Bloomberg News

Gasoline Rises on East Coast Supply Woes: Commodities at Close

November 09, 2012

The Standard & Poor’s GSCI Spot Index of 24 raw materials rose 0.8 percent to settle at 636.41 at 3:58 p.m. New York time, led by energy.

The UBS Bloomberg CMCI gauge of 26 prices advanced less than 0.1 percent to 1,553.4.

OIL PRODUCTS

Gasoline jumped the most in five weeks on concern that supplies in the U.S. East Coast will shrink as refineries and terminals remained shut 11 days after Hurricane Sandy made landfall in New Jersey.

Two New Jersey plants and seven fuel-distribution sites around the New York harbor haven’t opened. Filling stations in New York City, Long Island and New Jersey are rationing fuel to ease long lines. Futures extended gains after President Barack Obama said that he will begin budget talks next week with Congressional leaders.

On the New York Mercantile Exchange, gasoline futures for December delivery jumped 3.5 percent to $2.6992 a gallon.

Heating-oil futures for December delivery gained 1.7 percent to $3.0055 a gallon.

CRUDE OIL

Crude oil advanced as U.S. consumer confidence climbed to a five-year high, helping ease concern that a political stalemate in Washington will lead to a fiscal crisis.

On the Nymex, oil futures for December delivery rose 1.2 percent to $86.07 a barrel.

Brent oil for December settlement gained 2 percent to $109.40 a barrel on the London- based ICE Futures Europe Exchange.

Statoil ASA failed to buy North Sea Forties crude at a one- month high. No bids or offers were made for Russian Urals blend for the fourth straight day.

Indian Oil Corp. bought via a tender 3 million barrels of Nigerian Qua Iboe and 1 million barrels of EA grade for January loading from Royal Dutch Shell Plc and Sahara Group, said four traders who participate in the market.

PRECIOUS METALS

Gold rose, capping the biggest weekly gain since January, as speculation that the U.S. will expand monetary stimulus following President Barack Obama’s re-election bolstered demand for the metal as a store of value.

On the Comex in New York, gold futures for December delivery rose 0.3 percent to $1,730.90 an ounce. This week, the metal climbed 3.3 percent, the most since Jan. 27.

Silver futures for December delivery gained 1.1 percent to $32.599 an ounce.

On the Nymex, platinum futures for January delivery rose 1.1 percent to $1,559.40 an ounce. Palladium futures for December delivery slipped 0.5 percent to $611.05 an ounce.

BASE METALS

Copper fell, capping the longest run of weekly declines in five months, on Europe’s economic woes and concern that a U.S. political deadlock over the so-called fiscal cliff will undercut a global recovery.

On the Comex, copper futures for December delivery dropped 0.7 percent to $3.4455 a pound. This week, the price slumped 1 percent, the fifth straight decline.

On the London Metal Exchange, copper for delivery in three months fell 0.8 percent to $7,570 a ton ($3.43 a pound). The commodity erased gains for the year, dropping 0.4 percent.

Aluminum, tin, nickel, zinc and lead also declined.

LIVESTOCK

Cattle futures rose to the highest in a week as export demand for U.S. beef climbed.

On the Chicago Mercantile Exchange, cattle futures for December delivery gained 0.3 percent to $1.2575 a pound. Earlier, the price touched $1.26125, the highest for a most- active contract since Nov. 1.

Feeder-cattle futures for January settlement fell 0.2 percent to $1.456 a pound.

Hog futures for December settlement rose 0.7 percent to 80.75 cents a pound.

GRAINS, OILSEEDS

Soybeans tumbled to a four-month low and wheat fell the most in a month after the U.S. raised its estimates for crop inventory including corn, easing concern over tight supplies following the worst drought since 1956.

On the Chicago Board of Trade, soybean futures for January delivery slumped 3 percent to $14.5125 a bushel. Earlier, the oilseed touched $14.49, the lowest since July 3.

Wheat futures for December delivery dropped 1.7 percent to $8.865 a bushel, the biggest decline since Oct. 12.

Corn futures for March delivery slid 0.2 percent to $7.42 a bushel.

SOFT COMMODITIES

Coffee fell, capping the longest run of weekly declines in more than three years, on signs of abundant supplies.

On ICE Futures U.S. in New York, arabica coffee for December delivery slumped 1 percent to $1.499 a pound. Earlier, the price touched $1.496, the lowest since June 15, 2010. This week, the commodity fell 3.1 percent, the sixth straight drop and the longest rout since July 2009.

Orange-juice futures for January delivery tumbled 2 percent to $1.072 a pound.

Cotton futures for March delivery climbed 0.1 percent to 70.44 cents a pound.

Raw-sugar futures for March delivery advanced 1.2 percent to 19.06 cents a pound.

Cocoa futures for March delivery rose 0.8 percent to $2,359 a ton.

NATURAL GAS

Natural gas dropped as forecasts showed warmer-than-normal weather that may reduce demand for the heating fuel.

On the Nymex, gas futures for December delivery tumbled 2.9 percent to $3.503 per million British thermal units.

U.K. gas for same-day delivery advanced as shipments dropped to the lowest this week.

The price increased 0.4 percent to 64.8 pence a therm at 4:46 p.m. in London, according to broker data compiled by Bloomberg. That’s the equivalent of $10.31 per million Btu.

To contact the reporter on this story: Thomas Galatola in New York at tgalatola@bloomberg.net

To contact the editor responsible for this story: Patrick McKiernan in New York at pmckiernan@bloomberg.net


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