Crude Oil Declines on Higher Stockpiles: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities retreated 0.7 percent to 698.34 by 5 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials fell 0.8 percent to 1,638.577.

CRUDE OIL

Oil fell for a third day after government data showed U.S. inventories rose to the highest level in more than five months and on expectations that the Federal Reserve won’t take new action to bolster the economy.

Crude oil for April delivery fell $1.26, or 1.2 percent, to $105.29 a barrel on the New York Mercantile Exchange.

Brent oil for April settlement dropped 47 cents, or 0.4 percent, to $121.08 a barrel on the London-based ICE Futures Europe exchange.

Crude oil futures: NI CRMKTS

PRECIOUS METALS

Gold plunged, heading for the biggest decline this year, on expectations that the Federal Reserve will refrain from taking new action to bolster the economy.

Gold futures for April delivery fell 3 percent to $1,735.60 an ounce on the Comex in New York. A close at that price would mark the biggest decline since Dec. 14.

Precious metal markets: NI PCMKTS

BASE METALS

Copper fell for the first time in four sessions on reduced speculation that the Federal Reserve will take further steps to shore up economic growth.

Copper futures for May delivery dropped 2 percent to $3.842 a pound on the Comex in New York.

On the London Metal Exchange, copper for delivery in three months declined 1.8 percent to $8,443 a metric ton ($3.83 a pound).

Aluminum, nickel, zinc, lead and tin also fell on the LME.

Base metals markets: NI BMMKTS

SOFT COMMODITIES

Arabica coffee fell for the first time in five sessions on speculation that supplies will be ample as production climbs in Brazil, the world’s biggest grower. Sugar and cocoa slid.

Arabica coffee for May delivery fell 2.2 percent to $2.0175 a pound on ICE Futures U.S. in New York.

Raw-sugar futures for May delivery slipped 2.4 percent to 24.72 cents a pound on ICE, heading for the biggest loss since Jan. 5.

Cocoa futures for May delivery dropped 2.4 percent to $2,313 a ton in New York.

In London futures trading, robusta coffee gained on NYSE Liffe, while refined sugar and cocoa fell.

Cotton futures fell for the first time in four sessions on concern that global demand will trail production. Orange juice gained.

Cotton for May delivery fell 0.5 percent to 91.77 cents a pound on ICE Futures U.S. in New York.

Orange-juice futures for May delivery rose 1.3 percent to $1.8625 a pound in New York. Before today, the price gained 8.8 percent this year.

Soft commodities markets: NI SOMKTS

NATURAL GAS

U.K. gas for March delivery declined for a second day as mild weather damped demand and deliveries from Norway increased. Power also dropped.

The March contract dropped as much as 1.2 pence to 59.5 pence a therm and was at 59.8 pence in London, broker data complied by Bloomberg show.

Electricity for summer delivery, the six months from April, tumbled for a second day, trading 1.6 percent lower at 46 pounds a megawatt-hour.

Within-day gas declined 1.3 percent to 59.9 pence. No fuel flowed from storage, which may reduce demand to replenish stocks in the summer.

Natural gas futures climbed in New York, heading for the first monthly gain since October, as U.S. nuclear power generation dropped to a four-month low.

Natural gas for April delivery advanced 1.2 cents, or 0.5 percent, to $2.531 per million British thermal units on the New York Mercantile exchange.

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

GRAINS

Soybeans rose, poised for the biggest monthly gain since 2010, on increased demand from China, the biggest buyer. Corn fell from a three-month high as U.S. farmers increased sales.

Soybean futures for May delivery advanced 0.5 percent to $13.195 a bushel on the Chicago Board of Trade, heading for an eighth straight gain. Earlier, the oilseed touched $13.205, the highest for the most-active futures since Sept. 21.

Corn futures for May delivery slid 0.2 percent to $6.5625 a bushel in Chicago, after touching $6.615, the highest since Jan. 9.

Grain markets: NI GRMKTS

OIL PRODUCTS

Gasoline barges fell in northwest Europe as Gunvor Group Ltd. sold. Naphtha’s crack, or discount to Brent crude, narrowed to the lowest this month.

Gasoil dropped for a second day on the ICE Futures Europe exchange in London.

Gunvor sold four gasoline barges for immediate loading in Amsterdam-Rotterdam-Antwerp with deals carried out from $1,084 to $1,087 a metric ton, according to a survey of traders and brokers monitoring the Argus Bulletin Board.

Royal Dutch Shell Plc (RDSA), Cargill Inc. and Trafigura Beheer BV were the buyers of the Eurobob grade, to which ethanol is added to make the finished fuel. Shell bought for a third day.

The product’s crack, or premium to Brent crude, rose to $7.78 a barrel, according to data from PVM Oil Associates Ltd., a London-based crude and fuel broker.

Naphtha’s discount to Brent narrowed to $3.31 a barrel from $4.22 yesterday, PVM data showed. That was the smallest spread since Jan. 31, when it was $1.70.

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

LIVESTOCK

Cattle prices headed for the biggest gain in more than a week on signs of rising demand for U.S. beef amid tightening supplies. Hogs were little changed.

Cattle futures for April delivery rose 0.5 percent to $1.2895 a pound on the Chicago Mercantile Exchange.

Feeder-cattle futures for March settlement increased 0.3 percent to $1.56225 a pound on the CME.

Hog futures for April settlement slid less than 0.1 percent to 88 cents a pound in Chicago.

Livestock markets: NI LVMKTS

To contact the reporter on this story: John Deane in London at jdeane3@bloomberg.net

To contact the editor responsible for this story: John Deane at jdeane3@bloomberg.net

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