Gasoline Leads Gains as Natural Gas Falls: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities climbed 0.2 percent to 664.33 at 5:09 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was up 0.1 percent at 1,591.713.

OIL PRODUCTS

Gasoline rose to the highest level since October after Hess Corp. said it will shutting the Port Reading, New Jersey, refinery at the end of February.

Gasoline for February delivery rose 4.96 cents, or 1.7 percent, to $2.925 a gallon on the New York Mercantile Exchange. Prices touched $2.936, the highest intraday level since Oct. 31. Volume was more than double the 100-day average for the time of day.

Heating oil for February delivery rose 2.25 cents, or 0.7 percent, to $3.0793 a gallon on the exchange. Volume was 57 percent above the 100-day average.

The retail price for regular gasoline, averaged nationwide, rose 0.2 cent to $3.349 a gallon, AAA said today on its website. Prices are the highest since Dec. 7.

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

NATURAL GAS

Natural gas futures slid to a two-week low in New York on revised forecasts for mild mid-February weather that would reduce demand for the heating fuel.

Natural gas for February delivery fell 12.2 cents, or 3.5 percent, to $3.322 per million British thermal units on the New York Mercantile Exchange. The futures have gained 24 percent from a year ago. Prices dropped to $3.295 per million Btu in overnight trading, the lowest level since Jan. 11. Trading volume was 71 percent above the 100-day average for the time of day.

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

SOFT COMMODITIES

Sugar rose for the first time in three days in New York and London on speculation any supply disruption will be enough to fuel a rally with speculators holding record bets on lower prices. Coffee declined.

Raw sugar for March delivery climbed 0.9 percent to 18.54 cents a pound on ICE in New York. White, or refined, sugar for March delivery gained 0.6 percent to $489.20 a metric ton on Liffe in London.

Arabica coffee for March delivery fell 0.2 percent to $1.48 a pound on ICE. Robusta coffee for March delivery was down 0.5 percent to $1,949 a ton on NYSE Liffe.

Cocoa for March delivery dropped 0.1 percent to $2,171 a ton in New York. Cocoa for March delivery was up 0.4 percent at 1,422 pounds ($2,237) a ton in London.

Soft commodities markets: NI SOMKTS

European Carbon Permits

European Union emission permits climbed 2 percent to 4.19 euros a metric ton, the first increase in four days.

EU Carbon Emissions: NI ECBMKT

LIVESTOCK

Cattle futures surged the most in six months on signs of shrinking supplies of U.S. beef and increasing demand. Hog prices gained.

Cattle futures for April delivery rose 2.1 percent to $1.3355 a pound at 10:36 a.m. on the Chicago Mercantile Exchange. A close at the price would mark the biggest gain for a most-active contract since July 18.

Feeder-cattle futures for March settlement rose 1.7 percent to $1.504 a pound on the CME.

Hog futures for April settlement advanced 0.6 percent to 89.425 cents a pound. Through Jan. 25, the price climbed 3.7 percent this month.

Livestock markets: NI LVMKTS

GRAINS, OILSEEDS

Wheat dropped amid concern turmoil in Egypt, the world’s biggest buyer of the grain, may weigh on demand for U.S. exports.

Wheat for March delivery fell 0.2 percent to $7.7475 a bushel on the Chicago Board of Trade by 3:37 p.m. Paris time. Milling wheat for delivery the same month traded on NYSE Liffe in the French capital advanced 0.2 percent to 247.75 euros ($333.35) a ton.

Soybeans for March delivery slipped 0.1 percent to $14.39 a bushel and corn for delivery the same month declined 0.1 percent to $7.20 a bushel.

Grain markets: NI GRMKTS

PRECIOUS METALS

Gold futures retreated to a two-week low amid signs that the global economy is improving, easing pressure on central banks to announce more stimulus measures.

Gold futures for April delivery slid 0.1 percent to $1,656.80 an ounce at 9:46 a.m. on the Comex in New York, after touching $1,653.20, the lowest for a most-active contract since Jan. 11. Last week, prices slumped 1.7 percent, the biggest drop in more than a month.

Silver futures for March delivery fell 0.7 percent to $30.98 an ounce in New York.

Precious metal markets: NI PCMKTS

CRUDE OIL

Oil fluctuated in New York as pending U.S. home sales declined in December for the first time since August and orders for durable goods jumped.

West Texas Intermediate crude for March delivery slid 3 cents to $95.85 a barrel at 10:43 a.m. on the New York Mercantile Exchange. Trading volume was 1 percent above the 100- day average for the time of day. WTI completed the longest run of weekly advances in almost four years last week.

Brent for March settlement dropped 33 cents, or 0.3 percent, to $112.95 a barrel on the London-based ICE Futures Europe exchange. Volume was 2.3 percent below the 100-day average. The European benchmark contract was at a premium of $17.10 to WTI. The gap was $17.40 on Jan. 25.

Oil markets: NI OILMARKET

BASE METALS

Copper rose in New York for the first time in four sessions on signs that manufacturing is gaining strength in China and the U.S., the two biggest users of the metal.

Copper futures for delivery in March added less than 0.1 percent to $3.654 a pound at 10:39 a.m. on the Comex in New York.

On the London Metal Exchange, copper for delivery in three months rose 0.2 percent to $8,042.75 a metric ton ($3.65 a pound).

Zinc, lead and nickel also advanced in London. Tin and aluminum fell.

Base metals markets: NI BMMKTS

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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