Brent oil traded at the highest premium in a year to crude in New York amid concern that supplies from the North Sea and the Middle East will be disrupted and speculation U.S. stockpiles are increasing.
Crude for November delivery rose 16 cents to $92.01 a barrel in electronic trading on the New York Mercantile Exchange at 3:10 p.m. Singapore time. The contract yesterday closed at $91.85, the lowest settlement since Oct. 10. Prices are down 6.9 percent this year.
OIL PRODUCTS Asia’s gasoil crack spread fell to the lowest since Sept. 12, signaling reduced profit for refiners making diesel.
• Middle Distillates • Gasoil crack spread to Dubai crude down 31 cents at $18.55/bbl at 10:31 a.m. Singapore time, according to PVM Oil Associates Ltd. • November gasoil swaps up 45 cents, or 0.4%, at $129.50/bbl • Jet-fuel regrade down 15 cents at $1.75/bbl
• Fuel Oil • High-sulfur fuel oil crack spread to Dubai crude down 45 cents at $7.05/bbl at 10:31 a.m. Singapore time, according to PVM • November HSFO swaps up $2, or 0.3%, at $659.75/ton • Viscosity spread unchanged after rising to $13/ton
• Light Distillates • Naphtha crack spread to Brent crude up $11.53 at $89.59/ton at 11:38 a.m. Singapore time, according to data compiled by Bloomberg • November naphtha swaps up $10.25, or 1.1%, at $960.75/ton, PVM said • Gasoline reforming margin yesterday rebounded 66 cents to close at $19.77/bbl, data compiled by Bloomberg show
Copper rebounded from a one-month low as the U.S. reported better-than-expected retail sales and Freeport-McMoRan Copper & Gold Inc. (FCX) said consumption in China is being sustained. Industrial metals gained.
Metal for delivery in three months rose as much as 1 percent to $8,175 a metric ton on the London Metal Exchange and was at $8,162 at 4:22 p.m. in Seoul. Futures for delivery in December gained 0.4 percent to $3.7155 a pound on the Comex.
Gold was set to gain for the first time in three days as some investors bought bullion after prices dropped the most in three months yesterday. Silver climbed.
Gold for immediate delivery gained 0.3 percent to $1,741.95 an ounce by 9:24 a.m. in London. The metal tumbled as much as 1.5 percent yesterday, the most since July, to a one-month low of $1,728.85. The metal for December delivery was 0.3 percent higher at $1,743.30 an ounce on the Comex in New York.
GRAINS, OILSEEDS, SOFT COMMODITIES
Rubber snapped four days of losses after U.S. retail sales beat estimates, boosting prospects for a revival in demand for the commodity used in tires and gloves.
Rubber for delivery in March rose 0.7 percent to close at 260 yen a kilogram ($3,297 a metric ton) on the Tokyo Commodity Exchange. The most-active contract yesterday ended at 258.1 yen, the lowest settlement level since Sept. 27.
Wheat advanced for the first time in three days, rebounding from a three-month low, as dry weather persisted in parts of the U.S. and Australia, threatening crops in the world’s two biggest shippers. Corn and soybeans gained.
Wheat for December-delivery climbed as much as 1.1 percent to $8.5775 a bushel on the Chicago Board of Trade, and was at $8.535 at 12:55 p.m. in Singapore. The price touched $8.4025 yesterday, the lowest since July 12, as U.S. export sales fell.
Soybeans for delivery in November rose as much as 1 percent to $15.07 a bushel in Chicago, and were at $15.03. The oilseed dropped to the lowest level since July 3 yesterday on signs of slowing demand for U.S. supply and speculation that rains in Brazil will boost crops.
Corn for delivery in December gained as much as 0.8 percent to $7.4275 a bushel in Chicago, rising for the first time in three days, and was at $7.4125. The price touched $7.325 yesterday, the lowest since Oct. 10, as the U.S. harvest progressed.
Palm oil advanced for the first time in three days after the biggest decline in almost two weeks stoked demand from importers.
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