Crude Oil Rises on Gasoline Supply Concern: Commodities at Close

The Standard & Poor’s GSCI Spot Index of 24 raw materials rose 2.3 percent to settle at 644.61 at 4 p.m. New York time, led by energy.

The UBS Bloomberg CMCI gauge of 26 prices advanced 1.7 percent to 1,572.79.

CRUDE OIL

Crude oil jumped the most in a month on forecasts that U.S. gasoline supplies dropped after Hurricane Sandy forced the shutdown of East Coast refineries.

A Bloomberg survey showed gasoline supplies probably decreased 1.5 million barrels last week. Hess Corp. (HES) and Phillips 66’s New Jersey refineries remained shut after Sandy.

On the New York Mercantile Exchange, oil futures for December delivery rose 3.6 percent to $88.71 a barrel, the biggest gain since Oct. 4 and the highest settlement since Oct. 22.

Brent oil for December settlement increased 3.1 percent to $111.07 a barrel on the ICE Futures Europe exchange.

Royal Dutch Shell Plc (RDSA) bought three North Sea Forties cargoes, bringing its total purchases of November-loading shipments to six. Two of the trades were at a higher price than yesterday, while the third was lower in part because of an earlier loading date.

No bids or offers were made for Russian Urals blend in northwest Europe and the Mediterranean. Daily exports of North Sea Brent, Forties, Oseberg and Ekofisk will increase by 11 percent in December from this month to 911,290 barrels a day, loading programs obtained by Bloomberg News showed.

OIL PRODUCTS

Gasoline rose the most in a month on speculation that East Coast fuel supplies will remain constrained after Phillips 66 said its New Jersey refinery will be shut as long as three weeks to recover from Sandy.

On the Nymex, gasoline futures for December delivery increased 3 percent to $2.6989 a gallon, the biggest gain since Oct. 4.

Heating-oil futures for December delivery gained 2.3 percent to $3.0529 a gallon.

NATURAL GAS

Natural gas gained on predictions for a storm this week that may bring freezing weather to the East Coast.

On the Nymex, gas futures for December delivery advanced 1.8 percent to $3.617 per million British thermal units.

U.K. gas for same-day delivery advanced as the network operator predicted flows will be less than demand as Norwegian supplies declined.

The price climbed 3.3 percent to 65.4 pence a therm at 5:13 p.m. Month-ahead gas added 1.6 percent to 65.85 pence a therm. That’s equivalent to $10.52 per million Btu.

PRECIOUS METALS

Gold jumped the most in seven weeks, tracking gains in equities and commodities, on speculation that the U.S. will take additional measures to spur economic growth, regardless of the winner in today’s presidential election.

On the Comex in New York, gold futures for December delivery rose 1.9 percent to $1,715 an ounce, the biggest gain for a most-active contract since Sept. 13.

Silver futures for December delivery advanced 2.9 percent to $32.034 an ounce, the biggest increase since Sept. 13.

On the Nymex, platinum futures for January delivery rose 1 percent to $1,558.30 an ounce. Palladium futures for December delivery gained 2.8 percent to $620.15 an ounce, the biggest increase since Aug 23.

BASE METALS

Copper posted the biggest gain in almost three weeks on speculation that demand will rise in China, the world’s biggest consumer of industrial metals, as new leaders take steps to boost the economy.

On the Comex, copper futures for December delivery climbed 1 percent to $3.506 a pound, the biggest gain since Oct. 17.

On the London Metal Exchange, copper for delivery in three months rose 0.7 percent to $7,700 a metric ton ($3.49 a pound). Aluminum, nickel, lead, zinc and tin also gained.

SOFT COMMODITIES

Sugar rose the most in two weeks on signs of a smaller crop in Ukraine and higher global demand.

On ICE Futures U.S. in New York, raw sugar for March delivery climbed 1.3 percent to 19.59 cents a pound, the biggest advance since Oct. 19.

Cocoa futures for December delivery increased 0.7 percent to $2,462 a ton.

Orange-juice futures for January delivery climbed 2.8 percent to $1.097 a pound.

Cotton futures for December delivery declined 0.4 percent to 70.1 cents a pound.

Arabica-coffee futures for December delivery slipped 0.2 percent to $1.506 a pound.

GRAINS, OILSEEDS

Wheat posted the biggest gain in almost two weeks as worsening crop conditions in the U.S., the world’s largest exporter, added to global supply concerns.

On the Chicago Board of Trade, wheat futures for December delivery climbed 1.3 percent to $8.77 a bushel, the biggest increase since Oct. 24.

Corn futures for delivery in December rose 0.7 percent to $7.41 a bushel.

Soybean futures for delivery in January added 0.8 percent to $15.155 a bushel.

LIVESTOCK

Hog futures rose the most in more than a week on speculation that consumers on the East Coast will buy more meat as power is restored after Hurricane Sandy.

On the Chicago Mercantile Exchange, hog futures for December settlement advanced 0.8 percent to 77.575 cents a pound, the biggest gain for a most-active contract since Oct. 26.

Cattle futures for December delivery rose 0.3 percent to $1.25675 a pound.

Feeder-cattle futures for January settlement declined less than 0.1 percent to $1.46725 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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