Oil Heads for Weekly Gain; Gas Prices Fall: Commodities at Close
The Standard & Poor’s GSCI gauge of 24 commodities rose 0.4 percent to 668.09 at 6:59 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials climbed 0.4 percent to 1,612.824.
CRUDE OIL
Oil headed for its first weekly gain in three as it traded near a one-week high in New York amid signs of economic recovery in the U.S., the world’s biggest crude consumer.
NATURAL GAS
Natural gas futures fell in New York for the first time in five days after a government report showed the surplus of the heating and power-plant fuel expanded to the widest level in 31 months.
OIL PRODUCTS
Naphtha’s premium to London-traded Brent crude futures increased to $127.23 a metric ton at 2:30 p.m. Singapore time from $120.06 yesterday, according to data compiled by Bloomberg. This crack spread has narrowed 3.5 percent so far this week, poised for the first weekly decline since Dec. 30.
Fuel oil increased 64 cents to $1.16 a barrel above Dubai crude at 2:26 p.m. Singapore time, based on data from PVM Oil Associates Ltd., a broker. This crack spread is at a premium this week for the first time in Bloomberg records that started August 2006, signaling refiners are no longer making a loss turning oil into residual products.
PRECIOUS METALS
BASE METALS
Three-month copper retreated 0.6 percent to $8,542.50 a metric ton on the London Metal Exchange at 2:47 p.m. in Tokyo. The price climbed to $8,610 yesterday, the highest since Sept. 19. The metal is up 3.9 percent this week, the third straight advance and the longest winning run since July.
GRAINS, SOFT COMMODITIES, LIVESTOCK
Wheat for March delivery declined as much as 1.3 percent to $6.45 a bushel on the Chicago Board of Trade. It traded at $6.4875 at 3:23 p.m. Singapore time, set for a second weekly advance of 6.3 percent, the biggest such gain since the five days to Dec. 23.
Corn for March-delivery was little changed at $6.34 a bushel, set for a 3.7 percent gain this week. That’s the biggest weekly advance this year. Futures rose 2 percent a week earlier.
Soybeans for March delivery were little changed at $12.21 a bushel, set for a 2.9 percent gain this week.
Cattle futures for April delivery closed yesterday at $1.2805 a pound on the CME, up 5.4 percent this month, heading for the biggest January gain since 2002.
Cocoa for March delivery climbed 0.3 percent to 1,596 pounds ($2,507) a metric ton at 10:19 a.m. in London on NYSE Liffe. Prices have jumped 7.6 percent in four days. importing nations, according to data on its website.
White, or refined, sugar climbed 0.5 percent to $651.80 a ton and raw sugar was unchanged at 24.73 cents a pound. Robusta coffee futures fell 0.1 percent to $1,870 a ton and arabica coffee declined 0.3 percent to $2.1915 a pound.
Raw-sugar futures for March delivery rose 0.9 percent to 24.73 cents a pound in New York. The price has climbed 6.1 percent this month.
Arabica-coffee futures for March delivery gained 1.2 percent to $2.197 a pound.
To contact the reporter on this story: Christian Schmollinger in Singapore at christian.s@bloomberg.net
To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net
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