West Texas Intermediate traded near a five-week high after U.S. economic data signaled growth in the world’s biggest crude consumer. The nation’s stockpiles of the commodity rose, an industry report showed.
WTI for May delivery was at $95.92 a barrel, down 43 cents, in electronic trading on the New York Mercantile Exchange at 8:23 a.m. London time. The volume of all futures traded was 45 percent below the 100-day average. The contract climbed $1.53 to $96.34 yesterday, the biggest increase since Dec. 26 and the highest close since Feb. 19.
Brent for May settlement slid 34 cents to $109.02 a barrel on the London-based ICE Futures Europe exchange. The volume of all futures traded was 19 percent less than the 100-day average. The European benchmark grade was at a premium of $13.16 to WTI futures after closing yesterday at $13.02, the narrowest since July.
Asian gasoil is trading below European swaps for a third day. The fuel oil viscosity spread is at the widest in a month.
• Middle Distillates • Gasoil’s premium to Dubai crude rises $1.19 to $15.67 a barrel at 11:43 a.m. Singapore time, according to data compiled by Bloomberg • April gasoil swaps up $1 at $122.08/bbl • April gasoil swap trades 27 cents/bbl below May contract. Market now in contango for a fifth day • April East-West gasoil spread at minus $1.25/mt. Asia prices are below European prices for a third day • Jet fuel regrade at minus 48 cents/bbl • April kerosene swap trades 37 cents/bbl below May contract
• Fuel Oil • Fuel oil’s discount to Dubai crude narrows 7 cents to $6.25/bbl • April 180-cst fuel oil swaps down 39 cents at $636.34/mt • April fuel oil swap trades 42 cents/mt above May contract • Viscosity spread narrows 6 cents to $5.25/mt. The gap is the narrowest since Feb. 28 • April East-West fuel oil spread narrows 13 cents to $28.66/mt
• Light Distillates • Singapore naphtha’s discount to London Brent crude narrows 3 cents to $9.13/bbl • April Japan naphtha swaps down 57 cents at $899.88/mt • April East-West naphtha spread at $13/mt, widest in a week
Copper for delivery in three months declined 0.3% to $7,600/ton on London Metal Exchange, after rising 0.4%. • Zinc drops 0.4% to $1,898/ton, after rising 0.8% • Lead falls 0.8% to $2,112.50/ton
Gold declined for a fourth day, extending the first back- to-back quarterly losses since 2001, as signs that the U.S. economy is recovering cut demand for the metal as a store of wealth. Silver tumbled.
Gold for immediate delivery fell as much as 0.5 percent to $1,592.74 an ounce and was at $1,594.86 at 3:24 p.m. in Singapore. Prices have lost 4.8 percent this quarter as holdings in exchange-traded products contracted 6.8 percent, the most on record. Bullion for June delivery lost 0.2 percent to $1,594.60 an ounce on the Comex in New York.
Silver for immediate delivery slumped as much as 1.8 percent to $28.245 an ounce, the lowest since March 1, and was at $28.315. Prices are set to drop for a second quarter. Spot platinum traded little changed at $1,573.25 an ounce, while palladium lost 0.5 percent to $759.50 an ounce.
GRAINS, OILSEEDS, SOFT COMMODITIES
Wheat, little changed, was set for a second quarterly loss on speculation investors were closing bets on price gains before a U.S. government report that may show stockpiles fell the least, compared with corn and soybeans.
Wheat for delivery in May traded at $7.3175 a bushel on the Chicago Board of Trade by 2:44 p.m. in Singapore, from $7.315 yesterday. The volume was 75 percent below the 100-day average for that time of day. Futures headed for a 5.9 percent loss this quarter, after a 14 percent drop in the previous three months.
Corn for May delivery was little changed at $7.295 a bushel, while soybeans for delivery in the same month fell 0.2 percent to $14.45 a bushel.
Rubber climbed as data in the U.S. yesterday showed companies in the world’s largest economy were expanding capacity, potentially boosting demand for the commodity used in tires.
The contract for delivery in September, the most-active by volume, rose 1.2 percent to close at 282.7 yen a kilogram ($2,983 a metric ton) on the Tokyo Commodity Exchange.
The contract for delivery in June gained as much as 1.2 percent to 2,467 ringgit ($796) a metric ton on the Malaysia Derivatives Exchange before trading at 2,451 ringgit at 4:47 p.m. in Kuala Lumpur. Most-active prices touched 2,426 ringgit yesterday, the lowest level since March 20.
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