Oil, Gold, Copper Rise; Natural Gas Falls: Commodities at Close
Oil advanced for a third day in New York on signs that voters in Greece may back austerity measures needed for a European Union bailout, boosting confidence that the bloc’s debt crisis can be contained.
Crude for July delivery increased as much as $1.04 to $91.90 a barrel in electronic trading on the New York Mercantile Exchange and was at $91.74 at 8:56 a.m. London time. The contract rose 0.2 percent to $90.86 on May 25, the highest close since May 22. Prices are down 7.2 percent this year. There will be no floor trading in New York today because of the Memorial Day holiday.
Natural gas extended its decline in New York amid forecasts that cooler weather will follow a heat wave, limiting demand for fuel at power plants.
The premium of gasoil to Dubai crude fell 37 cents, or 2.4 percent, to $15.05 a barrel at 10:09 a.m. Singapore time, according to data from PVM Oil Associates Ltd., a broker. The spread is at the narrowest since March 27.
Singapore gasoil swaps for June rose 15 cents, or 0.1 percent, to $119.25 a barrel, PVM data showed. Jet fuel’s premium to gasoil was unchanged at $1.25 a barrel. This spread between the fuels, also known as the regrade, is 67 percent wider than it was a week earlier, signaling it is more profitable for refiners to make aviation fuel over diesel.
Copper for three-month delivery gained 1.2 percent to $7,731 a metric ton by 10:01 a.m. on the London Metal Exchange. Prices are down 8 percent this month, on course for the biggest drop since September. July-delivery copper rose 1.2 percent to $3.4885 a pound on the Comex in New York, where floor trading is shut today for the Memorial Day holiday.
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