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Gasoline Tumbles on Surging U.S. Inventory: Commodities at Close

Dec. 5 (Bloomberg) -- The energy-weighted Standard & Poor’s GSCI Spot Index of 24 raw materials fell 0.3 percent to settle at 643.26 at 3:58 p.m. New York time, led by gasoline. Agriculture and industrial-metal prices climbed.

The UBS Bloomberg CMCI gauge of 26 prices advanced 0.2 percent to 1,591.67.

OIL PRODUCTS

Gasoline fell to a three-week low after the Energy Department reported that inventories last week rose the most since the terrorist attacks on the World Trade Center in New York.

Supplies climbed 7.86 million barrels in the week ended Nov. 30 to 212.1 million, the biggest increase since September 2001. Stockpiles jumped as demand slipped 0.9 percent and refinery rates reached the highest seasonal level since 2005.

On the New York Mercantile Exchange, gasoline futures for January delivery tumbled 1.9 percent to $2.6378 a gallon, the lowest settlement since Nov. 8.

Heating-oil futures for January delivery fell 0.4 percent to $2.9907 a gallon.

U.S. oil product futures: {NI OPFMKT <GO>}

U.S. oil products: {NI OPUMKT <GO>}

Asia oil products: {NI OPAMKT <GO>}

Europe oil products: {NI OPEMKT <GO>}

CRUDE OIL

Crude oil fell for the second straight day after a government report showed that gasoline inventories gained the most in 11 years.

On the Nymex, oil futures for January delivery slid 0.7 percent to $87.88 a barrel. Yesterday, the price also dropped 0.7 percent.

Brent oil for January settlement on the London-based ICE Futures Europe exchange fell 0.9 percent to $108.81 a barrel.

Brent oil for January settlement on the London-based ICE Futures Europe exchange fell 0.9 percent to $108.81 a barrel.

Royal Dutch Shell Plc bought a cargo of North Sea Forties at a lower premium than yesterday’s trade. Total SA failed to buy the grade for a third session.

North Sea Oseberg blend for January loading is scheduled to drop to six cargoes, one less than this month, a loading program obtained by Bloomberg News showed. There were no bids or offers for Russian Urals grade.

Oil futures: {NI CRMKTS <GO>}

U.S. physical crude: {NI CRGMKT <GO>}

European physical crude: {NI CNSMKT <GO>}

Asian physical crude: {NI CRAMKT <GO>}

PRECIOUS METALS

Gold fell to the lowest in almost a month as a rise in the dollar reduced the appeal of the metal as an alternative investment and Goldman Sachs Group Inc. said prices will peak in 2013.

On the Comex in New York, gold futures for February delivery slid 0.1 percent to $1,693.80 an ounce. Earlier, the price touched $1,686, the lowest for a most-active contract since Nov. 6.

Silver futures for March delivery rose 0.5 percent to $32.957 an ounce.

On the Nymex, platinum futures for January delivery gained 0.1 percent to $1,584.20 an ounce.

Palladium futures for March delivery climbed 0.7 percent to $687.45 an ounce.

Precious-metal markets: {NI PCMKTS <GO>}

BASE METALS

Copper in London rose, capping the longest rally in 15 months, as China’s new government signaled increased metal demand and Goldman affirmed its bullish forecast.

On the London Metal Exchange, copper for delivery in three months added 0.5 percent to $8,075 a metric ton ($3.66 a pound) at 5:50 p.m. The price climbed for the fifth straight session, the longest rally since August 2011.

Copper futures for March delivery climbed 0.8 percent to $3.6865 a pound on the Comex. Earlier, the price reached $3.694, the highest since Oct. 19.

In London, aluminum, zinc, lead and nickel advanced, and tin fell.

Base-metal markets: {NI BMMKTS <GO>}

NATURAL GAS

Natural gas rose the most in three weeks on speculation that a government report tomorrow will show an above-average stockpile decline.

On the Nymex, gas futures for January delivery advanced 4.5 percent to $3.70 per million British thermal units.

U.K. gas for next month climbed to the highest in four years on forecasts that colder-than-usual weather will boost demand for the heating fuel.

The price rose 0.77 pence to 70.55 pence a therm at 4:28 p.m. London time after reaching 70.7 pence, the highest since November 2008. That’s equivalent to $11.38 per million Btu.

U.S. gas: {NI NUSMKT <GO>}

U.K. gas: {NI NUKMKT <GO>}

SOFT COMMODITIES

Cotton rose for the fifth time in six sessions on signs of higher demand for supplies from the U.S., the world’s top exporter.

On ICE Futures U.S. in New York, cotton for March delivery gained 0.2 percent to 73.04 cents a pound.

Raw-sugar futures for March delivery advanced 0.7 percent to 19.57 cents a pound.

Arabica-coffee futures for March delivery rose 0.5 percent to $1.491 a pound.

Orange-juice futures for January delivery increased 0.7 percent to $1.2445 a pound.

Cocoa futures for March delivery retreated 1 percent to $2,420 a ton.

Soft commodities markets: {NI SOMKTS <GO>}

GRAINS, OILSEEDS

Soybeans rose to a three-week high and corn gained on speculation that too much rain in Argentina will curtail planting and reduce yield prospects.

On the Chicago Board of Trade, soybean futures for January delivery jumped 1.6 percent to $14.7925 a bushel, the biggest gain since Nov. 27. Earlier, the price reached $14.7975, the highest since Nov. 9.

Corn futures for March delivery gained 0.8 percent to $7.5775 a bushel.

Wheat futures for March delivery climbed 0.4 percent to $8.60 a bushel, the first gain since Nov. 28.

Grain markets: {NI GRMKTS <GO>}

LIVESTOCK

Hog futures rose for the first time in five sessions, erasing an earlier loss, on speculation that pork demand is rising before the Christmas holiday.

On the Chicago Mercantile Exchange, hog futures for February settlement climbed 0.1 percent to 85.65 cents a pound. The price dropped 2.3 percent in the previous four sessions.

Cattle futures for February delivery advanced 0.3 percent to $1.30525 a pound in Chicago.

Feeder-cattle futures for January settlement gained 0.6 percent to $1.464 a pound.

Livestock markets: {NI LVMKTS <GO>}

To contact the reporter on this story: Thomas Galatola in New York at tgalatola@bloomberg.net

To contact the editor responsible for this story: Patrick McKiernan at pmckiernan@bloomberg.net

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