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Crude Rises From 4-Month Low on Bond Sale: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities advanced 0.7 percent to 605.42 by 5:07 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials rose 0.4 percent to 1,459.632.

CRUDE OIL

West Texas Intermediate rose from a four-month low after Spain sold more debt than planned and U.S. claims for jobless benefits were little changed, signaling the labor market in the biggest oil-consuming nation is stabilizing.

WTI crude oil for May delivery gained 82 cents, or 0.9 percent, to $87.50 a barrel on the New York Mercantile Exchange. It dropped 2.3 percent to $86.68 yesterday, the lowest closing price since Dec. 13. The volume of all futures traded was 51 percent above the 100-day average for the time of day.

Brent oil for June settlement rose 95 cents, or 1 percent, to $98.64 a barrel on the London-based ICE Futures Europe exchange. Brent settled at $97.69 yesterday, the lowest close since July 2. The volume of all futures traded today was 38 percent higher than the 100-day average.

Oil markets: NI OILMARKET

PRECIOUS METALS

Gold prices climbed in New York on signs that demand is rebounding among consumers and investors.

Gold futures for June delivery rose 0.8 percent to $1,394 an ounce on the Comex in New York. The precious metal reached $1,321.50 on April 16, the lowest since January 2011.

Silver futures for May delivery were little changed at $23.305 an ounce.

Precious metal markets: NI PCMKTS

NATURAL GAS

Natural gas futures advanced to a 20-month high in New York after a government report showed that U.S. stockpiles expanded by less than forecast.

Natural gas for May delivery rose 15.3 cents, or 3.6 percent, to $4.367 per million British thermal units on the New York Mercantile Exchange after touching $4.37, the highest level since July 27, 2011. Gas traded at $4.179 before the storage report was released at 10:30 a.m. in Washington.

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

SOFT COMMODITIES

Cocoa erased declines in New York on prospects for dry weather to curb the smaller of two harvests under way in Ivory Coast, the largest grower. Sugar fell.

Cocoa for July delivery gained 0.2 percent to $2,321 a ton on ICE Futures U.S. in New York, after falling as much as 1 percent earlier today. Prices are up 3.8 percent this year.

Raw sugar for July delivery fell 1.7 percent to 17.49 cents a pound.

Arabica coffee for July delivery rose 2.3 percent to $1.3995 a pound.

Soft commodities markets: NI SOMKTS

BASE METALS

Copper for delivery in July rebounded after falling as much as 4.1 percent to $3.07 a pound on the Comex in New York, the lowest since Oct. 20, 2011. A close under $3.1828 would be 20 percent below the February 2012 peak, deemed a bear market by many investors.

Copper for delivery in July rose 0.2 percent to $3.21 a pound on the Comex in New York and the metal for delivery in three months was little changed at $7,087.50 a ton on the LME.

Tin, nickel, zinc and aluminum climbed, while lead was unchanged on the LME.

Base metals markets: NI BMMKTS

GRAINS, OILSEEDS

Soybeans rose for a third day and soybean meal jumped to the highest price this month after a government report showed improved U.S. exports amid shipping delays in South America. Corn and wheat fell.

Soybean futures for July delivery rose 0.7 percent to $13.8975 a bushel on the Chicago Board of Trade, after gaining 1.8 percent the prior two sessions. Soybean-meal futures for July delivery jumped 1.3 percent to $404.60 for 2,000 pounds, after reaching $408.90, the highest for the most-active contract since March 28.

Corn futures for delivery in July fell 0.9 percent to $6.3575 a bushel in Chicago. Wheat futures for July delivery slid 0.3 percent to $7.0525 a bushel.

Grains markets: NI GRMKTS

OIL PRODUCTS

Gasoline futures declined to a three-month low amid increasing inventories in the U.S. East Coast. Crack spreads narrowed.

Futures dropped 0.4 percent. The Energy Information Administration reported yesterday that PADD 1 gasoline supplies rose 674,000 barrels last week to 60 million, a six-week high. The May crack spread versus West Texas Intermediate narrowed 15 cents to $27.79 a barrel, and the premium over Brent shrank 39 cents to $16.18.

Gasoline for May delivery sank 1.1 cents to $2.718 a gallon on the New York Mercantile Exchange.

Ultra-low-sulfur diesel for May delivery advanced 1.26 cents, or 0.5 percent, to $2.7472 a gallon, after settling yesterday at the lowest level since July 10.

The fuel’s crack spread versus May WTI widened 71 cents to $28.88 a barrel. The June spread versus Brent rose 25 cents to $17.20.

Gasoline at the pump, averaged nationwide, fell 0.7 cent to $3.512 a gallon, AAA said today on its website. Prices have fallen 27.4 cents from this year’s high of $3.786 on Feb. 26 and are 38.7 cents below a year ago.

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

LIVESTOCK

Hog futures rose to the highest in almost two weeks on signs of shrinking U.S. pork supplies and the outlook for increasing demand. Cattle prices were little changed.

Hog futures for June settlement rose 0.4 percent to 90.675 cents a pound on the Chicago Mercantile Exchange. Earlier, the price reached 91 cents, the highest for a most-active contract since April 5.

Feeder-cattle futures for August settlement fell 0.1 percent to $1.47375 a pound.

To contact the reporter on this story: Sharon Lindores in London at slindores@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net

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