Bloomberg News

Oil to Natural Gas Advance as Cotton Falls: Commodities at Close

March 25, 2013

The Standard & Poor’s GSCI gauge of 24 commodities gained 0.2 percent to 647.6 by 4:44 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was down less than 0.1 percent to 1,540.963.

CRUDE OIL

West Texas Intermediate crude surged to a one-month high as Cyprus agreed with creditors on a bailout, reducing concern that Europe’s debt crisis will deepen. WTI narrowed its discount to Brent oil to the least since July.

Crude oil for May delivery rose 0.7 percent to $94.34 a barrel on the New York Mercantile Exchange. Futures touched $95.65, the highest level since Feb. 20. The volume of all futures traded was 54 percent above the 100-day average for the time of day.

Brent oil for May settlement decreased 12 cents to $107.54 a barrel. The volume of all futures traded was 2.9 percent below the 100-day average. The European benchmark crude’s premium to WTI narrowed to as little as $12.88, the least since July 5.

Oil markets: NI OILMARKET

SOFT COMMODITIES

Cotton futures fell, heading for the longest slump in six months, on mounting speculation that global supplies will outpace demand. Sugar and cocoa slid, while coffee and orange juice gained.

Cotton for May delivery dropped 0.9 percent to 86.47 cents a pound on ICE Futures U.S. in New York. The price headed for the fourth straight decline, the longest slump since late September.

Raw-sugar futures for May delivery fell 0.5 percent to 18.11 cents a pound in New York. The price headed for the third straight decline, the longest slump in six weeks.

Cocoa futures for May delivery slid 0.9 percent to $2,139 a ton.

Arabica-coffee futures for May delivery climbed 0.5 percent to $1.3595 a pound. The price headed for the fourth straight gain, the longest rally in four months.

Orange-juice futures for May delivery advanced 1.1 percent to $1.397 a pound.

Soft commodities markets: NI SOMKTS

BASE METALS

Copper fell in New York, extending a weekly decline, as speculation that China’s government will take steps to tame inflation added to concerns that global growth will slow, curbing metals demand.

Copper futures for May delivery fell 0.3 percent to $3.456 a pound at 10:35 a.m. on Comex in New York. The metal dropped 1.5 percent last week, the biggest loss in a month.

On the LME, copper for delivery in three months slipped 0.2 percent to $7,643.50 a ton ($3.47 a pound).

Nickel, zinc, aluminum and lead were also lower in London, while tin advanced.

Base metals markets: NI BMMKTS

GRAINS, OILSEEDS

Wheat fell for the second time in three sessions on speculation that wet weather in the southern Great Plains and eastern Midwest will boost prospects for U.S. winter crops. Soybeans declined, while corn rose.

Wheat futures for May delivery fell 0.4 percent to $7.2675 a bushel at 10:50 a.m. on the Chicago Board of Trade. The price through March 22 was down 6.2 percent this year.

Soybean futures for May delivery fell 0.1 percent to $14.395 a bushel in Chicago. The price through March 22 was up 2.2 percent in 2013. Corn futures for delivery the same month rose 0.2 percent at $7.2775 a bushel.

Grains markets: NI GRMKTS

PRECIOUS METALS

Gold dropped the most in three weeks after Cyprus agreed with euro-area finance ministers on a rescue package, reducing demand for the precious metal as a haven.

Gold futures for June delivery slipped 0.7 percent to $1,597.40 an ounce at 9:59 a.m. on the Comex in New York, heading for the biggest drop for a most-active contract Feb. 28.

Futures trading was 93 percent above the average in the past 100 days for this time of day.

Silver futures for May delivery slid 0.2 percent to $28.645 an ounce in New York.

Precious metal markets: NI PCMKTS

OIL PRODUCTS

Gasoline fluctuated, reversing an earlier gain, on speculation that supplies of the motor fuel in New York Harbor are adequate and will soon increase.

Gasoline for April delivery fell 0.28 cent to $3.0597 a gallon at 11:48 a.m. on the New York Mercantile Exchange. Trading volume was 22 percent below the 100-day average.

Prices touched $3.1124 a gallon earlier as gasoline advanced along with crude oil as Cyprus met conditions to obtain a bailout, reducing concerns that Europe’s debt crisis would worsen.

Heating oil for April delivery fell 1.92 cents, or 0.7 percent, to $2.8651 a gallon on volume that was 8.7 percent above than the 100-day average.

Oil Products Europe: NI OPEMKT Gasoline: NI GASOLINE Heating oil: NI HEATOIL

NATURAL GAS

Natural gas futures climbed in New York for the first time in four days as colder-than-normal weather persisted in the eastern half of the U.S., boosting demand for the heating fuel.

Natural gas for April delivery rose 5.5 cents, or 1.4 percent, to $3.982 per million British thermal units at 10:24 a.m. on the New York Mercantile Exchange. The futures have advanced 19 percent this year. Trading volume was 9.8 percent below the 100-day average for the time of day. Prices reached $4 on March 21 for the first time since September 2011.

U.K. natural gas: NI NUKMKT Gas market: NI GASMARKET Americas natural gas: NI AGASMARKET European natural gas: NI EGASMARKET

European Carbon Permits

European Union emission permits jumped 10 percent to 4.57 euros a metric ton.

EU Carbon Emissions: NI ECBMKT

LIVESTOCK

Cattle futures rose for the third time in four sessions on signs of shrinking U.S. supply of animals available to beef processors. Hogs declined.

Cattle futures for June delivery climbed 0.2 percent to $1.21425 a pound at 9:50 a.m. on the Chicago Mercantile Exchange. Prices dropped 8.4 percent this year through March 22.

Feeder-cattle futures for May settlement rose 0.3 percent to $1.407 a pound in Chicago.

Hog futures for June settlement fell 0.2 percent to 89.525 cents a pound in Chicago. The price was up 4.7 percent this year through March 22.

Livestock markets: NI LVMKTS

To contact the reporter on this story: Claudia Carpenter in London at ccarpenter2@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net


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