Gasoline Leads Rebound as Coffee Slumps: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities rose 0.5 percent to 659.71 at 5:05 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was little changed at 1,617.8.

OIL PRODUCTS

Gasoline rose for the first time in four days as inventories of the motor fuel on the East Coast shrank and imports declined.

October-delivery gasoline rose 2.2 percent to $2.8902 a gallon on the New York Mercantile Exchange. Prices fell 6.2 percent over the prior three days.

Regular gasoline at the pump slipped 0.8 cent to $3.846 a gallon yesterday and have dropped 2.5 cents in six days of declines, AAA data show. Prices reached a 2012 high of $3.936 on April 4.

Heating oil for October delivery rose 2.35 cents, or 0.8 percent, to $3.0675 a gallon on the exchange, after declining 6 percent the first three days of the week.

European gasoline dropped for a third day. October gasoil’s premium, or backwardation, to the second month widened to the most in more than two months on the ICE Futures Europe exchange in London.

Shipments of jet fuel to Europe from the Middle East and Asia will be unchanged in September from August, as demand dropped after the Olympic Games and Euro 2012 soccer tournament.

Gasoline barges for immediate loading in Amsterdam- Rotterdam-Antwerp traded from $1,057 to $1,060 a metric ton, a survey of traders and brokers monitoring the Argus Bulletin Board show. That’s down from trades from $1,070 to $1,100 yesterday and is the lowest in six weeks, according to data compiled by Bloomberg.

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

SOFT COMMODITIES

Cocoa futures in New York fell to a three-week low on signs of climbing supplies from Ivory Coast, the world’s top grower. Coffee also dropped, while sugar gained.

Cocoa for December delivery fell 0.6 percent to $2,524 a ton at 10:55 a.m. on ICE Futures U.S. in New York, after touching $2,506, the lowest since Aug. 28.

Arabica-coffee futures for December delivery dropped 2 percent to $1.7084 a pound on ICE, heading for a second straight loss.

Raw-sugar futures for March delivery rose 0.9 percent to 19.86 cents a pound in New York.

Soft commodities markets: NI SOMKTS

CRUDE OIL

Oil fluctuated as more Americans than forecast filed applications for unemployment benefits and gasoline and heating oil futures climbed.

Oil for October delivery rose 21 cents to $92.19 a barrel at 12:01 p.m. on the New York Mercantile Exchange after falling to $90.66, the lowest intraday level since Aug. 6. The contract expires today. The more-active November futures increased 10 cents to $92.43.

Brent oil for November settlement rose $1.42, or 1.3 percent, to $109.61 a barrel on the London-based ICE Futures Europe exchange. The front-month European benchmark grade’s premium to the corresponding West Texas Intermediate contract widened for the first time in six days.

Oil markets: NI OILMARKET

NATURAL GAS

Natural-gas futures pared gains in New York after a government report showed a bigger-than-forecast supply gain last week.

Gas for October delivery rose 2.8 cents, or 1 percent, to $2.79 per million British thermal units at 10:39 a.m. on the New York Mercantile Exchange. Gas was trading at $2.805 per million Btu before the storage report was released in Washington at 10:30 a.m.

U.K. natural gas for next-day delivery rose as demand jumped to the most in more than three weeks. Next-day power gained.

Day-ahead gas climbed as much as 1.2 percent, according to broker data compiled by Bloomberg. Demand in the 24 hours to 6 a.m. tomorrow will be 171 million cubic meters, up from 160 million in the previous period and the most since Aug. 30, National Grid Plc data show. The delivery network will contain 321 million cubic meters of gas at the end of the period versus 333 million at the beginning, grid data show.

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

GRAINS, OILSEEDS

Wheat gained for a second straight day on speculation that sparse precipitation in Kansas will leave soil dry before winter planting later this month.

Wheat futures for December delivery rose 0.8 percent to $8.885 a bushel at 10:20 a.m. on the Chicago Board of Trade. Through yesterday, prices jumped 41 percent since mid-June as the worst drought since 1956 threatened crop production.

Soybean and corn futures fell on renewed concern that Midwest rains during August limited the crop damage caused by drought in June and July that eroded U.S. yields and sent prices to records.

Soybean futures for November delivery fell 1.3 percent to $16.48 a bushel at 10:24 a.m. on the Chicago Board of Trade. The price is down 5.2 percent since Sept. 14, heading for the biggest weekly drop since June. On Sept. 18, the oilseed reached $16.305, the lowest since Aug. 17.

Corn futures for December delivery slipped 0.8 percent to $7.5075 a bushel on the CBOT, heading for a third decline this week. On Sept. 18, the most-active contract touched $7.39, the lowest since July 13.

Grain markets: NI GRMKTS

BASE METALS

Copper fell the most in four weeks as declines in Chinese manufacturing and Japanese exports spurred concern that a sagging global economy will curb metal demand.

Copper futures for December delivery dropped 1.2 percent to $3.7695 a pound at 10:55 a.m. on the Comex in New York. A close at that price would mark the biggest decline for a most-active contract since Aug. 20. Through yesterday, the metal jumped 10 percent this month as central banks expanded economic stimulus.

On the LME, copper for delivery in three months fell 0.9 percent to $8,271.50 a metric ton ($3.75 a pound). Zinc, aluminum, lead, tin and nickel also dropped.

Base metals markets: NI BMMKTS

LIVESTOCK

Hog futures fell from a two-week high on signs of increasing supplies of pork in the U.S. and easing demand. Cattle also dropped.

Hog futures for December settlement fell 0.5 percent to 74.375 cents a pound at 10:33 a.m. on the Chicago Mercantile Exchange. Earlier, the price reached 75.175 cents, the highest for a most-active contract since Sept. 5.

Cattle futures for December delivery dropped 0.2 percent to $1.28875 a pound. Through yesterday, the price climbed 6.3 percent this year.

Feeder-cattle futures for October settlement slipped 0.1 percent to $1.4685 a pound.

Livestock markets: NI LVMKTS

PRECIOUS METALS

Gold declined for the first time in three days on speculation that demand for the metal as an alternative investment will slow as the dollar heads for its biggest gain since July.

Gold futures for December delivery fell 0.5 percent to $1,763.40 an ounce at 10:27 a.m. on the Comex in New York, heading for the biggest drop since Sept. 10. Prices climbed 0.1 percent in the previous two sessions.

Silver futures for December delivery declined 0.5 percent to $34.415 an ounce on the Comex.

On the New York Mercantile Exchange, platinum futures for delivery in October retreated 1.3 percent to $1,618.70 an ounce. Prices fell for the third time this week after employees at Lonmin Plc agreed to return to work at Marikana mine, which produced about one-tenth of global supplies, after winning pay increases of as much as 22 percent. A six-week strike at the world’s third-largest producer left at least 45 people dead.

Precious metal markets: NI PCMKTS

European Carbon Permits

European Union carbon permits for December climbed 2.3 percent to 7.73 euros a metric ton on the ICE Futures Europe exchange.

EU Carbon Emissions: NI ECBMKT

To contact the reporter on this story: Claudia Carpenter in London at ccarpenter2@bloomberg.net

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

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