Bloomberg News

Natural Gas Rises on Midwest-Chill Outlook: Commodities at Close

February 13, 2013

The Standard & Poor’s GSCI Spot Index of 24 raw materials rose less than 0.1 percent to settle at 679.2 at 3:58 p.m. New York time, led by natural gas.

The UBS Bloomberg CMCI gauge of 26 prices advanced 0.2 percent to 1,608.58.

NATURAL GAS

Natural gas climbed for the second time in three days on forecasts for a chill in the U.S. Midwest that would boost demand for the heating fuel.

MDA Weather Services predicted below-normal temperatures in parts of the region from Feb. 18 through Feb. 22. Yesterday’s outlook showed mostly normal readings.

On the New York Mercantile Exchange, gas futures for March delivery rose 2.4 percent to $3.306 per million British thermal units.

U.K. gas fell the most in a week as forecasters predicted higher-than-average temperatures.

The next-day price slid as much as 2.7 percent to 67.5 pence a therm, the biggest intraday decline since Feb. 5, before trading at 68.2 pence at 4:43 p.m. London time. Month-ahead gas climbed 1 percent to 66.5 pence a therm. That’s equivalent to $10.33 per million Btu.

PRECIOUS METALS

Platinum rose for the second straight day, widening its premium to gold to a 17-month high, on concern supply may fall after Zimbabwe seized land from the nation’s top miner of the white metal.

On the Nymex, platinum futures for delivery in April climbed 0.7 percent to $1,729.70 an ounce.

Palladium futures for March delivery rose 0.1 percent to $772.05 an ounce. Earlier, the price reached $777.60, the highest for a most-active contract since Sept. 6, 2011.

Gold futures for April delivery dropped 0.3 percent to $1,645.10 an ounce on the Comex in New York.

Silver futures for March delivery slid 0.5 percent to $30.869 an ounce.

GRAINS, OILSEEDS

Corn fell, capping the longest slump in 32 years, on speculation that beneficial weather will boost crops in Argentina, the world’s second-biggest exporter, and Brazil.

On the Chicago Board of Trade, corn futures for March delivery dropped 0.1 percent to $6.955 a bushel. The price declined for the ninth straight session, the longest slide since December 1980.

Wheat futures for March delivery gained 0.5 percent to $7.355 a bushel.

Soybean futures for May delivery gained 0.3 percent to $14.135 a bushel.

BASE METALS

Copper futures fell for the second time in three days as crude-oil prices slipped, dragging commodities lower.

On the London Metal Exchange, copper for delivery in three months decreased 0.1 percent to $8,226 a metric ton ($3.73 a pound). Zinc and lead also fell, while aluminum, nickel and tin gained.

In New York, copper futures for March delivery slid less than 0.1 percent to $3.7425 a pound on the Comex.

CRUDE OIL

Crude oil dropped after the Energy Information Administration said U.S. output rose to the highest in 20 years.

On the Nymex, oil futures for March delivery slid 0.5 percent to $97.01 a barrel.

Brent oil for March settlement rose 6 cents to $118.72 a barrel on the London-based ICE Futures Europe exchange.

Russian Urals crude dropped to the lowest in more than five months as Vitol Group offered the grade without success. The trader also failed to sell Forties.

Daily exports of the 12 main grades of North Sea crude for March loading will drop 8 percent to the lowest in two months, according to loading programs obtained by Bloomberg News.

OIL PRODUCTS

Gasoline slid as supplies in the U.S. East Coast increased last week.

On the Nymex, gasoline futures for March delivery fell 0.5 percent to $3.0354 a gallon.

Heating-oil futures for March delivery dropped 0.5 percent to $3.2188 a gallon.

SOFT COMMODITIES

Cotton fell the most in more than a week as a measure of U.S. inventory climbed to the highest since May 2011.

On ICE Futures U.S. in New York, cotton futures for May delivery slumped 1.1 percent to 82.21 cents a pound, the biggest drop since Feb. 4.

Arabica-coffee futures for May delivery declined 1.2 percent to $1.416 a pound.

Cocoa futures for May delivery were unchanged at $2,170 a ton.

Orange-juice futures for March delivery climbed 1.4 percent to $1.297 a pound.

Raw-sugar futures for delivery in May advanced 0.7 percent to 18.2 cents a pound.

LIVESTOCK

Cattle futures declined to the lowest closing price in almost three months on speculation that higher costs for U.S. beef will erode consumer demand.

On the Chicago Mercantile Exchange, cattle futures for April delivery fell 0.4 percent to $1.294 a pound, the lowest settlement since Nov. 15.

Feeder-cattle futures for March settlement dropped 1.3 percent to $1.4135 a pound.

Hog futures for April settlement fell 0.2 percent to 85.8 cents a pound, the lowest closing price since Jan. 10.

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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