Natural Gas Rises on Signs Glut May Shrink: Commodities at Close
The UBS Bloomberg CMCI gauge of 26 prices advanced 0.2 percent to 1,633.31.
Natural gas topped $3 per million British thermal units for the first time since August on speculation that production cuts in the Gulf of Mexico last week helped reduce a U.S. glut.
A government report on Sept. 13 may show a stockpile increase of 28 billion cubic feet last week, below the five-year average gain of 72 billion, based on the median of four analyst estimates compiled by Bloomberg.
On the New York Mercantile Exchange, gas futures for October delivery jumped 6.4 percent to $2.992 per million Btu after reaching to $3.004, the highest since Aug. 9.
U.K. gas for next-day delivery fell from the highest closing price in four months as withdrawals from storage compensated for lower imports from Norway.
Day-ahead gas fell 0.3 percent to 59.9 pence a therm at 4:50 p.m. London time. The price for next month dropped 0.3 percent to 59 pence a therm, equivalent to $9.48 per million Btu. A therm is 100,000 Btu.
On the Comex in New York, copper futures for December delivery gained 0.2 percent to $3.697 a pound. Earlier, the price reached $3.7125, the highest since May 10.
On the London Metal Exchange, copper for delivery in three months climbed 0.3 percent to $8,090 a metric ton ($3.67 a pound). Zinc, tin, lead and nickel also rose.
Platinum futures rose, capping the longest rally in a year, as labor tensions escalated in South Africa, the world’s biggest producer of the metal used in jewelry and pollution-control devices in cars.
On the Nymex, platinum futures for October delivery increased 0.2 percent to $1,607 an ounce. The price climbed for the seventh straight session, the longest rally since late August 2011.
Palladium futures for December delivery increased 0.3 percent to $674.90 an ounce. The price gained for the seventh straight session, the longest advance since December.
On the Comex, gold futures for December delivery added 0.2 percent to $1,734.90 an ounce.
Silver futures for December delivery fell 0.2 percent to $33.566 an ounce.
Crude oil climbed, capping the longest rally in almost two months, on speculation that the Fed will announce additional measures to stimulate the economy, increasing fuel demand.
On the Nymex, oil futures for October delivery gained 0.7 percent to $97.17 a barrel. The price rose for the fifth straight session.
Royal Dutch Shell Plc and BP Plc failed to sell North Sea Forties crude after lowering their offers. No bids or offers were made for Urals in Europe.
Three cargoes totaling 360,000 tons of Russian crude were added to the September loading program from the Black Sea port of Novorossiysk, three traders with knowledge of the shipping program said.
Gasoline rose as the dollar weakened after Moody’s Investors Service Inc. said it may lower the U.S. credit rating and on speculation that refinery shutdowns reduced fuel inventories last week.
On the Nymex, gasoline futures for October delivery advanced 0.6 percent to $3.0435 a gallon.
Heating-oil futures for October delivery added 0.6 percent to $3.1857 a gallon.
Coffee rose, capping the biggest three-session rally in 27 months, on signs of limited offers from Brazil, the world’s top exporter.
On ICE Futures U.S. in New York, arabica coffee for December delivery climbed 2.2 percent to $1.7755 a pound. In three sessions, the price surged 12 percent, the most since mid- June 2010.
Raw-sugar futures for October delivery gained 0.1 percent to 19.44 cents a pound.
Orange-juice futures for November delivery declined 2.2 percent to $1.241 a pound.
Cocoa futures for December delivery slid 0.8 percent to $2,632 a metric ton.
Cotton futures for December delivery dropped 0.9 percent to 74.93 cents a pound.
Cattle futures rose to a six-month high on signs of shrinking supplies of animals and increasing demand.
On the Chicago Mercantile Exchange, cattle futures for delivery in October advanced 1.1 percent to $1.271 a pound. Earlier, the price reached $1.27475, the highest since March 6.
Feeder-cattle futures for October settlement fell 0.2 percent to $1.4635 a pound.
Hog futures for October settlement increased 0.2 percent to 72.725 cents a pound.
Soybean futures fell, capping the longest slump in 10 months, on speculation that rain in the past three weeks boosted U.S. crops as demand eases in China, the world’s biggest consumer.
On the Chicago Board of Trade, soybean futures for November delivery declined 1 percent to $17.015 a bushel, dropping for a fifth straight session, the longest slide since late October.
Corn futures for December delivery retreated 0.7 percent to $7.7775 a bushel.
Wheat futures for December delivery slid 0.7 percent to $8.8375 a bushel.
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