Natural Gas Jumps on Cold as Nickel Falls: Commodities at Close

The UBS Bloomberg CMCI index of 26 raw materials was down less than 0.1 percent at 1,590.691 by 4:44 p.m. in London. The Standard & Poor’s GSCI gauge wasn’t updating because of the U.S. Martin Luther King Jr. holiday.

NATURAL GAS

U.S. natural gas prices rose as weather forecasts showed a late-January cold spell that may boost demand for the heating fuel. The February futures climbed 1.9 percent to $3.634 per million British thermal units.

U.K. natural gas for next-day delivery declined for a second day as system flows exceeded demand amid colder than average weather.

Day-ahead gas dropped as much as 2.2 percent, according to broker data compiled by Bloomberg. Flows in the 24 hours to 6 a.m. tomorrow were predicted at 393 million cubic meters a day compared with demand of 376 million, National Grid Plc data show. The low temperature in London was minus 1 degree Celsius (30 Fahrenheit) versus a 10-year average of 4 degrees, CustomWeather Inc. data on Bloomberg show.

Gas for tomorrow fell 1.25 pence or 1.8 percent, to 68.25 pence a therm. Next-month gas slid 1.6 percent to 66 pence a therm. That’s equivalent to $10.49 per million British thermal units and compares with $3.60 per million Btu of front-month U.S. gas.

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

BASE METALS

Copper declined in London after reduced imports of refined metal into China, the world’s biggest consumer. Nickel slumped 0.8 percent.

Copper for delivery in three months fell about 0.1 percent to $8,055 a metric ton on the London Metal Exchange. Copper for delivery in March dropped fell 0.3 percent to $3.6675 a pound on the Comex in New York.

Base metals markets: NI BMMKTS

POWER MARKETS

European power for 2014 delivery fell to a record as European coal declined to an all-time low.

Baseload German 2014 electricity, for supplies delivered around the clock, slid as much as 1.2 percent, while the French equivalent lost 0.9 percent, according to broker data compiled by Bloomberg.

Power markets: NI PWRMARKET

SOFT COMMODITIES

Cocoa swung between gains and losses in London as investors weighed improving prospects for the smaller of two annual crops in Ivory Coast, the world’s largest producer, and declining exchange stockpiles. Sugar fell to the lowest in more than 2 1/2 years.

Cocoa for March delivery was 0.1 percent lower at 1,481 pounds ($2,350) a ton on NYSE Liffe in London. It gained as much as 0.7 percent and lost as much as 0.5 percent earlier today. ICE Futures U.S. in New York, where cocoa trades in dollars, was closed for a holiday. Raw sugar and Arabica coffee also trade on ICE.

White, or refined, sugar for March delivery fell 0.5 percent to $489.60 a ton on NYSE Liffe, after earlier touching $489.50, the lowest price for a most-active contract since July 2, 2010.

Robusta coffee for March delivery fell 0.4 percent to $1,968 a ton in London.

Soft commodities markets: NI SOMKTS

OIL PRODUCTS

European gasoline advanced to the highest in more than a week as Gunvor Group Ltd. bought on the barge market. The fuel’s crack, or premium to Brent crude, widened to the most in more than three months.

Gasoline in the Amsterdam-Rotterdam-Antwerp oil hub changed hands from $981 to $983 a ton, according to a Bloomberg survey of traders and brokers monitoring the Argus Bulletin Board. That’s up from $972 to $976 on Jan. 18, and is the highest since Jan. 10, data compiled by Bloomberg show.

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

European Carbon Permits

European Union emission permits dropped to a record before sales planned for this week of 15.7 million metric tons of allowances, which will further boost supply.

European Union emission permits for December declined as much as 6.3 percent to 4.79 euros a metric ton, the fourth consecutive drop.

EU Carbon Emissions: NI ECBMKT

PRECIOUS METALS

Gold climbed toward a one-month high in London, extending a second consecutive weekly advance, on speculation Japan will increase stimulus. Silver was set for the longest rally in a year.

Gold for immediate delivery rose 0.2 percent to $1,688.36 an ounce by 3:20 p.m. in London. Prices reached a four-week high of $1,696.28 on Jan. 17 and gained 1.3 percent last week. Gold for February delivery was little changed at $1,687.80 on the Comex in New York.

Silver for immediate delivery added 0.3 percent to $31.9625 an ounce, after reaching $32.1225 on Jan. 18, the highest since Dec. 18. The metal is up for a sixth day, the longest rally since January 2012.

Precious metal markets: NI PCMKTS

GRAINS, OILSEEDS

Wheat rose in Paris on speculation global grain supplies will shrink as drought threatens to reduce crops in the U.S., the world’s biggest exporter.

Milling wheat for delivery in March traded in Paris on NYSE Liffe climbed 1.2 percent to 251 euros a metric ton. The grain rose 1.8 percent in the previous two weeks. Agricultural markets in Chicago are closed today for Martin Luther King Jr. Day.

Grain markets: NI GRMKTS

CRUDE OIL

Oil dropped from the highest level in four months in New York as European finance ministers were set to meet today to discuss the region’s debt crisis and as U.S. lawmakers vote this week on budget measures.

WTI crude for February delivery, which expires tomorrow, fell as much as 51 cents to $95.05 a barrel in electronic trading on the New York Mercantile Exchange and was at $95.12 at 10:50 a.m. New York time. The more active March contract was down 46 cents at $95.58. Front-month futures rose 7 cents on Jan. 18 to the highest close since Sept. 17.

Brent for March settlement on the London-based ICE Futures Europe exchange dropped as much as 48 cents, or 0.4 percent, to $111.41 a barrel and traded at $111.52 at 10:54 a.m. New York time.

Oil markets: NI OILMARKET

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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