Brent oil for August settlement was at $100.20 a barrel, up 43 cents, on the London-based ICE Futures Europe exchange at 4:25 a.m. in Singapore It dropped 0.9 percent yesterday. The European benchmark’s premium to the U.S. benchmark, West Texas Intermediate, rose to $12.92 from $12.11 yesterday.
Natural-gas futures climbed for a third day after the rise on July 3 to a five-month high in New York as above-normal temperatures spurred demand for the power-plant fuel. Markets were closed
Futures for August delivery today rose as much as 6 cents, or 2 percent, to $2.915 per million British thermal units on the New York Mercantile exchange and were at $2.912 at 4:45 p.m. Singapore time.
The premium of gasoil, or diesel, to Dubai crude gained 10 cents to $17.23 a barrel, according to PVM. The widening spread indicates higher profit for processing crude into the fuel.
Gasoil swaps for August slid 35 cents, or 0.3 percent, to $114.37 a barrel, PVM data showed. Jet fuel’s premium to gasoil added 5 cents to $1 a barrel. A wider regrade indicates it is more profitable to produce aviation fuel over diesel.
Gold swung between gains and losses in London before the European Central Bank’s rate decision.
Gold for immediate delivery rose 0.2 percent to $1,618.10 an ounce by 9:10 a.m. in London. It gained as much as 0.2 percent and fell as much as 0.1 percent earlier today. August- delivery bullion fell 0.2 percent to $1,618.60 an ounce on the Comex in New York.
Copper swung between losses and gains as investors await a rate decision today by the European Central Bank amid signs of a deepening economic slowdown in the region and concern that demand in China is weakening.
Three-month copper was little changed at $7,729.50 a metric ton on the London Metal Exchange at 4 p.m. in Seoul after touching $7,823 on July 3, the highest level since May 15. The September-delivery contract dropped 0.8 percent to $3.513 a pound on the Comex in New York.
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