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Gasoline Leads Slump as Gas Advances Again: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities dropped 1 percent to 646.42 at 4:38 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was down 0.8 percent at 1,568.266.

OIL PRODUCTS

Gasoline slid as Brent crude retreated after the restart of the expanded Seaway oil pipeline increased the flow of domestic crude to the Gulf Coast, reducing the demand for waterborne imports.

Gasoline for February delivery fell 2.3 percent to $2.7296 a gallon on the New York Mercantile Exchange. Prices touched $2.7266, the lowest intraday level since Dec. 24.

Heating oil for February delivery fell 3.83 cents, or 1.3 percent, to $3.016 a gallon on the exchange.

The average nationwide retail price for regular gasoline gained 0.3 cent to $3.313 a gallon, AAA said today on its website. That’s the highest price since Dec. 11.

Oil Products Europe: NI OPEMKT Gasoline: NI GASOLINE Heating oil: NI HEATOIL

NATURAL GAS

Natural gas futures climbed for a second day in New York on forecasts for below-normal temperatures that would boost consumption of the heating fuel.

Natural gas for February delivery rose 7.4 cents, or 2.3 percent, to $3.267 per million British thermal units on the New York Mercantile Exchange. Trading volume was 17 percent above the 100-day average.

U.K. natural gas: NI NUKMKT Gas market: NI GASMARKET Americas natural gas: NI AGASMARKET European natural gas: NI EGASMARKET

BASE METALS

Copper fell the most in three weeks in New York after stronger-than-estimated Chinese inflation fueled concern that officials might curb economic stimulus in the world’s biggest user of the metal.

Copper futures for delivery in March lost 1.2 percent to $3.664 a pound at 10:52 a.m. on the Comex in New York. A close at that price would mark the biggest decline since Dec. 20.

On the LME, copper for delivery in three months slid 0.8 percent to $8,051 a metric ton ($3.65 a pound).

Aluminum, lead and zinc also retreated in London. Tin and nickel rose.

Base metals markets: NI BMMKTS

LIVESTOCK

Cattle futures fell to the lowest in four weeks on speculation that U.S. supplies are outpacing demand. Hog prices also declined.

Cattle futures for February delivery declined 0.4 percent to $1.31075 a pound at 10:15 a.m. on the Chicago Mercantile Exchange. Earlier, the price touched $1.3085, the lowest for the most-active contract since Dec. 11.

Feeder-cattle futures for March settlement dropped 0.4 percent to $1.52325 a pound. The price headed for the fifth straight decline, the longest slump in almost 10 months.

Hog futures for February settlement fell 0.3 percent to 84.375 cents a pound.

Livestock markets: NI LVMKTS

GRAINS, OILSEEDS

Soybeans tumbled the most three weeks on speculation that improving crops in South America will curb demand for supplies from the U.S., the world’s biggest exporter. Corn fell.

Soybean futures for March delivery dropped 1.5 percent to $13.585 a bushel at 10:04 a.m. on the Chicago Board of Trade, heading for the biggest decline since Dec. 20. The price gained 17 percent last year after dry weather reduced U.S. output to a four-year low.

Corn futures for March delivery fell 1.6 percent to $6.875 a bushel, heading for the first drop this week. The most-active contract dropped to $6.78 on Jan. 7, the lowest since July 3.

Wheat rose 0.3 percent to $7.4675 a bushel.

Grain markets: NI GRMKTS

SOFT COMMODITIES

Sugar resumed its decline in New York, after gaining as much as 1.4 percent yesterday, on speculation buying from index funds will soon end and supplies from top producer Brazil continue to increase. Cocoa fell.

Raw sugar for March delivery retreated 0.4 percent to 18.89 cents a pound by 8:31 a.m. on ICE Futures U.S. in New York. White, or refined, sugar for March delivery slid 0.4 percent to $510.50 a ton on NYSE Liffe in London.

Arabica coffee for March delivery gained 0.8 percent to $1.509 a pound in New York. Robusta coffee for March delivery advanced 0.9 percent to $1,934 a ton in London.

Cocoa for March delivery fell 0.6 percent to $2,256 a ton on ICE. Cocoa for March delivery was down 0.4 percent to 1,436 pounds ($2,319) a ton on NYSE Liffe.

Soft commodities markets: NI SOMKTS

PRECIOUS METALS

Gold fell for the second time in three days as inflation in China topped economist estimates, increasing concern that officials may curb stimulus.

Gold futures for February delivery dropped 1.2 percent to $1,657.90 an ounce at 10:03 a.m. on the Comex in New York. A close at that price would be the biggest loss since Jan. 4. Yesterday, the price touched $1,678.80, the highest in a week.

Silver futures for March delivery declined 1.9 percent to $30.34 an ounce in New York.

Precious metal markets: NI PCMKTS

POWER

Polish electricity for next year dropped to a record, while power for delivery tomorrow jumped to a five-week high. a five-week high.

Power for delivery in 2014 fell 0.6% to 171.55 zloty ($55.63) a megawatt-hour, its lowest level since the contract started trading in June, according to broker data compiled by Bloomberg. Electricity for tomorrow rose 7.4 percent from a week ago to 182.02 zloty, according to exchange data on Bloomberg. That’s the highest price for a Saturday since Dec. 8.

Power markets: NI PWRMARKET

CRUDE OIL

Oil dropped as accelerating Chinese inflation bolstered concern that economic stimulus may be curbed in the world’s biggest energy-consuming country.

Crude oil for February delivery fell 98 cents, or 1 percent, to $92.84 a barrel at 10:31 a.m. on the New York Mercantile Exchange. Futures are down 0.3 percent this week. The contract increased 72 cents to $93.82 yesterday, the highest close since Sept. 18.

Brent oil for February settlement declined $2.09, or 1.9 percent, to $109.80 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude is down 1.4 percent this week.

Oil markets: NI OILMARKET

European Carbon Permits

European Union carbon permits for December 2013 dropped 2.2 percent to 5.92 euros a metric ton, the fourth consecutive drop.

EU Carbon Emissions: NI ECBMKT

To contact the reporter on this story: Claudia Carpenter in London at ccarpenter2@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net

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