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Gasoline Futures Tumble Most in 14 Months: Commodities at Close

The Standard & Poor’s GSCI Spot Index of 24 raw materials fell 0.5 percent to settle at 650.13 at 3:56 p.m. in New York, led by energy.

The UBS Bloomberg CMCI gauge of 26 prices declined 0.3 percent to 1,550.82


Gasoline declined the most in 14 months after a government report showed rising U.S. East Coast inventories as refineries restored production following maintenance.

Supplies on the East Coast rose 0.4 percent to 59.8 million barrels in the week ended Feb. 22, the highest since March 16, an Energy Information Administration report showed.

On the New York Mercantile Exchange, gasoline futures for March delivery tumbled 4.2 percent to $2.8565 a gallon, the biggest drop since Dec. 14, 2011.


Natural gas slid from a one-month high after forecasts showed milder weather next week, crimping prospects for fuel demand.

On the Nymex, gas futures for April delivery fell 0.6 percent to $3.434 per million British thermal units. Earlier, the price reached $3.554, the highest since Jan. 24.

U.K. gas declined for the second straight day as temperatures rose, reducing demand.

The within-day price fell as much as 1.8 pence to 69.5 pence a therm and traded at 69.8 pence at 5:10 p.m. London time.


Gold dropped, heading for the longest run of monthly declines in 16 years, as confidence that the U.S. economy is recovering curbed demand for the metal as an investment hedge.

On the Comex in New York, gold futures for April delivery fell 1.2 percent to $1,595.70 an ounce. This month, the price has declined 4 percent, poised for the fifth straight drop and the longest slump since January 1997.

Silver futures for May delivery declined 1.1 percent to $28.985 an ounce.

On the Nymex, platinum futures for April delivery fell 1 percent to $1,600.10 an ounce.


Lead rose for the second straight day on signs that the economy is strengthening in the U.S., the world’s second-biggest consumer.

On the London Metal Exchange, lead for delivery in three months climbed 0.3 percent to $2,304 a ton. Yesterday, the price gained 0.1 percent, ending a six-session slump, the longest in four months.

Tin jumped 0.8 percent to $23,475 a ton. Copper and nickel also increased, while aluminum and zinc fell.


Crude oil rose as U.S. durable goods and housing data exceeded forecasts, signs an economic rebound may spur fuel demand.

On the Nymex, oil futures for April delivery climbed 0.1 percent to $92.76 a barrel.

Brent oil for April settlement fell 0.7 percent to $111.87 a barrel on the London-based ICE Futures Europe exchange.

Mercuria Energy Trading SA bought North Sea Forties crude at the highest in three weeks. Russian Urals differentials dropped to the lowest in more than 22 months as Vitol Group sold amid rising supplies.

Refiners in Asia will trim imports of West African crude


Cotton surged the most in four months on renewed concern that planting will plunge in the U.S., the world’s biggest exporter.

On ICE Futures U.S. in New York, cotton for delivery in May climbed 3.1 percent to 84.38 cents a pound, the biggest gain since Oct. 17.

Raw-sugar futures for May delivery advanced 0.2 percent to 18.08 cents a pound.

Cocoa futures for delivery in May rose 0.3 percent to $2,131 a ton.

Arabica-coffee futures for May delivery fell less than 0.1 percent to $1.4345 a pound.


Wheat rose for the second straight day on speculation that U.S. livestock producers will buy more after a slump in prices this year made the grain a cheaper alternative to corn feed.

On the Chicago Board of Trade, wheat futures for May delivery rose 0.1 percent to $7.12 a bushel.

Corn futures for May delivery gained 0.1 percent to $6.9525 a bushel.


Cattle advanced, extending the longest rally in three months, on signs of increased demand for U.S. beef.

On the Chicago Mercantile Exchange, cattle futures for April delivery rose 0.4 percent to $1.29875 a pound. The price climbed for the fourth straight session, the longest rally since Nov. 23

Feeder-cattle futures for May settlement increased 0.1 percent to $1.4755 a pound.

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