Gasoline Posts Longest Slump in 25 Years: Commodities at Close

The Standard & Poor’s GSCI Spot Index of 24 raw materials fell 1.4 percent to settle at 639.3 at 4 p.m. New York time, erasing this year’s advance. Energy led today’s decline.

The UBS Bloomberg CMCI gauge of 26 prices dropped 1.1 percent to 1,569.71.

OIL PRODUCTS

Gasoline fell, capping the longest slump in 25 years, amid global economic-growth concerns and signs of increasing U.S. fuel supplies.

Some U.S. companies missed earnings forecasts, and oil refineries are starting processing units following repairs. European debt woes mounted.

Gasoline futures for November delivery dropped 1.6 percent $2.605 a gallon on the New York Mercantile Exchange. The price declined for the ninth straight session, the longest slump since August 1987.

Heating oil for November delivery fell 1.1 percent to $3.0434 a gallon.

CRUDE OIL

Crude oil dropped to a three-month low as companies reported earnings results that missed analyst forecasts, bolstering concern that the global economy and fuel demand will slow.

On the Nymex, oil futures for December delivery fell‘ 2.3 percent to $86.67 a barrel, the lowest settlement since July 12.

Brent oil for December settlement dropped 1.1 percent to $108.25 a barrel on the London-based ICE Futures exchange.

BP Plc withdrew its offer for North Sea Forties crude that was at a higher price than yesterday. OAO Lukoil sought to sell Russian Urals in the Mediterranean without success at the same level as the last trade.

Libya’s state-run National Oil Corp. increased its official selling price of benchmark Es Sider blend for November to a discount of 10 cents a barrel from Dated Brent, compared with a discount of 20 cents in October, according to a price list obtained by Bloomberg News.

SOFT COMMODITIES

Cotton fell the most in 10 weeks as signs of slower global economic growth erode demand prospects amid ample supply.

On ICE Futures U.S. in New York, cotton for December delivery tumbled 3.5 percent to 74.27 cents a pound, the biggest drop for a most-active contract since Aug. 10.

Arabica-coffee futures for December delivery slumped 2.2 percent to $1.6085 a pound.

Raw-sugar futures for March delivery fell 2 percent to 19.65 cents a pound.

Cocoa futures for December delivery slid 0.7 percent to $2,498 a metric ton.

Orange-juice futures for January delivery retreated 1 percent to $1.1105 a pound, the fourth decline in a row.

BASE METALS

Copper fell to a six-week low as commodities erased gains for the year on concern that government plans for economic stimulus won’t be enough to revive slowing growth worldwide.

On the Comex in New York, copper futures for December delivery slumped 1.4 percent to $3.5695 a pound after touching $3.548, the lowest since Sept. 7.

On the London Metal Exchange, copper for delivery in three months dropped 1.5 percent to $7,831 a ton ($3.55 a pound). Aluminum, zinc, lead, nickel and tin also declined.

PRECIOUS METALS

Gold dropped to a six-week low as the dollar’s advance curbed demand for the metal as an alternative investment.

On the Comex, gold futures for December delivery fell 1 percent to $1,709.40 an ounce. Earlier, the price touched $1,705.10, the lowest for a most-active contract since Sept. 7.

Silver futures for December delivery slid 1.4 percent to $31.793 an ounce.

On the Nymex, palladium futures for December delivery plunged 4.6 percent to $593.85 an ounce, the biggest decline since March 22.

Platinum futures for January delivery slumped 2.3 percent to $1,575.60 an ounce.

GRAINS, OILSEEDS

Wheat fell the most in a week on signs of declining demand for supplies from the U.S., the world’s biggest exporter.

On the Chicago Board of Trade, wheat futures for December delivery declined 1.1 percent to $8.6875 a bushel, the biggest drop since Oct. 12.

Corn futures for December delivery dropped 0.7 percent to $7.56 a bushel.

Soybean futures for January delivery rose 0.4 percent to $15.5575 a bushel.

LIVESTOCK

Hogs fell to the lowest in more than a week after a government report showed U.S. pork inventories jumped to the highest in almost a century.

On the Chicago Mercantile Exchange, hog futures for December settlement dropped 0.7 percent to 78.125 cents a pound after touching 77.8 cents, the lowest since Oct. 12.

Cattle futures for December delivery declined 0.3 percent to $1.2685 a pound.

Feeder-cattle futures for January settlement slid 0.4 percent to $1.48675 a pound.

NATURAL GAS

Natural gas rose for the fourth time in five sessions on speculation that lower temperatures next week will increase demand for heating fuel.

On the Nymex, gas futures for November delivery climbed 2.1 percent to $3.535 per million British thermal units.

U.K. gas for next month dropped 0.7 percent to 68.7 pence a therm. That’s equivalent to $10.94 per million Btu.

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