Bloomberg News

COMMODITIES DAYBOOK: Oil Declines on Italian Election Results

February 25, 2013

West Texas Intermediate oil fell to the lowest level in seven weeks in electronic trading after the settlement as partial election results in Italy heightened concern that the euro-zone debt crisis may deepen.

WHAT TO WATCH (ALL TIMES NEW YORK) * 10am Fed’s Bernanke Testifies at Senate Banking Committee * 10am House Oversight Committee hearing on TARP, Executive Pay * 2pm USDA Cattle, Hog Slaughter * 430pm API U.S. Gasoline Inventories

TOP STORIES * CME Said to Approach Deutsche Boerse to Consider Deal Talks * Oil Slips as Kerry Says Diplomatic Solution Possible on Iran * Natural Gas Jumps on Forecasts of Cold Weather in March * Gold Rises Most in Three Weeks on Central Bank Purchases * Wheat Drops to 8-Month Low as Drought Eases; Soybeans Fall * Cattle Climb as Second Storm May Disrupt Supplies; Hogs Drop * Nickel Prices Drop as Manufacturing Expansion Slows in China * Gasoline Weakens as Crude Retreats After Kerry’s Iran Comments

ON THE FRONT PAGES * Argentina’s Salta Soybeans Farmers Face Losses: Agronoa * Kawasaki Heavy to Make LNG-Fueled Ships, Nikkei Says * Kansai Electric, Osaka Gas to Bid on UAE Plant, Nikkei Says

ECONOMIC DATA * 9am S&P/Case Shiller Home Price Index * 10am Richmond Fed Manufacturing Index * 10am Consumer Confidence * 10am New Home Sales

MARKETS * Crude oil down 2 cents to $93.11/barrel * Gasoline drops 0.6% to $3.0611/gallon * Natural Gas jumps 3.7% to $3.414 per mmBtu * Gold climbs 0.9% to $1,586.60/oz * Copper up 0.3% to $3.561/lb * Soybeans fall 0.6% to $14.3525/bu * Wheat slides 1.9% to $7.0525/bu * Dollar index gains 0.4% to 81.821 * MSCI (MXWD) All-Country index loses 0.7% to 351.34

BLOOMBERG TV * 6am US Secretary of State Kerry and Germany’s Westerwelle * 830am JP Morgan Chase & Co. Investor Day * 10am Bernanke testifies about monetary policy, economy

To contact the reporter on this story: Mario Parker in Chicago at mparker22@bloomberg.net

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


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