Bloomberg News

Gasoline Ends Record Slump on Hurricane: Commodities at Close

October 25, 2012

The Standard & Poor’s GSCI Spot Index of 24 raw materials rose 0.1 percent to settle at 637.47 at 3:58 p.m. in New York.

The UBS Bloomberg CMCI gauge of 26 prices advanced less than 0.1 percent to 1,566.6.

OIL PRODUCTS

Gasoline rose, snapping a record slump, on concern that Hurricane Sandy will threaten U.S. East Coast refineries and delay imports from Europe.

Sandy, a Category 2 storm, is on a path that may hit anywhere from the mid-Atlantic states starting Oct. 28 to southern New England later in the week, said Gary Best, a meteorologist at Hometown Forecast Services Inc. in Nashua, New Hampshire.

On the New York Mercantile Exchange, gasoline futures for November delivery jumped 2.8 percent to $2.6764 a gallon. The price dropped in the previous 10 sessions, the longest slump since trading started in 1986.

Heating-oil futures for November delivery advanced 0.7 percent to $3.0621 a gallon.

CRUDE OIL

Crude oil gained, ending the longest slump in five months, on signs that U.S. economic growth is accelerating and speculation that the Bank of Japan will increase fiscal stimulus.

On the Nymex, oil futures for December delivery climbed 0.4 percent to $86.05 a barrel. The price dropped in the previous five sessions, the longest skid since mid-May.

Brent oil for December settlement increased 0.6 percent to $108.49 a barrel on the London-based ICE Futures Europe exchange.

No bids or offers were made for North Sea Forties blend. Eni SpA failed to buy Russian Urals in the Mediterranean at a higher price than a deal yesterday.

Nigeria plans to reduce daily exports of Forcados crude by 36 percent in December after force majeure was declared on Oct. 19, according to a loading plan obtained by Bloomberg News.

NATURAL GAS

Natural gas dropped to a two-week low after a government report showed U.S. stockpiles climbed by more than the five-year average last week.

On the Nymex, gas futures for November delivery slid 0.5 percent to $3.434 per million British thermal units, the lowest settlement since Oct. 8.

U.K. gas for same-day delivery declined for the second straight day as imports from Norway climbed to the highest in more than eight months.

The price dropped 2 percent to 64.9 pence a therm at 4:25 p.m. London time, after falling 4 percent yesterday. Month-ahead gas slid 1.2 percent to 66.12 pence a therm. That’s equivalent to $10.66 per million Btu.

PRECIOUS METALS

Gold increased the most in three weeks as central banks in Brazil and Turkey increased holdings, while signs emerged that purchases are rising in India, the world’s biggest buyer.

On the Comex in New York, gold futures for December delivery advanced 0.7 percent to $1,713 an ounce, the biggest gain for a most-active contract since Oct. 4.

Silver futures for December delivery rose 1.4 percent to $32.078 an ounce.

On the Nymex, platinum futures for January delivery climbed 0.4 percent to $1,568.80 an ounce, snapping a five-session slump, the longest since Aug. 30.

Palladium futures for December delivery surged 2 percent to $604.50 an ounce.

BASE METALS

Copper fell, capping the longest slump in eight months, on signs of slowing industrial production in Asia.

On the Comex, copper futures for December delivery declined 0.5 percent to $3.5505 a pound. The price dropped for the sixth straight session, the longest slump since mid-February.

On the London Metal Exchange, copper for delivery in three months slid less than 0.1 percent to $7,815 a metric ton ($3.54 a pound). Aluminum, nickel, zinc and lead fell, while tin rose.

SOFT COMMODITIES

Orange-juice futures rose for the first time in a week on concern that Hurricane Sandy may damage groves in Florida, the world’s second biggest citrus grower.

On ICE Futures U.S. in New York, orange juice for January delivery climbed 1.6 percent to $1.1255 a pound, the first gain since Oct. 17.

Cocoa futures for December delivery climbed 0.1 percent to $2,402 a ton.

Arabica-coffee futures for December delivery advanced 0.8 percent to $1.61 a pound.

Cotton futures for December delivery rose 0.1 percent to 72.73 cents a pound.

Raw-sugar futures for March delivery dropped 0.8 percent to 19.53 cents a pound.

GRAINS, OILSEEDS

Corn fell for the fourth straight session on signs of slowing demand for supplies from the U.S., the world’s biggest producer.

On the Chicago Board of Trade, corn futures for December delivery slumped 1.7 percent to $7.42 a bushel, capping the first four-day loss since Sept. 27.

Soybean futures for January delivery fell 0.4 percent to $15.66 a bushel.

Wheat futures for December delivery declined 1.3 percent to $8.7275 a bushel.

LIVESTOCK

Hog futures slid for the third time in four sessions on speculation that U.S. pork supplies are outpacing demand.

On the Chicago Mercantile Exchange, hog futures for December settlement dropped 0.2 percent to 78.125 cents a pound.

Cattle futures for December delivery fell 1.1 percent to $1.2565 a pound.

Feeder-cattle futures for January settlement dropped 0.8 percent to settle at $1.47975 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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