Gasoline Rises on Signs Demand to Climb: Commodities at Close
The Standard & Poor’s GSCI Spot Index of 24 raw materials rose 0.6 percent to settle at 629.85 at 4 p.m. New York time, led by energy.
The UBS Bloomberg CMCI gauge of 26 prices advanced 0.3 percent to 1,549.82.
Gasoline rose the most in a week on speculation that demand will increase as East Coast fuel stations open after closures caused by Hurricane Sandy.
About 73 percent of gasoline stations in the New York metropolitan area had fuel yesterday, up from 62 percent on Nov. 3, the U.S. Energy Department said.
On the New York Mercantile Exchange, gasoline futures for December delivery rose 1.8 percent to $2.6202 a gallon, the biggest gain since Oct. 29.
Heating-oil futures for December delivery climbed 1.2 percent to $2.9829 a gallon.
Crude oil rose from the lowest in almost four months as refineries started following shutdowns caused by Sandy.
On the Nymex, oil futures for December delivery advanced 0.9 percent to $85.65 a barrel.
Brent oil for December settlement increased 1.9 percent to $107.73 a barrel.
Royal Dutch Shell Plc (RDSA) bought North Sea Forties crude at the highest differential in three weeks. BP Plc (BP/) sold Russian Urals blend in northwest Europe at a lower price than the previous trade.
Nexen Inc. (NXY) confirmed that it restarted the North Sea Buzzard oil field. Twelve Forties cargoes for loading in October and November have been postponed further, said four people with knowledge of the loading program.
Gold gained the most in a week as demand climbed in China, the world’s second-largest buyer.
On the Comex in New York, gold futures for December delivery rose 0.5 percent to $1,683.20 an ounce, the biggest gain for a most-active contract since Oct. 25.
Silver futures for December delivery advanced 0.9 percent to $31.128 an ounce.
On the Nymex, platinum futures for January delivery slid 0.1 percent to close at $1,542.70 an ounce.
Palladium futures for December delivery climbed 0.6 percent to $603 an ounce.
Wheat gained for the third time in four sessions on speculation that the worst U.S. winter-crop conditions in 27 years will persist amid dry weather in the southern Great Plains.
On the Chicago Board of Trade, wheat futures for December delivery rose 0.2 percent to $8.66 a bushel.
Soybean futures for January delivery dropped 1.5 percent to close at $15.0325 a bushel.
Corn futures for December delivery fell 0.5 percent to $7.355 a bushel.
Copper fell to a two-month low as concern mounted that Greece may struggle to win a bailout, posing a risk to demand.
On the Comex, copper futures for December delivery dropped 0.3 percent to $3.47 a pound. Earlier, the price touched $3.4485, the lowest since Sept. 5.
On the London Metal Exchange, copper for delivery in three months declined 0.2 percent to $7,650 a metric ton ($3.47 a pound). Aluminum, zinc, nickel and tin slid, and lead rose.
Coffee futures fell to the lowest in more than four months on signs of rising supplies.
On ICE Futures U.S. in New York, arabica coffee for December delivery slumped 2.5 percent to $1.509 a pound, after touching $1.508, the lowest since June 19.
Raw-sugar futures for March delivery slid 0.6 percent to 19.33 cents a pound.
Cocoa futures for December delivery slipped 0.1 percent to $2,444 a ton.
Cotton futures for December delivery increased 0.1 percent to 70.4 cents a pound.
Orange-juice futures for January delivery advanced 0.5 percent to $1.0675 a pound.
Hog futures fell to a one-week low on speculation that U.S. pork demand is easing.
On the Chicago Mercantile Exchange, hog futures for December settlement slid 1.1 percent to 76.925 cents a pound, the biggest drop in a week. Earlier, the price touched 76.85 cents, the lowest for a most-active contract since Oct. 29.
Cattle futures for December delivery declined 0.1 percent to $1.25275 a pound.
Feeder-cattle futures for January settlement rose 0.1 percent to $1.46775 a pound.
Natural gas was unchanged amid forecasts for moderating weather after a cold blast this week.
On the Nymex, gas for December delivery closed at $3.554 per million British thermal units.
U.K. gas for next-month delivery fell for the second straight session on forecasts for warmer-than-average weather.
The price declined 1.2 percent to 64.8 pence a therm at 4:48 p.m. London time. That’s equivalent to $10.36 per million Btu.
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