Natural Gas Advances to Highest This Year: Commodities at Close

The Standard & Poor’s GSCI Spot Index of 24 raw materials rose 1.3 percent to settle at 660.26 at 4 p.m. New York time, led by energy.

The UBS Bloomberg CMCI index of 26 prices advanced 1 percent to 1,617.22.

NATURAL GAS

Natural gas jumped to the highest this year as concern eased that stockpiles will reach storage limits before winter weather boosts demand for the heating fuel.

The Energy Department said inventories increased by 80 billion cubic feet to 3.576 trillion in the week ended Sept. 21. Peak working gas capacity is 4.239 trillion, department data show.

On the New York Mercantile Exchange, gas futures for November delivery rose 2.6 percent to $3.297 per million British thermal units, the highest settlement since Dec. 9.

U.K. gas for immediate delivery fell to a three-week low as imports from Norway surged and demand remained below normal.

Gas sank as much as 6 percent to 59.1 pence a therm at 4:47 p.m. in London, according to broker prices compiled by Bloomberg. That’s equal to $9.57 per million Btu. A therm is 100,000 Btu.

CRUDE OIL

Crude oil advanced the most in eight weeks on speculation that China’s government will bolster stimulus efforts, while Spain approved a 2013 austerity budget.

On the Nymex, oil futures for November delivery rose 2.1 percent to $91.85 a barrel, the biggest gain since Aug. 3.

Brent oil for November settlement increased 1.8 percent to $112.01 a barrel on the London based ICE Futures Europe exchange.

There were no bids or offers in the North Sea Forties market. One cargo of the benchmark crude cargo for loading in October was delayed by two days, bringing total deferrals for next month to five, according to two people with knowledge of the loading program.

State Oil Co. of Azerbaijan failed to sell a lot of Azeri blend. OAO Surgutneftegas, Russia’s fourth-largest producer, sold three Urals cargoes totaling 345,000 metric tons for loading next month to Statoil ASA and Talmay Trading, according to three traders who participate in the market.

OIL PRODUCTS

Gasoline rose to the highest in a month on concern that refinery shutdowns in the Atlantic Basin will further reduce stockpiles on the U.S. East Coast.

On the Nymex, gasoline futures for October delivery advanced 2.1 percent to $3.1443 a gallon, the highest settlement since Aug. 27.

Heating-oil futures for October delivery climbed 1.6 percent to $3.1573 a gallon.

PRECIOUS METALS

Gold rose the most in two weeks on speculation that China will announce more stimulus measures to support economic growth, boosting demand for the metal as a store of value.

On the Comex in New York, gold futures for December delivery advanced 1.5 percent to $1,780.50 an ounce, the biggest gain since Sept. 13. Prices have risen 14 percent this year.

Silver futures for December delivery climbed 2.1 percent to $34.666 an ounce.

On the Nymex, platinum futures for January delivery rose 0.7 percent to $1,651.10 an ounce.

Palladium futures for December delivery gained 1.5 percent to $635.40 an ounce.

BASE METALS

Copper increased for the second time in three days on speculation that policy makers will take steps to spur growth in China, the world’s largest consumer of the metal, as profits slid for industrial companies.

On the Comex, copper futures for December delivery gained 0.9 percent to $3.744 a pound. Prices have risen 8.3 percent this month, heading for the biggest gain since January.

On the London Metal Exchange, copper for delivery in three months added 0.7 percent to $8,175 a ton ($3.71 a pound). Aluminum, nickel, tin, lead and zinc also rose.

SOFT COMMODITIES

Cotton futures climbed, ending the longest slump in three months, on speculation that government stimulus measures will increase in China, the world’s top consumer.

On ICE Futures U.S. in New York, cotton for December delivery gained 0.7 percent to 71.53 cents a pound. The price dropped in the previous five sessions, the longest slump since early June.

Arabica-coffee futures for December delivery advanced 2.9 percent to $1.743 a pound.

Raw-sugar futures for March delivery rose 0.1 percent to 20.39 cents a pound.

Cocoa futures for December delivery increased 0.5 percent to $2,482 a ton.

Orange-juice futures for November delivery added 1.2 percent to $1.144 a pound.

GRAINS, OILSEEDS

Wheat futures fell to the lowest in two months on speculation that Russia won’t ban shipments after drought curbed production in last year’s third-biggest exporter and as planting starts in the U.S. southern Great Plains.

On the Chicago Board of Trade, wheat futures for December delivery dropped 1.6 percent to $8.555 a bushel. The price earlier touched $8.4925, the lowest since July 13.

Corn futures for December delivery declined 1.2 percent to $7.1625 a bushel after touching $7.115, the lowest for a most- active contract since July 12.

Soybean futures for November delivery slipped 0.1 percent to $15.7075 a bushel.

LIVESTOCK

Hog futures dropped to the lowest in more than a week on concern that U.S. pork demand may weaken as economic growth slows.

On the Chicago Mercantile Exchange, hog futures for December settlement fell 1 percent to 73.6 cents a pound after reaching 73.5 cents, the lowest since Sept. 19.

Cattle futures for December delivery climbed 0.3 percent to settle at $1.25175 a pound.

Feeder-cattle futures for November settlement rose 0.1 percent to $1.47325 a pound.

To contact the reporter on this story: Thomas Galatola in New York at tgalatola@bloomberg.net

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net

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