Oil traded near the lowest level in a week in New York after U.S. crude stockpiles gained and capacity on the Seaway pipeline was reduced.
West Texas Intermediate crude for March delivery was at $95.39 a barrel, up 16 cents, in electronic trading on the New York Mercantile Exchange at 4:04 p.m. Singapore time. The contract dropped $1.45 yesterday, the most since Dec. 21, to the lowest price since Jan. 16. The average volume of all futures traded was 32 percent above the 100-day average.
OIL PRODUCTS Asia’s naphtha crack spread extends gains, signaling increased profit for refiners making the petrochemical and gasoline feedstock. Jet fuel’s regrade rebounds.
• Light Distillates • Naphtha’s premium to London Brent crude up $4.38 at $113.54/ton at 10:48 a.m. Singapore time, according to data compiled by Bloomberg • Crack spread widest in four weeks • February naphtha swaps up $3.25, or 0.3%, at $962.25/ton, PVM said • Gasoline reforming margin yesterday fell 85 cents to close at $14.15/bbl, narrowest since Jan. 15, data compiled by Bloomberg show
• Middle Distillates • Gasoil’s premium to Dubai crude down 10 cents at $19.61/bbl at 10:10 a.m. Singapore time, according to PVM Oil Associates • Crack spread narrowest since Jan. 7 • February gasoil swaps up 10 cents at $127.55/bbl • Jet fuel regrade up 5 cents at premium of 80 cents/bbl
• Fuel Oil • Fuel oil’s discount to Dubai crude narrows 27 cents to $7.55/bbl at 10:10 a.m. Singapore time, according to PVM • Crack spread gains for first time this week • February fuel oil swaps up $3, or 0.5%, at $637.50/ton • Viscosity spread unchanged after shrinking to $6/ton, narrowest since June 2010
Copper dropped for a second day as signs of growing output overshadowed China’s preliminary manufacturing data that exceeded estimates. Aluminum and zinc also declined.
Copper for delivery in three months retreated as much as 0.4 percent to $8,071.25 a metric ton on the London Metal Exchange and traded at $8,077 at 3:47 p.m. in Seoul. The contract for delivery in May lost 0.4 percent to 58,560 yuan ($9,413) a ton on the Shanghai Futures Exchange.
Gold fell to a one-week low after a survey showed China’s manufacturing expanding at the fastest pace in two years and the International Monetary Fund said global growth will accelerate this year, curbing haven demand.
Gold for immediate delivery dropped as much as 0.5 percent to $1,677.65 an ounce, the lowest price since Jan. 17, before trading at $1,680.05 by 2:45 p.m. in Singapore. Bullion for February fell 0.4 percent to $1,679.50 an ounce on the Comex.
Silver for immediate delivery slumped 1 percent to $31.9275 an ounce. Spot platinum declined 0.2 percent to $1,682.71 an ounce. Palladium dropped 0.8 percent to $720.50 an ounce.
GRAINS, OILSEEDS, SOFT COMMODITIES
Corn dropped to its lowest level in more than a week on concern that this year’s advance may further curb use of the grain in ethanol production, which is already at the lowest since 2010. Wheat and soybeans fell.
The contract for March delivery lost as much as 0.7 percent to $7.16 a bushel on the Chicago Board of Trade, the cheapest most-active price since Jan. 14, and was at $7.165 by 2:13 p.m. Singapore time. Futures advanced 2.6 percent this year, extending an 8 percent increase in 2012.
Soybeans for March delivery lost as much as 1 percent to $14.23 a bushel before trading at $14.2325. Wheat for March delivery fell 0.3 percent to $7.7225 a bushel.
Rubber dropped to the lowest level in a week after the International Monetary Fund cut its global growth forecast for 2013, raising concern demand for the commodity used in tires will falter.
The contract for delivery in June lost 0.3 percent to end at 307.3 yen a kilogram ($3,439 a metric ton) on the Tokyo Commodity Exchange, the lowest closing price since Jan. 17.
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