Oil traded near the highest price in four months in New York on speculation that the U.S. will lift its debt limit, countering forecasts that stockpiles increased in the world’s largest crude consumer.
West Texas Intermediate crude for March delivery was at $96.55 a barrel, down 13 cents, in electronic trading on the New York Mercantile Exchange at 4:04 p.m. Singapore time. The average volume of all futures traded was 15 percent above the 100-day average. The February contract expired yesterday at $96.24, the highest close since Sept. 17, 2012.
Asian fuel oil’s discount to Dubai was at the widest in almost three weeks, signaling bigger losses from the fuel for refiners.
• Fuel Oil • High-sulfur fuel oil’s discount to Dubai widens 33 cents to $7.31/bbl at 11:01 a.m. Singapore time, according to PVM Oil Associates Ltd. • Fuel oil crack is the widest since Jan. 3, signaling refining losses have increased • HSFO swaps for Feb. rise 25 cents to $637.25/bbl • March swaps trade at $640 a ton, a contango of $2.75 to Feb. swaps • Viscosity spread falls 25 cents to $6.25/ton
• Middle Distillates • Gasoil crack to Dubai crude falls 37 cents to $19.74/bbl, PVM data showed • Feb. gasoil swaps unchanged at $127.40/bbl • Jet fuel’s premium to gasoil unchanged at 90 cents
• Light Distillates • Japan naphtha’s crack to Brent rises $12.96 to $115.99/ton, according to Bloomberg data • Feb. naphtha swap rises $11 to $961/ton, PVM data showed • Gasoline reforming margin yesterday falls 31 cents to $15/bbl, Bloomberg data showed
Copper declined from the highest level in more than a week as China’s output of the refined metal climbed to a record.
Metal for delivery in three months dropped as much as 0.4 percent to $8,098 a metric ton on the London Metal Exchange before trading at $8,103.75 at 2:15 p.m. in Shanghai. Copper climbed to $8,144.50 yesterday, the highest since Jan. 11. Futures for delivery in May on the Shanghai Futures Exchange lost 0.3 percent to 58,720 yuan ($9,438) a ton.
Gold traded little changed near the highest level in more than a month before U.S. House Republicans vote on suspending the debt limit until May 19.
Gold for immediate delivery was at $1,692.50 an ounce at 3:17 p.m. in Singapore. Prices reached a four-week high of $1,696.28 on Jan. 17. Bullion for February delivery was little changed at $1,692 an ounce on the Comex in New York.
Silver for immediate delivery was little changed at $32.1975 an ounce after rising to $32.3438 yesterday, the costliest since Dec. 18.
Spot platinum fell 0.3 percent to $1,691.49 an ounce. Holdings in exchange-traded products backed by the metal climbed 0.4 percent yesterday to a record 54.1719 tons, data compiled by Bloomberg show. Palladium was little changed at $726.50 an ounce.
Cash bullion of 99.99 percent purity was little changed at 339.95 yuan a gram ($1,700.11 an ounce) on the Shanghai Gold Exchange.
GRAINS, OILSEEDS, SOFT COMMODITIES
Wheat dropped to the lowest level in more than a week on speculation that rains may bring some relief to drought-stricken crops in the U.S.
The contract for delivery in March lost as much as 0.8 percent to $7.7275 a bushel on the Chicago Board of Trade, the lowest most-active price since Jan. 15. Futures traded at $7.765 at 1:22 p.m. in Singapore after declining 1.5 percent yesterday, the most since Jan. 2.
Corn for delivery in March was little changed at $7.2825 a bushel after declining as much as 0.4 percent. Soybeans for delivery in March dropped 0.2 percent to $14.495 a bushel.
Palm oil advanced for a fourth day to the highest level in more than two weeks on speculation that a rally in soybean oil will boost demand for the cheaper alternative and help drain record reserves in Malaysia.
The contract for delivery in April climbed as much as 0.8 percent to 2,484 ringgit ($817) a metric ton on the Malaysia Derivatives Exchange, the highest level for the most-active contract since Jan. 4. The price, which earlier fell as much as 0.6 percent, was at 2,482 ringgit at 4:32 p.m. in Kuala Lumpur.
Rubber declined for a third day after the Japanese central bank deferred new monetary stimulus, strengthening the yen and sapping investor appetite for the commodity used in tires.
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