Bloomberg News

Gasoline Futures Decline to Four-Week Low: Commodities at Close

January 15, 2013

The Standard & Poor’s GSCI Spot Index of 24 raw materials fell 0.5 percent to settle at 652.18 at 3:59 p.m. in New York, led by energy.

The UBS Bloomberg CMCI gauge of 26 prices declined 0.2 percent to 1,577.49.

OIL PRODUCTS

Gasoline slid to the lowest settlement in four weeks on speculation that U.S. inventories rose for an eighth consecutive week amid seasonally low demand.

Stockpiles probably climbed 2.7 million barrels, according to the median estimate of 11 analysts in a survey by Bloomberg. Demand for the motor fuel slipped to the lowest in almost a year in the week ended Jan. 4, government data show.

On the New York Mercantile Exchange, gasoline futures for February delivery tumbled 1.7 percent to $2.7066 a barrel, the lowest close since Dec. 18.

Heating-oil futures for February delivery fell 1.7 percent to $3.0113 a gallon.

CRUDE OIL

Crude oil dropped from the highest in almost four months on concern that debt-ceiling talks will harm the U.S. economy, and a gauge of New York-area manufacturing contracted for a sixth straight month.

On the Nymex, oil futures for February delivery declined 0.9 percent to $93.28 a barrel. The contract rose to $94.14 yesterday, the highest settlement since Sept. 18.

Brent oil for February settlement dropped 1.4 percent to $110.30 a barrel on the London-based ICE Futures Europe exchange.

Total SA bought a cargo of North Sea Forties crude at the lowest premium in more than two weeks. The company failed to buy Brent.

The Brent pipeline system has been shut after an oil leak was discovered on a platform that connects to the field, according to Abu Dhabi National Energy Company PJSC, known as Taqa, which runs the network.

LIVESTOCK

Hog futures declined on speculation that supplies of U.S. pork are outpacing demand.

On the Chicago Mercantile Exchange, hog futures for April settlement fell 0.3 percent to 87.6 cents a pound.

Cattle futures for April delivery dropped 0.2 percent to $1.34425 a pound.

Feeder-cattle futures for March settlement slumped 0.7 percent to $1.50375 a pound.

PRECIOUS METALS

Platinum surged to a three-month high, exceeding the price of gold for the first time since April, after the world’s largest producer said it will cut production.

On the Nymex, platinum futures for April delivery climbed 1.9 percent to $1,689.90 an ounce. Earlier, the price reached $1,706.80, the highest since Oct. 9.

Palladium futures for March delivery rose 1.4 percent to $713.35. Earlier, the metal reached $725, the highest since Feb. 29.

Gold futures for February delivery rose 0.9 percent to $1,683.90 an ounce on the Comex in New York.

Silver futures for March delivery increased 1.3 percent to $31.529 an ounce.

GRAINS, OILSEEDS

Corn futures rose, capping the longest rally in a year, as dry weather depletes soil moisture and increases crop stress in South America, boosting demand for shrinking U.S. supplies.

On the Chicago Board of Trade, corn futures for March delivery advanced 0.9 percent to $7.305 a bushel. The price climbed for the seventh straight session, the longest rally since Dec. 28, 2011.

Wheat futures for March delivery jumped 2.1 percent to $7.8275 a bushel.

Soybean futures for March delivery fell 0.3 percent to $14.135 a bushel.

BASE METALS

Copper futures rebounded from the lowest this month as retail sales rose more than estimated, easing economic concerns fueled by clashes over the budget in the U.S., the world’s second-biggest consumer of the metal.

On the Comex, copper futures for March delivery gained 0.1 percent to $3.6375 a pound. Earlier, the price touched $3.606, the lowest since Dec. 31.

On the London Metal Exchange, copper for delivery in three months fell 0.1 percent to $7,994 a metric ton ($3.63 a pound). Lead and zinc also fell, while nickel and tin rose. Aluminum was unchanged.

NATURAL GAS

Natural gas gained for the fourth straight session as meteorologists predicted below-normal temperatures that would boost U.S. heating-fuel demand.

On the Nymex, gas futures for February delivery advanced 2.4 percent to $3.455 per million British thermal units, the highest settlement since Dec. 28.

U.K. gas for within-day delivery declined as milder-than- predicted weather damped demand.

The price slid 0.6 percent to 67.75 pence a therm at 4:43 p.m. London time. Next-month gas dropped 0.6 percent to 66.8 pence a therm. That’s equivalent to $10.75 per million Btu.

SOFT COMMODITIES

Cotton gained the most in four weeks on signs that demand will remain firm for supplies from the U.S., the world’s biggest exporter, as inventories shrink.

On ICE Futures U.S. in New York, cotton for March delivery jumped 0.9 percent to 76.21 cents a pound, the biggest increase since Dec. 17.

Cocoa futures for March delivery climbed 0.1 percent to $2,270 a ton.

Raw-sugar futures for March delivery fell 1.5 percent to 18.62 cents a pound.

Orange-juice futures for March delivery dropped 1.1 percent to $1.103 a pound.

Arabica-coffee futures for March delivery slid 0.5 percent to $1.525 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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