Oil, Natural Gas Decline, Gold Advances: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities fell 0.1 percent to 710.73 at 5 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials rose 0.2 percent to 1,657.047.


Crude dropped for a second day in New York on speculation rising U.S. stockpiles signal easing fuel demand as crude trades near the highest price in nine months.

Oil for April delivery fell as much 72 cents to $107.84 a barrel in electronic trading on the New York Mercantile Exchange and was at $108.46 a barrel at 4 p.m. Singapore time. The contract yesterday slid 1.1 percent to $108.56, snapping the longest winning streak since January 2010. Prices rose 6.3 percent last week to the highest since May 3 and are up 12 percent in the past year.

Brent oil for April settlement declined 32 cents, or 0.3 percent, to $123.85 a barrel on the London-based ICE Futures


Natural gas futures declined for a fourth day in New York as forecasts showed above-normal temperatures in the eastern U.S., limiting demand for the furnace fuel.

Gas for April delivery dropped 0.6 percent. Commodity Weather Group LLC in Bethesda, Maryland, predicted warmer-than-usual weather in the Northeast from March 3 to March 12.


Fuel oil rose 37 cents to $6.13 a barrel below Asian marker Dubai crude at 10:12 a.m. Singapore time, according to data from PVM Oil Associates Ltd., a broker. The discount narrowed for the first time in four days.

March gasoil, or diesel, swaps decreased 45 cents, or 0.3 percent, to $136.35 a barrel, according to PVM. That’s the first drop in five days.

Naphtha’s premium to London-traded Brent crude futures


Gold gained for the first time in three days in London as a weaker dollar spurred demand for the metal an alternative investment.

Bullion for immediate delivery gained 0.5 percent to $1,776.52 an ounce by 9:06 a.m. in London. Gold for April delivery was 0.2 percent higher at $1,778.10 on the Comex in New York.

Silver for immediate delivery rose 0.7 percent to $35.645 an ounce. It’s the best-performing precious metal this year, up 28 percent. An ounce of gold bought as little as 49.76 ounces of


Copper climbed as much as 0.5 percent to $8,578 per metric ton on the London Metal Exchange, the highest level since Feb. 13, after falling 0.5 percent earlier in the day. The contract traded at $8,574.75 by 3:01 p.m. Shanghai time. The Comex May contract rose 0.3 percent to $3.902 a pound.

Lead in London was little changed at $2,251.50 a ton and aluminum was little changed at $2,232.25 a ton. Zinc rose 0.5


Feb. 27 (Bloomberg) -- Orange-juice futures fell for the first time in three sessions on speculation that a U.S. import

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