Bloomberg News

WTI Crude Oil Climbs From 2013 Low: Commodities at Close

March 05, 2013

The Standard & Poor’s GSCI Spot Index of 24 raw materials rose 0.9 percent to settle at 645.94 in New York, led by petroleum. The UBS Bloomberg CMCI index of 26 prices rose 0.6 percent to 1,543.131.

CRUDE OIL

West Texas Intermediate oil advanced from the lowest level this year as equities climbed on company earnings, while the shutdown of a Brent pipeline system after a platform leak boosted the European benchmark.

WTI futures rose 0.8 percent as the Dow Jones Industrial Average surged to a record amid the fastest profit growth since the 1990s. Brent gained 1.4 percent as a pipeline system was closed for a fourth day after an oil leak was discovered March 2 on the Cormorant Alpha platform.

WTI oil for April delivery rose 70 cents to settle at $90.82 a barrel on the New York Mercantile Exchange. The contract dropped to $90.12 yesterday, the lowest settlement since Dec. 24.

Brent crude for April settlement increased $1.52 to end the session at $111.61 a barrel on the London-based ICE Futures Europe exchange.

OIL PRODUCTS

Heating oil rose the most since Nov. 19, rebounding from a 12-week low as it jumped from technical support levels.

Heating oil for March delivery gained 5.39 cents to settle at $2.973 a gallon on the Nymex. The spread versus Brent oil on ICE Futures Europe exchange in London widened 75 cents to $13.26 a barrel.

April-delivery gasoline advanced 4.99 cents, or 1.6 percent, to settle at $3.1482 a gallon, the highest settlement since Sept. 28. The April crack spread, or premium for gasoline over West Texas Intermediate crude, widened $1.39 to $41.40 a barrel. The spread versus Brent increased 57 cents to $20.61.

Gasoline at the pump, averaged nationwide, fell 0.9 cent to $3.737 a gallon, AAA said today on its website. It was the sixth consecutive drop. Prices, which have risen 14 percent this year, are 3 cents below a year earlier. Prices in 2012 peaked on April 4 at $3.936 after rising every day but one from March 9.

NATURAL GAS

Natural gas futures settled unchanged at yesterday’s five- week high in New York amid forecasts for below-normal temperatures and a winter storm that would boost heating-fuel use.

Natural gas for April delivery settled at $3.529 per million British thermal units on the Nymex. Yesterday’s close was the highest since Jan. 23. Gas has gained 5.3 percent this year.

BASE METALS

Copper futures rose as China, the world’s biggest consumer of industrial metal, vowed to maintain its goal for economic expansion. Aluminum and nickel also climbed.

Copper futures for May delivery climbed 0.4 percent to settle at $3.515 a pound on the Comex in New York. The metal is down 3.8 percent this year.

On the LME, copper for delivery in three months rose 0.6 percent to $7,772 a metric ton ($3.53 a pound).

Aluminum in London snapped the longest slump since June. The price added 0.2 percent to $1,977 a ton, after falling in the previous 11 sessions.

Nickel climbed 1.4 percent to $16,700 a ton.

PRECIOUS METALS

Gold futures rose on speculation that central banks will maintain stimulus measures, while physical demand for the metal climbed. Silver also advanced.

Gold futures for April delivery climbed 0.2 percent to settle at $1,574.90 an ounce at 1:56 p.m. on the Comex. Earlier, the price gained as much as 0.9 percent.

Silver futures for May delivery increased 0.4 percent to $28.604 an ounce on the Comex, the third straight gain. The price has dropped 5.4 percent this year.

On the Nymex, platinum futures for April delivery gained 1.2 percent to $1,585.70 an ounce. The price dropped in the previous five sessions, the longest slump of the year.

Palladium futures for June delivery jumped 2.8 percent to $734.60 an ounce, the biggest increase for a most-active contract since Jan. 9.

SOFT COMMODITIES

Cotton futures climbed to the highest in almost 10 months as output is set to decrease in the U.S., the world’s top exporter, just as global demand gains. Cocoa and sugar also rose, while coffee and orange juice slid.

Cotton for delivery in May jumped 0.8 percent to 86.98 cents a pound on ICE Futures U.S. in New York, after touching 87.45 cents, the highest level since May 8.

Also in New York, cocoa futures for delivery in May rose 0.1 percent to $2,059 a metric ton, while raw-sugar futures for May delivery gained 0.6 percent to 18.19 cents a pound.

Arabica-coffee futures for May delivery dropped 3.8 percent to $1.4115 a pound on ICE, the biggest fall since Jan. 22.

Orange-juice futures for May delivery slid 0.4 percent to $1.235 a pound on ICE.

GRAINS, OILSEEDS

Soybean futures rose to the highest price in more than a week as the U.S. government reported more sales to China, the world’s biggest buyer. Corn and wheat gained.

Soybean futures for May delivery advanced 0.3 percent to close at $14.665 a bushel on the Chicago Board of Trade. Earlier, the price reached $14.8175, the highest level for a most-active contract since Feb. 22.

Corn futures for May delivery rose 0.8 percent to $7.09 a bushel. The grain climbed for the sixth time in seven sessions as U.S. farmers withheld dwindling supplies.

Wheat futures for May delivery climbed 0.5 percent to $7.06 a bushel.

LIVESTOCK

Cattle futures for April delivery slipped 0.6 percent to $1.29625 a pound on the Chicago Mercantile Exchange. • Feeder- cattle futures for May settlement fell 1 percent to $1.46225 a pound. Hog futures for April settlement dropped 1.3 percent to 79.25 cents a pound.

To contact the reporter on this story: Bill Banker in New York at bbanker@bloomberg.net

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


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