Gasoline Gains on Stockpiles Decline: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities rose 0.5 percent to 658.940 by 5:26 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was up 0.2 percent at 1,560.925.

OIL PRODUCTS

Gasoline futures extended a gain after the Energy Department reported stockpiles sank more than forecast last week.

Gasoline supplies declined 2.37 million barrels to 203.7 million in the seven days ended Aug. 10, according to department data. The median estimate of 10 analysts surveyed by Bloomberg called for a 2 million-barrel decrease.

September-delivery gasoline gained 3.81 cents, or 1.3 percent, to $3.0395 a gallon on the New York Mercantile Exchange. Prices were $3.021 before the report’s release at 10:30 a.m. in Washington.

The government said heating oil and diesel inventories rose 677,000 barrels to 142.2 million in the week ended Aug. 10. Analysts forecast a 275,000-barrel decrease, according to the survey.

Heating oil for September delivery gained 2.07 cents, or 0.7 percent, to $3.0553 a gallon, from $3.0372 before the report.

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

CRUDE OIL

Crude gained for a second day after the U.S. Energy Department said stockpiles fell more than expected last week.

Oil for September delivery rose 42 cents, or 0.4 percent, to $93.85 a barrel on the New York Mercantile Exchange. The price was $92.90 before the report was released at 10:30 a.m. Prices have declined 5 percent this year.

Brent crude for September settlement, which expires tomorrow, rose $1.20, or 1.1 percent, to $115.23 on the London- based ICE Futures Europe exchange. The more-active October contract gained $1.23, or 1.1 percent, to $113.38.

Oil markets: NI OILMARKET

NATURAL GAS

Natural-gas futures for September delivery fell 2.9 percent to $2.753 per million British thermal units on the New York Mercantile Exchange.

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

SOFT COMMODITIES

Arabica-coffee futures fell, heading for the longest slump in six months, on persistent signs that supplies will remain ample. Cocoa, sugar, cotton and orange juice advanced.

Arabica-coffee futures for December delivery dropped 2.4 percent to $1.62205 a pound on ICE in New York, after reaching $1.618, the lowest for a most-active contract since June 28.

Cocoa futures for December delivery increased 0.4 percent to $2,450 a metric ton on ICE.

Also in New York, raw-sugar futures advanced 0.3 percent to 20.39 cents a pound, heading for the first gain in 12 sessions. Cotton futures for December delivery climbed 0.2 percent to 72.25 cents a pound.

Orange-juice futures for November delivery rose 1.2 percent to $1.0575 a pound, headed for the first gain since Aug. 8.

Soft commodities markets: NI SOMKTS

BASE METALS

Copper may fall for the third time in four sessions on concern that economic growth is slowing in China, the world’s biggest metals consumer.

Copper futures for December delivery fell 0.2 percent to $3.3655 a pound on the Comex in New York. The metal dropped 3.6 percent this quarter through yesterday.

On the London Metal Exchange, copper for delivery in three months slid 0.1 percent to $7,405.50 a ton ($3.36 a pound).

Zinc, aluminum, nickel, lead and tin also declined in London.

Base metals markets: NI BMMKTS

PRECIOUS METALS

Gold rose for the first time this week after a U.S. report showing stagnant consumer prices bolstered prospects that the Federal Reserve will take further steps to spur growth, reviving inflation and demand for the metal as a hedge.

Gold futures for December delivery advanced 0.1 percent to $1,604.60 an ounce on the Comex in New York. Prices rose 2.3 percent this year through yesterday.

Silver futures for December delivery rose 0.3 percent to $27.94 an ounce on the Comex.

Precious metal markets: NI PCMKTS

LIVESTOCK

Hogs declined for the first time in three sessions on speculation that rising supplies of animals will depress the price feedlots have to pay. Cattle gained.

Hog futures for October settlement fell 1.3 percent to 76.425 cents a pound on the Chicago Mercantile Exchange. The price gained 2.5 percent in the previous two sessions.

Cattle futures for October delivery gained 0.2 percent to $1.27125 a pound on the CME, after earlier reaching a five-month high of $1.272. Feeder-cattle futures for October settlement slid 0.1 percent to $1.45625 a pound in Chicago.

Livestock markets: NI LVMKTS

GRAINS, OILSEEDS

Soybeans and corn rose for the first time this week on speculation that the U.S. government may have underestimated crop damage from the hottest July since 1936. Wheat gained.

Soybean futures for November delivery gained 2.2 percent to $16.325 a bushel on the Chicago Board of Trade, after falling 2.8 percent in the first two days of this week. The price touched a record $16.915 on July 23.

Corn futures for December delivery rose 1.1 percent to $7.98 a bushel in Chicago, the first gain in three sessions. The most-active contract touched a record $8.49 on Aug. 10.

Wheat futures for December delivery advanced 0.8 percent to $8.655 a bushel on the CBOT, after yesterday touching $8.5725, the lowest since Aug. 2. The price fell 7.4 percent the past three sessions, the biggest such slide since June 2011.

Grain markets: NI GRMKTS

EUROPEAN CARBON PERMITS

European Union carbon permits had their biggest fall in more than two weeks as German power dropped for the first session in five.

EU carbon for December dropped 2.1 percent to 7.50 euros ($9.21) a metric ton on the ICE Futures Europe exchange in London. Earlier it fell as much as 3.1 percent, the most since July 30. It rose 2.1 percent yesterday.

EU Carbon Emissions: NI ECBMKT

To contact the reporter on this story: Jessica Abrahams in London at jabrahams7@bloomberg.net

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