Bloomberg News

Natural Gas Gains as Cocoa Drops: Commodities at Close

November 16, 2012

The Standard & Poor’s GSCI gauge of 24 commodities rose 0.5 percent to 637.01 at 3:48 p.m. The UBS Bloomberg CMCI index of 26 raw materials was up 0.2 percent at 1,551.712.

CRUDE OIL

Oil rose on concern that the clash between Israel and Hamas will escalate into a wider conflict that would endanger Middle East crude shipments.

Crude oil for December delivery, which expired today, climbed $1.22, or 1.4 percent, to $86.67 a barrel on the New York Mercantile Exchange, the highest settlement since Nov. 6. The more-actively traded January West Texas Intermediate oil contract gained $1.05, or 1.2 percent, to $86.92.

Brent oil for January settlement increased 94 cents, or 0.9 percent, to end the session at $108.95 a barrel on the London- based ICE Futures Europe exchange.

Oil markets: NI CRMKTS

NATURAL GAS

Natural gas futures rose to the highest price in more than a year, capping the second weekly gain in three weeks, on speculation that colder weather in late November will help reduce a supply surplus.

Gas for December delivery jumped 8.7 cents to $3.79 per million British thermal units on the New York Mercantile Exchange, the highest settlement price since Oct. 31, 2011. Gas rose 8.2 percent this week and is up 13 percent from a year ago.

U.S. natural gas: NI NUSMKT

U.K. natural gas: NI NUKMKT

OIL PRODUCTS

Gasoline rose, following crude futures higher, on concern that the conflict between Israel and Hamas will widen.

Gasoline for December delivery rose 1.39 cents, or 0.5 percent, to settle at $2.7101 a gallon on the Nymex.

December-delivery heating oil rose 1.33 cents, or 0.4 percent, to settle at $2.9868 a gallon on the exchange.

The average nationwide cost for regular gasoline slipped 0.8 cent to $3.43 a gallon, the lowest level since July 13, AAA said today on its website. The pump price reached a 2012 high of $3.936 on April 4.

U.S. oil product futures: NI OPFMKT

Oil Products Europe: NI OPEMKT

Gasoline: NI GASOLINE

Heating oil: NI HEATOIL

SOFT COMMODITIES

Cocoa futures fell the most in three weeks as supply concerns eased in Ivory Coast, the world’s largest producer. Coffee slid, while cotton and sugar rose.

Cocoa for March delivery dropped 3.4 percent to settle at $2,398 a ton on ICE Futures U.S. in New York, the biggest decline for a most-active contract since Oct. 24. This week, the commodity rose 1.7 percent.

Arabica-coffee futures for March delivery fell 1 percent to $1.525 a pound on ICE. This week, the price declined 2 percent.

Cotton futures for March delivery gained 0.6 percent to 72.64 cents a pound. The fiber climbed 3.1 percent this week.

Raw-sugar futures for March delivery rose 0.6 percent to 19.15 cents a pound.

Soft commodities markets: NI SOMKTS

GRAINS, OILSEEDS

Soybeans fell to the lowest price in almost five months on reports that China canceled previous purchases as improved planting progress in South America boosted potential for record crops.

Soybean futures for January delivery dropped 1.3 percent to close at $13.8325 a bushel on the Chicago Board of Trade, after touching $13.7225, the lowest since June 22. Prices, which reached a record $17.89 in September, fell 4.7 percent this week.

Corn futures for March delivery jumped 0.8 percent to $7.31 a bushel on the CBOT. Still, the grain slid 1.5 percent this week, the first drop in three weeks.

Wheat futures for March delivery retreated 0.9 percent to $8.5375 a bushel in Chicago. It was the sixth straight decline, the longest slump since September 2011.

Grain markets: NI GRMKTS

BASE METALS

Copper fell for the second time in three days as U.S. industrial production unexpectedly contracted and on concern that lawmakers may be unable to avoid a so-called fiscal cliff of spending cuts and tax increases.

Copper futures for delivery in March slid 0.3 percent to settle at $3.4615 a pound on the Comex in New York. The contract still rose 0.2 percent this week, the first increase in six weeks.

On the LME, copper for delivery in three months fell 0.5 percent to $7,605 a ton ($3.45 a pound). Aluminum, tin, lead and zinc also dropped in London. Nickel advanced.

Base metals markets: NI BMMKTS

PRECIOUS METALS

Gold futures rebounded as the escalating conflict in the Middle East spurred demand for an investment haven.

Gold futures for December delivery rose 0.1 percent to settle $1,714.70 an ounce on the Comex. The metal fell 0.9 percent this week.

Silver futures for December delivery declined 0.9 percent to $32.37 an ounce on the Comex. The price dropped 0.7 percent this week.

Platinum futures for January delivery on the Nymex slipped 0.7 percent to close at $1,561.80 an ounce. Palladium futures for December delivery fell 0.8 percent to $626.45 an ounce.

Precious metal markets: NI PCMKTS

LIVESTOCK

Hog futures rose for a second day on speculation that pork supplies in the U.S. are declining. Cattle climbed to a nine- week high.

Hog futures for February settlement gained 0.3 percent to close at 86.45 cents a pound on the Chicago Mercantile Exchange. Prices have advanced 2.6 percent in 2012.

Cattle futures for February delivery climbed 0.5 percent to $1.30025 a pound on the CME, after reaching $1.30225, the highest since Sept. 14. The price has climbed 7.1 percent this year.

Feeder-cattle futures for January settlement increased 0.3 percent to $1.456 a pound.

Livestock markets: NI LVMKTS

To contact the reporter on this story: Moming Zhou in New York at mzhou29@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net


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