Bloomberg News

Natural Gas Drops as Storm Concerns Ease: Commodities at Close

August 27, 2012

The Standard & Poor’s GSCI gauge of 24 raw materials fell 0.5 percent to settle at 666.96 at 4 p.m. in New York, led by natural gas and crude oil.


Natural gas fell to a two-month low on speculation that production cuts in the Gulf of Mexico because of Tropical Storm Isaac will do little to ease a supply glut.

The National Hurricane Center said Isaac will become a Category 1 hurricane before reaching Louisiana on Aug. 29. About 48 percent of offshore output was shut today, the government said. The Gulf accounted 7 percent of U.S. production in 2011, down from 17 percent in 2005.

On the New York Mercantile Exchange, gas futures for September delivery dropped 1.8 percent to $2.653 per million British thermal units, the lowest settlement since June 22.


Crude oil fell for the third straight session on speculation that Isaac will have limited impact on U.S. production.

On the Nymex, oil futures for October delivery dropped 0.7 percent to $95.47 a barrel.

Brent oil for October slid 1.2 percent to $112.26 a barrel on the London-based ICE Futures Europe exchange.


Soybean futures fell from a record after a government report showed a slowdown in demand for supplies from the U.S., the world’s largest grower and exporter last year.

On the Chicago Board of Trade, soybean futures for November delivery slid 0.6 percent to $17.215 a bushel. Earlier, the price reached $17.605, the highest ever for a most-active contract.

Wheat futures for December delivery fell 0.8 percent to $8.8125 a bushel.

Corn futures for December delivery dropped 1 percent $8.0075 a bushel.


Cattle declined to a one-month low on signs of increasing U.S. beef supplies.

On the Chicago Mercantile Exchange, cattle futures for October delivery slid 0.8 percent to $1.23475 a pound, the biggest decline since Aug. 16. Earlier, the price touched $1.234, the lowest since July 27.

Feeder-cattle futures for October settlement dropped 0.3 percent to $1.43925 a pound.

Hog futures for October settlement rose 1.2 percent to settle at 73.25 cents a pound.


Copper fell for the second straight session as concern that the Federal Reserve will hold off on signaling more U.S. stimulus measures clouded the outlook for demand.

On the Comex in New York, copper futures for December delivery slid 0.2 percent to $3.4825 a pound. The metal dropped 0.3 percent on Aug. 24.

The London Metal Exchange was closed for a public holiday.


Gasoline rose to the highest in almost four months as U.S. Gulf Coast refineries shut with the approach of Isaac, and a fire in Venezuela closed the country’s largest refinery.

On the Nymex, gasoline futures for September delivery advanced 2.5 percent to $3.1548 a gallon, the highest settlement since April 30.

Heating-oil futures for September-delivery gained 0.17 cent to $3.1118 a gallon.


Gold rose to a 19-week high on speculation that Europe may take steps to bolster the region’s economy.

On the Comex, gold futures for December delivery gained 0.2 percent to $1,675.60 an ounce. Earlier, the price reached $1,679.30, the highest since April 12.

Silver futures for December delivery climbed 1.4 percent to $31.137 an ounce.

On the New York Mercantile Exchange, platinum futures for October delivery dropped 0.1 percent to $1,553.20 an ounce.

Palladium futures for September delivery advanced 0.4 percent to $656.30 an ounce.


Coffee rallied the most in five weeks on speculation that Isaac will damage beans stored in warehouses in New Orleans.

On ICE Futures U.S. in New York, arabica coffee for December delivery increased 2.7 percent to $1.6735 a pound, the biggest increase since July 19.

Cocoa futures for December delivery rose 3.2 percent to $2,473 a metric ton, the biggest advance since July 26.

Raw-sugar futures for October delivery slid 0.1 percent to 19.56 cents a pound.

Orange-juice futures for November delivery tumbled 3.5 percent to $1.138 a pound.

Cotton futures for December delivery rose 1.2 percent to 76.14 cents a pound.

To contact the reporter on this story: Thomas Galatola in New York at

To contact the editor responsible for this story: Steve Stroth at

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