abrahams
August 10, 2012

The Standard & Poor’s GSCI gauge of 24 commodities fell 0.7 percent to 656.86 by 5:45 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was down 0.7 percent at 1,567.46.

CRUDE OIL

Oil fell the most in a week, paring its weekly gain, as China’s export growth slowed and the International Energy Agency cut global oil demand forecasts.

Oil for September delivery fell $1.17, or 1.3 percent, to $92.19 a barrel on the New York Mercantile Exchange. The intraday low was $91.71. Prices are up 0.9 percent this week, heading for the fourth gain in five weeks.

Brent crude for September settlement decreased $1.28, or 1.1 percent, to $111.94 a barrel on the London-based ICE Futures Europe exchange.

Oil markets: NI OILMARKET

OIL PRODUCTS

Gasoline and heating oil fell as Chinese trade data increased concern that the global economy is slowing, threatening fuel demand.

Gasoline for September delivery declined 2.23 cents, or 0.7 percent, to $2.9785 a gallon on the New York Mercantile Exchange, narrowing the week’s advance to 1.6 percent.

Heating oil for September delivery fell 2.14 cents, or 0.7 percent, to $3.0236 a gallon on the Nymex. Prices have gained 3.3 percent this week.

Regular gasoline at the pump, averaged nationwide, gained 1.1 cents to $3.673 a gallon yesterday, AAA data showed. That’s the highest price since May 23. Prices have climbed 34.7 cents since July 1, according to data from the nation’s largest motoring organization.

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

NATURAL GAS

Natural gas futures slid from a one-week high in New York, heading for a third weekly drop, on forecasts for cooler weather that may reduce power-plant demand and on slow declines in a supply glut.

Natural gas for September delivery fell 11.3 cents, or 3.8 percent, to $2.832 per million British thermal units on the New York Mercantile Exchange. The futures have declined 5.3 percent this year and 1.6 percent so far this week.

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

SOFT COMMODITIES

Cotton futures headed for the biggest drop in more than three weeks after the U.S. government raised its forecast for the nation’s crop, beating analysts’ estimates. Coffee and cocoa fell. Orange juice and sugar were steady.

Cotton for December delivery slumped 2.3 percent to 74.22 cents a pound on ICE Futures U.S. in New York.

Arabica-coffee futures for December delivery fell 1.2 percent to $1.6755 a pound in New York, heading for the fourth straight decline, the longest drop since June 14.

Also in New York, cocoa futures for December delivery slid less than 0.1 percent to $2,476 a metric ton on ICE. Orange- juice futures for November delivery dropped less than 0.1 percent to $1.0985 a pound on ICE. Raw-sugar futures for October delivery rose 0.1 percent to 20.81 cents a pound on ICE.

Soft commodities markets: NI SOMKTS

BASE METALS

Copper fell for the second time in three days as a collapse in Chinese export growth added to signs of an economic slowdown in the country, the world’s biggest consumer of the metal.

Copper futures for September delivery slid 1.6 percent to $3.3685 a pound on the Comex in New York, leaving prices little changed for the week.

On the London Metal Exchange, copper for delivery in three months retreated 1.4 percent to $7,430 a metric ton ($3.37 a pound.)

Aluminum, nickel, zinc, lead and tin dropped in London.

Base metals markets: NI BMMKTS

PRECIOUS METALS

Gold futures advanced for a third day on speculation that China may take more steps to boost economic growth, increasing demand for the precious metal as a store of value.

Gold futures for December delivery climbed 0.3 percent to $1,624.90 an ounce on the Comex in New York. The metal is up 3.4 percent this year through yesterday.

Silver futures for September delivery rose 0.2 percent to $28.155 an ounce in New York.

Precious metal markets: NI PCMKTS

LIVESTOCK

Hog futures fell for the first time in three days on speculation that producers are increasing sales to pork processors to avoid paying record-high feed costs, boosting meat supplies. Cattle also declined.

Hog futures for October settlement fell 0.4 percent to 75.625 cents a pound on the Chicago Mercantile Exchange. The price before today dropped 9.9 percent this year.

Cattle futures for October delivery fell 0.1 percent to $1.256 a pound in Chicago. Feeder-cattle futures for October settlement rose 0.1 percent to $1.406 a pound on the CME.

Livestock markets: NI LVMKTS

GRAINS, OILSEEDS

Corn prices rose to a record after the U.S. Department of Agriculture cut its estimate of the domestic crop again as the worst drought since 1956 sends production to the lowest in six years.

Corn futures for December delivery advanced 0.2 percent to $8.255 a bushel on the Chicago Board of Trade, after rising as much as 3.1 percent to a record $8.49. Prices earlier fell as much as 0.9 percent.

Soybeans for November rose 0.3 percent to $16.355 a bushel. The oilseed has rallied 24 percent since mid-June and reached a record $16.915 on July 23.

Wheat futures fell 2 percent to $9.0875 a bushel.

Grain markets: NI GRMKTS

EUROPEAN CARBON PERMITS

European Union carbon for December rose 0.3 percent to 7.17 euros on the ICE Futures Europe exchange in London.

EU Carbon Emissions: NI ECBMKT

To contact the reporter on this story: Jessica Abrahams in London at jabrahams7@bloomberg.net

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

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