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Oil Climbs as Tropical Storm Isaac Looms: Commodities at Close

Aug. 24 (Bloomberg) -- The Standard & Poor’s GSCI gauge of 24 commodities was little changed at 674.05 by 5:11 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was little changed at 1,597.7223.


Oil headed for a fourth weekly gain as Tropical Storm Isaac gained strength in the Caribbean Sea on a path that may threaten crude production in the Gulf of Mexico.

Crude for October delivery rose 63 cents, or 0.7 percent, to $96.90 a barrel on the New York Mercantile Exchange. Prices are up 0.9 percent this week and have fallen 2 percent this year.

Brent oil for October settlement increased 2 cents to $115.03 a barrel on the London-based ICE Futures Europe exchange.

Oil markets: NI OILMARKET


Gasoline fluctuated on concern that Tropical Storm Isaac will curtail some Gulf Coast refining and on skepticism that European leaders will make progress in talks to resolve the region’s debt crisis that is curbing fuel demand.

September-delivery gasoline fell 0.24 cent to $3.1134 on the New York Mercantile Exchange.

Heating oil for September delivery rose 0.54 cent to $3.1384 a gallon on the exchange.

Regular gasoline at the pump, averaged nationwide, rose 1.2 cents to $3.73 a gallon yesterday, the biggest one-day increase since Aug. 11, AAA data showed. Prices have climbed 40.4 cents, or 12 percent, since July 1, according to data from the nation’s largest motoring organization.

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


Natural-gas futures fluctuated in New York amid speculation that Tropical Storm Isaac may force production cuts in the Gulf of Mexico.

Gas for September delivery fell 2.4 cents, or 0.9 percent, to $2.778 per million British thermal units on the New York Mercantile Exchange after falling as low as $2.763. The futures have dropped 7.1 percent this year.

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


Orange-juice futures headed for the biggest drop in five weeks on signs that Tropical Storm Isaac will spare groves in Florida, the world’s second-biggest citrus grower. Cotton and cocoa also slid. Sugar and coffee rose.

Orange juice for November delivery tumbled 3.2 percent to $1.152 a pound on ICE Futures U.S. in New York, heading for the biggest drop for a most-active contract since July 16.

Cotton futures for December delivery dropped 0.2 percent to 76.66 cents a pound on ICE, heading for a third straight decline.

Cocoa futures for December delivery declined 0.1 percent to $2,382 a metric ton on ICE.

Also in New York, raw-sugar futures for October delivery increased 0.2 percent to 19.62 cents a pound. Arabica-coffee futures for December delivery rose 0.1 percent to $1.6195 a pound.

Soft commodities markets: NI SOMKTS


Copper prices fell in New York amid concern that sluggish progress in fixing Europe’s debt crisis may affect demand for the industrial metal.

Copper futures for December delivery slid 0.4 percent to $3.4855 a pound on the Comex in New York, paring this week’s rise to 1.6 percent.

On the London Metal Exchange, copper for delivery in three months retreated 0.5 percent to $7,648.75 a metric ton ($3.47 a pound).

Aluminum, nickel, lead and zinc rose in London. Tin advanced for a seventh straight session.

Base metals markets: NI BMMKTS


Gold futures for December delivery rose $1.20, or 0.1 percent, to $1,674 an ounce on the Comex in New York. Earlier, the price fell as much as 0.5 percent.

Precious metal markets: NI PCMKTS


Hog futures rose from the lowest price since November 2010, heading for the first increase in a week, on speculation that demand for U.S. pork is improving. Cattle were little changed.

Hog futures for October settlement rose 0.1 percent to 72.65 cents a pound on the Chicago Mercantile Exchange.

Cattle futures for October delivery fell 0.1 percent to $1.2475 a pound in Chicago. The price climbed 2.9 percent this year through yesterday.

Feeder-cattle futures for October settlement dropped 0.3 percent to $1.444 a pound on the CME.

Livestock markets: NI LVMKTS


Corn futures for December delivery fell 3.25 cents, or 0.4 percent, to $8.115 a bushel on the Chicago Board of Trade. Earlier, the price rose as much as 1 percent.

Soybean futures for November delivery jumped 0.9 percent to $17.3025 a bushel on the Chicago Board of Trade, after yesterday reaching a record $17.4475. The price is up 32 percent since June 15.

Wheat futures for December delivery slid 0.2 percent to $8.9325 a bushel on the CBOT.

Grain markets: NI GRMKTS


The December carbon contract declined 0.5 percent to 8.20 euros ($10.28) a ton on London’s ICE Futures Europe exchange.

EU Carbon Emissions: NI ECBMKT

To contact the reporter on this story: Jessica Abrahams in London at

To contact the editor responsible for this story: Claudia Carpenter at

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