Oil Climbs as Tropical Storm Cuts Output: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities rose 0.1 percent to 667.480 by 4:46 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was down 0.4 percent at 1,588.649.

CRUDE OIL

Oil rose for the first time in four days in New York as Tropical Storm Isaac reduced offshore output in the Gulf of Mexico and on speculation that U.S. supplies fell to a five- month low.

Crude oil for October delivery rose 72 cents, or 0.8 percent, to $96.19 a barrel on the New York Mercantile Exchange. The contract climbed to $96.54 earlier.

Brent oil for October settlement gained 25 cents to $112.51 a barrel on the London-based ICE Futures Europe exchange. The European benchmark grade’s premium to West Texas Intermediate oil traded in New York was $16.32, down from $16.79 previously.

Oil markets: NI OILMARKET

OIL PRODUCTS

Gasoline slipped from a nearly four-month high on speculation that the impact from Tropical Storm Isaac on Gulf Coast refining will be short lived.

September-delivery gasoline fell 3.66 cents, or 1.2 percent, to $3.1182 a gallon on the New York Mercantile Exchange. Prices rose 2.6 percent yesterday to the highest settlement since April 30. The more actively traded October contract fell 2.7 cents to $2.923.

Heating oil for September delivery rose 0.08 cent to $3.1126 a gallon on the exchange. October heating oil advanced 0.27 cent to $3.1222 a gallon.

Regular gasoline at the pump, averaged nationwide, rose 0.6 cent to $3.756 a gallon yesterday, the highest average since May 7, AAA data showed. Prices have climbed 43 cents, or 13 percent, since July 1, according to data from the nation’s largest motoring organization.

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

NATURAL GAS

Natural gas fluctuated near a two-month low on speculation that supply cuts from Tropical Storm Isaac will be limited, while cooler weather and possible power outages after the storm comes ashore may reduce fuel demand.

Gas for September delivery fell 0.2 cent to $2.651 per million British thermal units on the New York Mercantile Exchange after sliding to $2.606, the lowest intraday price since June 22. Prices have declined 11 percent this year.

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

SOFT COMMODITIES

Sugar climbed in New York for the first time in four sessions on speculation that a 19 percent slump since mid July was overdone as some buyers return to the market. Cocoa and coffee also advanced.

Raw sugar for October delivery climbed 0.7 percent to 19.7 cents a pound on ICE Futures U.S. in New York. White, or refined, sugar for October delivery rose 0.5 percent to $552 a metric ton on NYSE Liffe in London.

Cocoa for December delivery rose 1.6 percent to $2,513 a ton on ICE. Arabica coffee for December delivery advanced 0.4 percent to $1.68 a pound in New York.

In London, cocoa and robusta coffee were higher.

Soft commodities markets: NI SOMKTS

BASE METALS

Copper fell for a third straight session, the longest streak in a month, on signs that Asian economies are slowing and speculation that U.S. policy makers will refrain from a fresh round of stimulus.

Copper futures for December delivery declined 0.7 percent to $3.459 a pound on the Comex in New York. The most-active contract hasn’t declined for three straight days since July 24.

On the London Metal Exchange, copper for delivery in three months fell 0.6 percent to $7,592.25 a metric ton ($3.44 a pound).

Aluminum, zinc, lead, nickel and tin were also lower on the LME. The exchange was closed yesterday for a holiday.

Base metals markets: NI BMMKTS

PRECIOUS METALS

Gold dropped the most in two weeks on speculation that the Federal Reserve will delay announcing stimulus measures amid signs the U.S. economy is recovering.

Gold futures for December delivery fell 0.5 percent to $1,666.50 an ounce on the Comex in New York.

Silver futures for December delivery dropped 1.2 percent to $30.76 an ounce, heading for the biggest loss since Aug. 2.

Precious metal markets: NI PCMKTS

LIVESTOCK

Cattle futures rose for the first time in three sessions on signs of shrinking U.S. supplies. Hog prices were little changed.

Cattle futures for October delivery rose 0.2 percent to $1.2375 a pound on the Chicago Mercantile Exchange. The most- active contract dropped 1.2 percent in the previous two sessions.

Feeder-cattle futures for October settlement rose 0.4 percent to $1.44475 a pound on the CME.

Hog futures for October settlement rose 0.1 percent to 73.325 cents a pound. Through yesterday, the price fell 13 percent this year.

Livestock markets: NI LVMKTS

GRAINS, OILSEEDS

Corn may drop for a fifth straight session and soybeans may slide on speculation that the highest prices ever will encourage U.S. farmers to step up sales while encouraging South America growers to plant more.

Corn futures for December delivery were unchanged at $8.0075 a bushel on the Chicago Board of Trade, after dropping as much as 0.7 percent. A decline today would be the longest slump since June 2011. The most-active contract touched a record $8.49 on Aug. 10 after the government said production would fall 13 percent this year to the lowest since 2008.

Soybean futures for November delivery declined 0.5 cent to $17.1825 a bushel in Chicago. Yesterday, the price reached $17.605, the highest ever.

Grain markets: NI GRMKTS

EUROPEAN CARBON PERMITS

European Union carbon for December fell 1.6 percent to 8.03 euros ($10.08) on the ICE Futures Europe exchange in London.

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

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