Oil Tops $91 a Barrel on U.S. Payrolls: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities rose 3 percent to 649.02 at 4:43 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was up 2.1 percent at 1,561.486.

CRUDE OIL

Oil surged after U.S. payrolls climbed more than estimated, bolstering optimism about economic strength in the world’s biggest crude-consuming country.

Crude oil for September delivery rose $4.51, or 5.2 percent, to $91.64 a barrel on the New York Mercantile Exchange. Prices are up 1.7 percent this week, and have dropped 7.3 percent this year.

Brent oil for September settlement advanced $2.61, or 2.5 percent, to $108.51 a barrel on the London-based ICE Futures Europe exchange.

Oil markets: NI OILMARKET

OIL PRODUCTS

Gasoline and heating oil gained after U.S. payrolls rose more than estimated in July and a sagging dollar boosted the investment appeal of commodities.

Gasoline for September delivery rose 4.82 cents, or 1.8 percent, to $2.9178 a gallon on the New York Mercantile Exchange. Prices have gained 1 percent this week.

Heating oil for September delivery rose 6.96 cents, or 2.4 percent, to $2.9119 a gallon and is up 0.8 percent this week.

Regular gasoline at the pump, averaged nationwide, rose 3.3 cents to $3.567 a gallon yesterday, AAA data showed. That’s the highest price since June 4. Prices have fallen 9.4 percent from a 2012 high of $3.936 on April 4, according to AAA, the nation’s largest motoring organization.

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

NATURAL GAS

Natural-gas futures fell in New York, extending yesterday’s biggest decline in almost three years, as forecasts for a break in recent heat signaled reduced demand for the power-plant fuel.

Natural gas for September delivery fell 2.1 cents, or 0.7 percent, to $2.899 per million British thermal units on the New York Mercantile Exchange. The futures have declined 3 percent this year after dropping to a 10-year low of $1.902 in April.

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

SOFT COMMODITIES

Orange-juice futures rose for a second day on speculation that a tropical storm will pose a threat to groves in Florida, the world’s second-largest citrus grower. Cocoa and cotton also gained. Sugar and coffee fell.

Orange juice for September delivery jumped 2.8 percent to $1.124 a pound on ICE Futures U.S. in New York, adding to yesterday’s 1.5 percent gain.

Cocoa futures for September delivery advanced 1.6 percent to $2,406 a metric ton on ICE.

Cotton futures for December delivery climbed 1.4 percent to 71.97 cents a pound in New York, heading for the second consecutive increase.

Also in New York, raw-sugar futures for October delivery dropped 0.3 percent to 21.98 cents a pound, after reaching 21.78 cents, the lowest for a most-active contract since July 6. Arabica-coffee futures for September delivery slid 0.1 percent to $1.7155 a pound.

Soft commodities markets: NI SOMKTS

BASE METALS

Copper futures rallied the most in two weeks after the government reported U.S. payrolls climbed more than forecast in July, easing concern that slowing economic growth is eroding demand for the metal.

Copper futures for September delivery rose 1.4 percent to $3.337 a pound on the Comex in New York, heading for the biggest gain for a most-active contract since July 19. Still, the metal is down 2.6 percent for the week, the third straight decline.

On the London Metal Exchange, copper for delivery in three months advanced 0.7 percent to $7,384 a metric ton ($3.35 a pound).

Base metals markets: NI BMMKTS

PRECIOUS METALS

Gold futures jumped most in more than a week after a report showed the U.S. jobless rate unexpectedly increased to a five- month high.

Gold futures for December delivery increased 0.9 percent to $1,605.70 an ounce on the Comex in New York. A close at that price will mark the biggest gain since July 25.

Silver futures for September delivery jumped 2.5 percent to $27.66 an ounce in New York, on pace for the biggest increase since July 25.

Precious metal markets: NI PCMKTS

LIVESTOCK

Hog prices tumbled to a 19-month low on signs that the worsening U.S. drought is forcing farmers to sell more animals for slaughter to limit losses on higher feed costs, boosting pork supplies. Cattle futures also declined.

Hog futures for October settlement fell 1.3 percent to 77.2 cents a pound on the Chicago Mercantile Exchange, after reaching 76.7 cents, the lowest since Dec. 22, 2010.

Cattle futures for October delivery fell 0.3 percent to $1.247 a pound in Chicago. Through yesterday, prices rose 3 percent in 2012.

Feeder-cattle futures for October settlement slid 0.9 percent to $1.4075 a pound on the CME.

Livestock markets: NI LVMKTS

GRAINS, OILSEEDS

Wheat and corn gained for the first time in four days as the worst Indian monsoon in three years may curb global grain production that’s already been hurt by dry weather in the U.S., Russia and Australia. Soybeans rose.

Wheat futures for September delivery rose 2.3 percent to $8.8525 a bushel on the Chicago Board of Trade. The price through yesterday was down 3.7 percent this week.

Corn futures for December delivery climbed 1.4 percent to $8.0675 a bushel in Chicago. Prices dropped 2.2 percent in the previous three sessions.

Soybean futures for November delivery advanced 1 percent to $16.3325 a bushel on the CBOT. A close at that level would leave the oilseed up 2 percent this week.

Grain markets: NI GRMKTS

EUROPEAN CARBON PERMITS

European Union carbon for December fell 5 cents, or 0.7 percent, to 7.13 euros ($8.81) on the ICE Futures Europe exchange in London.

EU Carbon Emissions: NI ECBMKT

To contact the reporter on this story: Tom Metcalf in London at tmetcalf7@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net

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