Oil Rises as Natural Gas Extends Advance: Commodities at Close
Oil rose a seventh day in New York, the longest run of gains since February, after U.S. gasoline supplies unexpectedly shrank and housing starts climbed, signaling fuel demand may increase amid an economic recovery.
Oil for August delivery gained as much as 85 cents to $90.72 a barrel in electronic trading on the New York Mercantile Exchange and was at $90.58 at 3:03 p.m. Singapore time. The contract expires tomorrow, and the more active September future was up 70 cents at $90.87. Front-month prices gained 65 cents to $89.87 yesterday, the highest close since May 29, and are 8.4 percent lower this year.
The premium of gasoil, or diesel, to Asian marker Dubai crude rose 33 cents, or 1.9 percent, to $17.56 a barrel at 10:22 a.m. Singapore time, according to data from PVM Oil Associates Ltd., a broker. This crack spread, a measure of processing profit, widened for a fourth day, the longest rising streak in three months.
Naphtha’s premium to London-traded Brent crude futures was up $7.67 to $74.40 a ton at 12:58 a.m. Singapore time, according to data compiled by Bloomberg. The difference, also known as the crack spread, was the widest since July 6.
Gold for immediate delivery gained as much as 0.6 percent to $1,583.10 an ounce and traded at $1,582.60 at 3:20 p.m. in Singapore. August-delivery bullion gained as much as 0.8 percent to $1,583.80 an ounce on the Comex, and was at $1,583.60.
GRAINS, OILSEEDS, SOFT COMMODITIES
Soybeans for November delivery rose as much as 0.7 percent to $16.32 a bushel, the highest level for a most-active contract since July 2008, when the price peaked at $16.3675 during the global food crisis. The oilseed traded at $16.315 at 3:09 p.m. in Singapore.
Wheat for September delivery rose as much as 0.8 percent to $9.1075 a bushel and traded at $9.0925. The most-active price has rallied 39 percent this year.
Corn for December delivery gained 0.2 percent to $7.86 a bushel after erasing a loss of 1 percent. The price rallied to $7.89 on July 17, the highest level for a most-active contract since June 9, 2011, and near the record $7.9925 set in 2008.
The October-delivery palm oil contract gained as much as 1.3 percent to 3,031 ringgit ($962) a metric ton on the Malaysia Derivatives Exchange and ended the morning session at 3,022 ringgit.
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