Oil Near Four-Month High; Gold Increases: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities fell 0.1 percent to 662.39 at 4:40 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials decreased 0.1 percent to 1,589.428.

CRUDE OIL

Oil traded near the highest price in four months in New York after posting the longest run of weekly gains since April 2009, lifted by speculation that a global economic recovery will boost fuel demand.

Crude for March delivery was at $96.03 a barrel, up 15 cents, in electronic trading on the New York Mercantile Exchange at 3:51 p.m. Singapore time. The volume of all futures traded was 24 percent below the 100-day average. WTI rose 0.3 percent to $95.88 last week and closed at $96.24 on Jan. 22, the highest since Sept. 17.

Brent for March settlement was down 10 cents at $113.18 a barrel on the London-based ICE Futures Europe exchange. The volume of all futures traded was 7 percent below the 100-day average. The European benchmark contract was at a premium of $17.15 to WTI. The gap was $17.40 on Jan. 25.

OIL PRODUCTS

Asia’s gasoil crack spread shrinks, signaling eroding profit for refiners making diesel. Naphtha swaps advance.

• Middle Distillates • Gasoil’s premium to Dubai crude down 28 cents at $19.14/bbl at 10:12 a.m. Singapore time, according to PVM Oil Associates • Crack spread narrowest since Jan. 4 • February gasoil swaps down 65 cents, or 0.5%, at $127.65/bbl • Jet fuel regrade down 5 cents at premium of 85 cents/bbl

• Light Distillates • Naphtha’s premium to London Brent crude up $1.90 at $108.20/ton at 12:12 p.m. Singapore time, according to data compiled by Bloomberg • Crack spread widest in three days • February naphtha swaps up $1 at $960.75/ton, PVM said • Gasoline reforming margin on Jan. 25 closed at $15.81/bbl, capping 4.3% weekly climb, data compiled by Bloomberg show

• Fuel Oil • Fuel oil’s discount to Dubai crude narrows 21 cents to $7.76/bbl at 10:12 a.m. Singapore time, according to PVM • Crack spread gains for second time in three days • February fuel oil swaps down $1 at $639.75/ton, at $3.50 discount to March. • Viscosity spread unchanged after dropping to $5/ton, narrowing since June 2010

BASE METALS

Copper advanced for the first time in four days as data from China, the world’s biggest consumer, added to signs a rebound is gaining momentum and Japan raised its economic outlook, boosting demand for industrial metals.

The metal for three-month delivery climbed as much as 0.5 percent to $8,070 a metric ton on the London Metal Exchange and was at $8,063 at by 4:31 p.m. in Tokyo. The price fell 0.4 percent last week. Futures for May delivery dropped 0.4 percent to end at 58,620 yuan ($9,418) a ton on the Shanghai Futures Exchange.

PRECIOUS METALS

Gold gained, paring a fourth monthly loss, after data showed that central banks in Russia and Kazakhstan increased holdings last month. Palladium rose for a third straight day to the highest level since 2011.

Gold for immediate delivery climbed as much as 0.2 percent to $1,661.45 an ounce and traded at $1,660.10 at 12:38 p.m. in Singapore. Palladium added 0.3 percent to $743.75 an ounce, the highest intraday price since Sept. 9, 2011.

Palladium is set for a third monthly advance amid expectations that supply from Russia, the largest producer, is falling while a global recovery boosts demand. Russian reserves are “pretty much exhausted” and sales may be only 3 tons this year, Johnson Matthey Plc said Jan. 25.

Silver for immediate delivery climbed as much as 0.4 percent to $31.3175 an ounce and was at $31.255, while platinum was little changed at $1,695.25 an ounce.

GRAINS, OILSEEDS, SOFT COMMODITIES

Wheat climbed for a second day after government data showed demand increased for supplies from the U.S., the world’s biggest shipper.

Wheat for March delivery gained as much as 0.7 percent to $7.82 a bushel on the Chicago Board of Trade and was at $7.8025 at 2:47 p.m. Singapore time. Futures climbed 1 percent on Jan. 25, ending a three-session slump and trimming last week’s drop to 1.9 percent. The grain is 0.3 percent higher this month. Lerner said Jan. 25 in a report.

Soybeans for March delivery climbed as much as 0.8 percent to $14.52 a bushel and were at $14.4975 after rising 0.8 percent last week, the third straight weekly gain. Corn for March delivery rose as much as 0.6 percent to $7.2475 a bushel before trading at $7.2375.

Rubber dropped from the highest level in almost a week as investors sold the commodity after the yen rallied against the dollar from a 2 ½ year low, reducing the attractiveness of contracts denominated in the Japanese currency.

The contract for delivery in June lost 0.4 percent to close at 310.3 yen a kilogram ($3,417 a metric ton) on the Tokyo Commodity Exchange after climbing earlier to 313.8 yen, the highest price since Jan. 22. Futures for July delivery, listed on the bourse today, settled at 313.7 yen.

To contact the reporter on this story: Christian Schmollinger in Singapore at christian.s@bloomberg.net

To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net

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