Crude Oil, Natural Gas Lead Commodity Drop: Commodities at Close

The Standard & Poor’s GSCI Spot Index of 24 raw materials slid 2.3 percent to 648.90, the lowest level in two months. Crude oil and natural gas led the declines.

The UBS Bloomberg CMCI gauge of 26 prices declined 1.4 percent to 1,610.927, the least in a week.

CRUDE OIL

Oil sank to a two-month low in New York after the government reported that U.S. crude output climbed to the highest level in more than 15 years and fuel consumption decreased.

Crude oil for November delivery declined $3.75, or 4.1 percent, to $88.14 a barrel on the New York Mercantile Exchange. It was the lowest settlement since Aug. 2.

NATURAL GAS

Natural gas futures in New York dropped the most in seven weeks on forecasts of moderating temperatures that may limit demand from power plants.

Natural gas for November delivery fell 13.6 cents, or 3.9 percent, to $3.395 per million British thermal units on the Nymex.

SOFT COMMODITIES

Cocoa slid to a five-week low after Ivory Coast, the world’s top producer, set the annual price paid to farmers, easing concern that exports will be disrupted by industry changes. Sugar, coffee and orange juice dropped, while cotton rose.

Cocoa for December delivery fell 2.4 percent to $2,416 a metric ton on ICE Futures U.S. in New York.

Raw-sugar futures for March delivery slid less than 0.1 percent to 21.58 cents a pound on ICE.

Also in New York, arabica-coffee futures for December delivery retreated 1.4 percent to $1.8105 a pound.

Orange-juice futures for November delivery slipped less than 0.1 percent to $1.16 a pound.

Cotton futures for December delivery rose 0.4 percent to 72.16 cents a pound.

GRAINS, OILSEEDS

Soybean prices rebounded from a three-month low on speculation that demand will increase in the U.S., the world’s second-biggest consumer. Wheat rose, and corn declined.

Soybean futures for November delivery rose 0.1 percent to close at $15.3175 a bushel on the Chicago Board of Trade.

Wheat futures for December delivery rose 0.2 percent to $8.73 a bushel on the CBOT.

Corn futures for December delivery fell 0.2 percent to $7.5675 a bushel.

OIL PRODUCTS

Gasoline sank to the lowest level in 10 weeks as declines in Europe’s services and manufacturing sectors highlighted the toll the sovereign-debt crisis has wrought on the region’s economy.

Gasoline for November delivery fell 6.97 cents, or 2.4 percent, to $2.7995 a gallon on the Nymex, the lowest settlement since July 25.

November-delivery heating oil declined 5.91 cents, or 1.9 percent, to $3.0664 a gallon.

PRECIOUS METALS

Gold futures rose for the second time in three days on speculation that moves by the world’s central banks to bolster economic growth will spur demand for the metal as a hedge against inflation.

Gold futures for December delivery rose 0.2 percent to settle at $1,779.80 an ounce on the Comex in New York.

Silver futures for December delivery gained 0.1 percent to $34.69 an ounce on the Comex.

Nymex platinum futures for January delivery advanced 0.4 percent to $1,694.10 an ounce.

Palladium futures for December delivery gained 0.6 percent to $657.90 an ounce on the Nymex.

BASE METALS

Copper fell for the first time in five sessions as Europe’s lingering sovereign-debt crisis and signs of further slowing in China fueled concerns the metal demand will fall.

Copper futures for December delivery declined 0.4 percent to settle at $3.784 a pound on the Comex.

On the London Metal Exchange, copper for delivery in three months dropped 0.4 percent to $8,290 a metric ton ($3.76 a pound).

Aluminum, zinc, and tin also fell in London, while nickel and lead gained.

LIVESTOCK

Cattle prices fell for the first time in three sessions on signs of slowing U.S. demand for beef. Hog futures declined from a seven-week high.

Cattle futures for December delivery decreased 0.3 percent to settle at $1.26025 a pound.

Feeder-cattle futures for November settlement gained 0.2 percent to $1.468 a pound.

Hog futures for December settlement declined 1.3 percent to settle at 75.875 cents a pound on the Chicago Mercantile Exchange.

To contact the reporter on this story: Barbara J. Powell in Dallas at bpowell4@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net

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