Natural Gas Tumbles on Weather Outlook: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities fell 0.8 percent to 656.21 as of 4:13 p.m. in New York. The UBS Bloomberg CMCI index of 26 raw materials was down 0.7 percent at 1,567.187.

NATURAL GAS

Natural gas futures slid to a one-month low in New York, capping a third weekly drop, on forecasts of cooler weather that may cut power-plant demand and slow declines in a supply glut.

Gas fell 5.9 percent as Commodity Weather Group LLC in Bethesda, Maryland, predicted normal or below-normal temperatures across most of the eastern and central U.S. through Aug. 24. Futures gained 6.4 percent in intraday trading yesterday after the Energy Department reported a smaller-than- expected gain in stockpiles for the week ended Aug. 3.

Natural gas for September delivery declined 17.5 cents to $2.77 per million British thermal units on the New York Mercantile Exchange, the lowest settlement price since July 10. The futures have dropped 7.3 percent this year and 3.7 percent this week.

Gas market: {NI GASMARKET}

Americas natural gas: {NI AGASMARKET}

European natural gas: {NI EGASMARKET}

U.K. natural gas: {NI NUKMKT}

SOFT COMMODITIES

Cotton slumped the most in seven weeks after the U.S. government raised its forecast for the nation’s crop and global inventories. Cocoa, sugar, coffee and orange juice dropped.

Cotton for December delivery tumbled 3.9 percent to settle at 73.02 cents a pound on ICE Futures U.S. in New York. That was the biggest slide since June 21.

Cocoa for December delivery declined 0.8 percent to $2,458 a metric ton on ICE, the first drop in four sessions. The futures posted a weekly advance of 1.9 percent, the fourth in a row and the longest rally since February 2011.

Raw-sugar futures for October delivery slid 0.3 percent to 20.74 cents a pound on ICE, the ninth consecutive decrease and the longest slump since January 1999.

Arabica-coffee futures for December delivery fell 0.1 percent to $1.6935 a pound in New York.

Orange-juice futures for November delivery dropped 3 percent to $1.0655 a pound on ICE. Earlier, the beverage reached $1.05, the lowest for a most-active contract since May 24.

Soft commodities markets: {NI SOMKTS}

CRUDE OIL

Oil fell as China’s export growth slowed and the International Energy Agency cut demand forecasts in signs that the global economic recovery is slowing.

Oil for September delivery fell 49 cents to settle at $92.87 a barrel on the Nymex. It decreased as much as 1.8 percent to $91.71 in intraday trading. Today’s decline trimmed a weekly advance to 1.6 percent, the fourth gain in five weeks.

Brent crude for September settlement decreased 27 cents to end the session at $112.95 a barrel on the London-based ICE Futures Europe exchange.

Oil markets: {NI OILMARKET}

OIL PRODUCTS

Heating oil fell from a three-month high as Chinese trade data increased concern that the global economy is slowing, threatening fuel demand.

Heating oil for September delivery declined 2.45 cents, or 0.8 percent, to $3.0205 a gallon on the Nymex. Prices rose 3.2 percent this week.

Gasoline rose after Valero Energy Corp. shut the 100,000- barrel-a-day fluid catalytic cracker at its St. Charles refinery in Norco, Louisiana, today.

Gasoline for September delivery advanced 0.31 cent to settle at $3.0039 a gallon, ending the week with a gain of 2.5 percent. September gasoline was the only contract to increase.

Regular gasoline at the pump, averaged nationwide, gained 1.1 cents to $3.673 a gallon yesterday, AAA data showed. That’s the highest price since May 23. Prices have climbed 34.7 cents since July 1, according to data from the nation’s largest motoring organization.

Oil Products Europe: {NI OPEMKT}

BASE METALS

Copper fell the most in more than a week as a collapse in Chinese export growth increased concern that the Asian nation, the world’s biggest consumer of the metal, is slowing down.

Copper futures for September delivery slid 0.9 percent to settle at $3.3925 a pound on the Comex in New York, the biggest drop since Aug. 2. The slide pared this week’s gain to 0.7 percent.

On the London Metal Exchange, copper for delivery in three months slid 0.6 percent to $7,490 a metric ton ($3.40 a pound).

Aluminum, nickel, zinc, lead and tin also dropped in London.

Base metals markets: {NI BMMKTS}

PRECIOUS METALS

Gold futures advanced for a third day on speculation that China may take more steps to boost economic growth, increasing demand for the precious metal as a store of value.

Gold futures for December delivery climbed 0.2 percent to settle at $1,622.80 an ounce on the Comex in New York, extending the weekly gain to 0.8 percent. The metal has risen 3.6 percent this year.

Silver futures for September delivery slipped 0.1 percent to $28.062 an ounce in New York.

Precious metal markets: {NI PCMKTS}

LIVESTOCK

Hog futures fell for the first time in three days on speculation that producers are increasing sales to pork processors to avoid paying record-high feed costs, boosting U.S. meat supplies. Cattle also declined.

Hog futures for October settlement dropped 0.6 percent to settle at 75.525 cents a pound on the Chicago Mercantile Exchange. The price dropped 0.4 percent this week.

Cattle futures for October delivery slipped 0.2 percent to $1.25525 a pound in Chicago. Feeder-cattle futures for October settlement rose 0.3 percent to $1.40875 a pound on the CME.

Livestock markets: {NI LVMKTS}

GRAINS, OILSEEDS

Corn futures fell the most in four weeks on signs that record-high prices during a crop-damaging U.S. drought may erode demand by makers of animal feed, ethanol and food products.

Corn futures for December delivery slid 1.8 percent to close at $8.0925 a bushel on the Chicago Board of Trade, the biggest decline since July 11. The price fell as much as 2 percent after jumping 3.1 percent to an all-time high of $8.49.

Soybeans rose for a third day as the government said U.S. farmers will harvest a smaller crop than expected this year after the hottest temperatures in 80 years cut yields.

Soybean futures for November delivery advanced 0.8 percent to close at $16.4375 a bushel on the Chicago Board of Trade. The most-active contract rose 5 percent in three sessions, the first such gain since July 20. The oilseed has advanced 31 percent since June 1 and reached a record $16.915 on July 23.

Grain markets: {NI GRMKTS}

To contact the reporter on this story: Christine Buurma in New York at cbuurma1@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.