Bloomberg News

Natural Gas Climbs on Tropical Storm Risk: Commodities at Close

August 20, 2012

The Standard & Poor’s GSCI gauge of 24 commodities rose 0.2 percent to 669.11 at 5:18 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was up 0.2 percent at 1,579.258.

NATURAL GAS

Natural gas futures climbed in New York for the first time in four days on forecasts of a possible tropical storm that may approach oil and gas production in the Gulf of Mexico.

Natural gas for September delivery rose 2.9 cents, or 1.1 percent, to $2.748 per million British thermal units on the New York Mercantile Exchange. The futures, down 8.1 percent this year, have rebounded 44 percent from a 10-year intraday low of $1.902 per million Btu on April 19.

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

CRUDE OIL

Oil in New York fell from a three-month high on concern that European leaders will fail to calm the region’s sovereign debt crisis.

Crude oil for September delivery fell 94 cents to $95.07 a barrel on the New York Mercantile Exchange. The contract ranged from $95.02 to $96.53, the highest level since May 11. September oil expires tomorrow. The more-actively traded October contract declined 95 cents, or 1 percent, to $95.37.

Brent oil for October settlement declined 73 cents, or 0.6 percent, to $112.98 a barrel on the London-based ICE Futures Europe exchange.

Oil markets: NI OILMARKET

OIL PRODUCTS

Heating oil fell, reversing a gain, on concern that European leaders won’t reach consensus on resolving the region’s debt crisis, slowing economic growth and reducing fuel demand.

Heating oil for September delivery fell 1.15 cents, or 0.4 percent, to $3.0811 a gallon on the New York Mercantile Exchange, following a 2.4 percent gain last week.

September-delivery gasoline fell 0.48 cent to $3.0227 a gallon on the exchange, after rising 0.8 percent last week.

Regular gasoline at the pump, averaged nationwide, was unchanged for a second straight day at $3.72 a gallon yesterday, AAA data showed. That’s the highest level since May 16. Prices have climbed 39.4 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

SOFT COMMODITIES

Orange-juice futures rose on speculation that Atlantic storms may threaten groves in Florida, the world’s second- biggest citrus producer. Sugar, coffee and cotton also gained. Cocoa fell.

Orange juice for November delivery gained 1.7 percent to $1.101 pound on ICE Futures U.S. in New York.

Raw-sugar futures for October delivery rose 1.3 percent to 20.45 cents a pound.

Arabica-coffee futures for December delivery climbed 1.3 percent to $1.6535 a pound.

Cotton futures for December delivery advanced 0.9 percent to 73.98 cents a pound.

Cocoa futures for December delivery fell 1.6 percent to $2,404 a metric ton.

Soft commodities markets: NI SOMKTS

BASE METALS

Copper fell the most in two weeks on bets that higher Chinese home prices will deter officials from taking steps to boost economic growth, hampering the outlook for metals demand.

Copper futures for December delivery slid 1.6 percent to $3.3725 a pound on the Comex in New York. A close at that price would mark the biggest drop since since Aug. 2.

On the London Metal Exchange, copper for delivery in three months declined 1.4 percent to $7,431.25 a metric ton ($3.37 a pound).

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

Base metals markets: NI BMMKTS

PRECIOUS METALS

Gold fell as the dollar rose against the euro after Germany’s Bundesbank stepped up criticism of the European Central Bank’s bond-buying program, eroding demand for the metal as an alternative investment.

Gold futures for December delivery fell less than 0.1 percent to $1,618.70 an ounce on the Comex in New York. Earlier, the metal declined as much as 0.5 percent. The price climbed 1.1 percent in the previous three sessions.

Silver futures for December delivery gained 0.4 percent to $28.19 an ounce.

Platinum futures for October delivery rose 0.7 percent to $1,483.50 an ounce on the New York Mercantile. Earlier, the price reached $1,484, the highest since July 5, following violence at a South African mine.

Precious metal markets: NI PCMKTS

LIVESTOCK

Hog futures for October settlement fell 0.3 percent to 75.925 cents a pound on the Chicago Mercantile Exchange.

Cattle futures for October delivery were little changed at $1.253 a pound on the CME.

Feeder-cattle futures for October settlement rose 0.1 percent to $1.405 a pound in Chicago.

Livestock markets: NI LVMKTS

GRAINS, OILSEEDS

Corn futures rose to the highest in more than a week and soybeans rallied on speculation that the worst U.S. drought since 1956 will cause more crop damage than the government forecast. Wheat also rallied.

Corn futures for December delivery jumped 1.9 percent to $8.2275 a bushel on the Chicago Board of Trade, after reaching $8.245, the highest for a most-active contract since rallying to a record $8.49 on Aug. 10. The price as of Aug. 17 was up 60 percent since mid-June because of the drought.

Soybean futures for November delivery rose 1.4 percent to $16.69 a bushel in Chicago. The price through Aug. 17 had gained 25 percent since June 15. Soybean meal, used to feed livestock, jumped as much as 2.5 percent to a record $512.50 a ton today.

Wheat futures for December delivery advanced 0.6 percent to $8.995 a bushel on the CBOT. The price had increased for three sessions before today.

Grain markets: NI GRMKTS

EUROPEAN CARBON PERMITS

European Union carbon for December fell 0.8 percent to 7.65 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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