Bloomberg News

Oil Climbs as European Leaders Set to Meet: Commodities at Close

August 21, 2012

The Standard & Poor’s GSCI gauge of 24 commodities rose 1.1 percent to 676.640 at 4:53 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was up 1.1 percent at 1,597.816.

CRUDE OIL

Oil climbed to a three-month high in New York on speculation euro-area leaders will make progress in resolving the region’s debt crisis at meetings this week.

Crude oil for September delivery rose $1.45, or 1.5 percent, to $97.42 a barrel on the New York Mercantile Exchange. The contract touched $97.60, the highest level since May 10. September futures expire today. The more-actively traded October contract gained $1.36, or 1.4 percent, to $97.62.

Brent oil for October settlement gained $1.64, or 1.4 percent, to $115.34 a barrel on the London-based ICE Futures Europe exchange.

Oil markets: NI OILMARKET

OIL PRODUCTS

Retail gasoline in the U.S. rose to a seasonal high after refinery upsets cut fuel supplies and crude traded near a three- month high.

Gasoline at the pump averaged $3.717 a gallon yesterday, a second straight daily record, Michael Green, a spokesman for AAA in Washington, said today.

Nymex gasoline futures for September delivery gained 4.1 cents to $3.071 a gallon. Prices increased 0.33 cent yesterday on speculation that demand will increase as the U.S. approaches the Labor Day holiday.

Heating oil for September delivery rose 4 cents, or 1.3 percent, to $3.1332 a gallon on the exchange.

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

NATURAL GAS

Natural gas futures rose for a second day in New York on concern that a strengthening tropical depression in the Atlantic will move toward the Gulf of Mexico, where it might disrupt offshore production.

Natural gas for September delivery rose 3.4 cents, or 1.2 percent, to $2.81 per million British thermal units on the New York Mercantile Exchange, after falling to $2.70. The futures have climbed 48 percent from a 10-year intraday low of $1.902 per million Btu on April 19. Gas is down 6 percent this year.

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

SOFT COMMODITIES

Orange-juice futures advanced for a third straight session as severe weather in the Caribbean may threaten groves in Florida, the world’s second-biggest citrus grower. Cotton, cocoa and coffee also rose. Sugar fell.

Orange juice for November delivery rallied 2.7 percent to $1.14 a pound on ICE Futures U.S. in New York. The price rose 2.7 percent in the previous two sessions.

Cotton futures for December delivery increased 1.8 percent to 76.18 cents a pound on ICE, heading for a third consecutive gain. Earlier, the fiber touched 76.18 cents, the highest for a most-active contract since Aug. 9.

Also in New York, cocoa futures for December delivery advanced 0.8 percent to $2,428 a metric ton in New York. Arabica-coffee futures for December delivery gained 0.8 percent to $1.658 a pound on ICE.

Raw-sugar futures for October delivery fell 1.6 percent to 20.17 cents a pound in New York.

Soft commodities markets: NI SOMKTS

BASE METALS

Copper rose to the highest in more than four weeks on speculation that European leaders meeting this week will make progress on the region’s debt crisis, which threatens global growth and commodities demand.

Copper futures for December delivery climbed 2.4 percent to $3.459 a pound on the Comex in New York. The metal touched $3.4635, the highest for a most-active contract since July 20.

On the London Metal Exchange, copper for delivery in three months rose 2 percent to $7,603.75 a metric ton ($3.45 a pound).

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

Base metals markets: NI BMMKTS

PRECIOUS METALS

Gold rose to the highest since early May on speculation that minutes from the Federal Reserve’s last meeting may signal that the bank is ready to add more stimulus measures. Platinum climbed to a three-month high.

Gold futures for December delivery increased 1.1 percent to $1,641.50 an ounce on the Comex in New York, after reaching $1,642.90, the highest since May 7. The price is headed for a fifth straight session of gains.

Platinum futures for October delivery climbed 0.6 percent to $1,506.80 an ounce, after touching $1,509.60, the highest since May 9.

Precious metal markets: NI PCMKTS

LIVESTOCK

Hog futures may fall on signs that U.S. pork supplies are climbing as ranchers cull herds after the worst drought in 56 years spurred surging feed costs. Cattle prices were little changed.

Hog futures for October settlement slipped 0.1 percent to 75.85 cents a pound on the Chicago Mercantile Exchange. The price dropped 10 percent in 2012 through yesterday.

Cattle futures for October delivery fell 0.2 percent to $1.25175 a pound in Chicago. The price climbed 3.3 percent this year through yesterday.

Feeder-cattle futures for October settlement declined 0.6 percent to $1.432 a pound.

Livestock markets: NI LVMKTS

GRAINS, OILSEEDS

Soybeans surged to a record and corn jumped after participants on the Professional Farmer Midwest Crop Tour said yields would fall in both the eastern and western parts of the biggest U.S. growing region.

Soybean futures for November delivery rose 2.2 percent to $17.20 a bushel on the Chicago Board of Trade, after reaching an all-time high of $17.275. The price through yesterday gained 28 percent since June 15.

Corn futures for December delivery jumped 1.4 percent to $8.35 a bushel in Chicago, after touching $8.3875, the highest since reaching a record $8.49 on Aug. 10. The most-active contract through yesterday gained 63 percent since mid-June.

Wheat futures for December delivery advanced 1.7 percent to $9.1775 a bushel in Chicago. The price has increased for five straight sessions and was up 44 percent through yesterday since June 15.

Grain markets: NI GRMKTS

EUROPEAN CARBON PERMITS

EU carbon for December advanced 3.9 percent to 7.95 euros a metric ton 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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