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Oil Reaches Two-Month High on Equity Gains: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities rose 1.1 percent to 657.3 at 5:29 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was up 0.8 percent at 1,573.164.


Crude climbed to the highest level in more than two months after better-than-estimated corporate earnings bolstered optimism that economic growth will accelerate.

Crude oil for September delivery increased $1.16, or 1.3 percent, to $93.36 on the New York Mercantile Exchange. The contract touched $93.49, the highest level since May 17. Prices are down 5.5 percent this year.

Brent oil for September settlement rose $1.85, or 1.7 percent, to $111.40 on the London-based ICE Futures Europe exchange. The contract reached $111.63, the highest level since May 16. The European benchmark’s premium to West Texas Intermediate, the grade traded in New York, increased to $18.04 from $17.35 yesterday.

Oil markets: NI OILMARKET


Gasoline gained on speculation that Tropical Storm Ernesto may reduce Mexican oil output, boosting demand for fuel exports from the Gulf Coast, and a fire at Chevron Corp.’s Richmond, California, refinery may limit supply.

Gasoline for September delivery rose 1.36 cents, or 0.5 percent, to $2.9358 a gallon on the New York Mercantile Exchange.

Heating oil for September delivery rose 2.11 cents, or 0.7 percent, to $2.962 a gallon on the Nymex.

Regular gasoline at the pump, averaged nationwide, gained 1.5 cents to $3.634 a gallon yesterday, AAA data showed. That’s the highest price since May 25. Prices have fallen 7.7 percent from a 2012 high of $3.936 on April 4, according the nation’s largest motoring organization.

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


Natural-gas futures advanced for a second day in New York as forecasts for hotter weather in the eastern U.S. signaled increased demand for the power-plant fuel.

Natural gas for September delivery rose 4.7 cents, or 1.6 percent, to $2.955 per million British thermal unit on the New York Mercantile Exchange. The futures are down 1.1 percent this year.

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


Raw-sugar futures headed for the longest slide in 15 months on speculation that dry weather will allow the harvest to accelerate in Brazil, the world’s top producer. Coffee also dropped, while cocoa climbed.

Raw sugar for October delivery tumbled 1.6 percent to 21.48 cents a pound on ICE Futures U.S. in New York. Prices are headed for the sixth straight decline and the longest slump since May 2, 2011.

Arabica-coffee futures for September delivery dropped 0.6 percent to $1.7445 a pound on ICE.

Cocoa futures for December delivery gained 1.2 percent to $2,439 a metric ton in New York, after reaching $2,457, the highest since Feb. 23.

Soft commodities markets: NI SOMKTS


Copper futures rose to a one-week high amid speculation that China, the world’s biggest consumer of industrial metals, will announce more stimulus measures to bolster the economy.

Copper futures for September delivery gained 1.4 percent to $3.4375 a pound on the Comex in New York. Earlier, the price reached $3.449, the highest for a most-active contract since July 31.

On the London Metal Exchange, copper for delivery in three months advanced 1.3 percent to $7,589.75 a metric ton ($3.44 a pound). Inventories monitored by the LME have dropped 34 percent this year.

Zinc, aluminum, tin and lead also rose in London. Nickel dropped.

Base metals markets: NI BMMKTS


Gold may gain for a third straight session in New York on speculation that a weaker dollar will increase demand for the metal as an alternative investment.

Gold futures for December delivery rose less than 0.1 percent to $1,616.70 an ounce on the Comex in New York. The metal gained 3.2 percent this year through yesterday.

Silver futures for September delivery jumped 0.8 percent to $28.075 an ounce in New York.

Precious metal markets: NI PCMKTS


Hogs gained for the first time in six sessions as rising pork prices may indicate increased demand for the meat. Cattle rose.

Hog futures for October settlement climbed 0.7 percent to 75.725 cents a pound on the Chicago Mercantile Exchange. The price yesterday reached 75.1 cents, the lowest since Dec. 17, 2010.

Cattle futures for October delivery increased 0.1 percent to $1.24525 a pound in Chicago. The price through yesterday gained 2.4 percent this year. Feeder-cattle futures for October settlement rose 0.3 percent to $1.405 a pound on the CME.

Livestock markets: NI LVMKTS


Soybean futures rose after a U.S. government report showed that the most-severe drought in 56 years caused more damage to crops.

Soybean futures for November delivery gained 0.3 percent to $15.89 a bushel on the Chicago Board of Trade. On July 23, the price reached 16.915, the highest ever for a most-active contract.

Corn futures for December delivery fell 3.25 cents, or 0.4 percent, to $8.0175 a bushel on the Chicago Board of Trade. Earlier, the price rose as much as 0.6 percent.

Wheat futures for December delivery dropped 6 cents, or 0.7 percent, to $9.0025 a bushel. Earlier, the grain climbed as much as 1.3 percent.

Grain markets: NI GRMKTS


European Union carbon for December rose 1.7 percent to 7.32 euros on the ICE Futures Europe exchange in London.

EU Carbon Emissions: NI ECBMKT

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