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Crude Oil, Gold Rise; Soybeans, Corn Gain: Commodities at Close

Article By: vakocklao
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http://www.bloomberg.com/news/2013-03-15/crude-oil-gold-rise-soybeans-corn-gain-commodities-at-close.html



The Standard & Poor’s GSCI gauge of 24 commodities rises 0.1 percent to 650.86 at 4:16 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials gains 0.1 percent to 1,553.013.


Submitted:Mar 17, 2013    Reads: 1    Comments: 1    Likes: 0   


http://www.bloomberg.com/news/2013-03-15/crude-oil-gold-rise-soybeans-corn-gain-commodities-at-close.html

The Standard & Poor's GSCI gauge of 24 commodities rises 0.1 percent to 650.86 at 4:16 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials gains 0.1 percent to 1,553.013.

CRUDE OIL

West Texas Intermediate oil rose for a second day, heading for a second weekly advance. Brent crude's premium to the U.S. benchmark grade is poised for the biggest weekly drop in 11 months.

West Texas oil for April delivery rose as much as 34 cents to $93.37 a barrel in electronic trading on the New York Mercantile Exchange and was at $93.25 at 3:17 p.m. Singapore time. The volume of all futures traded was 17 percent below the 100-day average. The contract advanced 51 cents yesterday to $93.03, the highest since Feb. 25. Prices are up 1.4 percent this week.

Brent for May delivery climbed 32 cents, or 0.3 percent, to $109.29 a barrel on the London-based ICE Futures Europe exchange. The April contract expired yesterday at $109.42. Brent has dropped 1.4 percent this week, narrowing its premium to WTI by $3.16 a barrel, the most since April 20. The spread was at $15.84 today, near the narrowest since January.

OIL PRODUCTS

Gasoil crack in Asia is set to decline for a third week. Fuel oil discount narrows for a fourth week.

• Light Distillates • Singapore naphtha's discount to London Brent crude at $8.28/bbl as of 11:14 a.m. Singapore time, according to data compiled by Bloomberg. The crack is set to widen for a second week • April Japan naphtha swaps at $905.75/mt, down $11.51 this week • April East-West naphtha spread at $10.16/mt, down $6.57 this week.

• Middle Distillates • Singapore 0.05% sulfur gasoil's premium to Dubai crude at $17.84/bbl. The crack is set for a third weekly decline • April gasoil swap at $123.30/bbl, down $1.48 this week • April gasoil swap trades 18 cents/bbl above May contract. The backwardation is set to narrow for a second week • April East-West gasoil spread at $3.25/mt, down $1.01 this week • Jet fuel regrade at minus 35 cents/bbl. The difference to gasoil is set to narrow for the first time in seven weeks • April kerosene swap trades 28 cents/bbl above May contract. The backwardation is poised to narrow for a fifth week

• Fuel Oil • Singapore fuel oil's discount to Dubai crude at $4.86/bbl. The crack is set to narrow for a fourth week • April 180-fuel oil swap at $638.98/ton, up 23 cents this week • April fuel oil swap trades $2.03/mt above May contract. The backwardation widens for a third week • April viscosity spread at $9.01/mt. The spread may narrow for the first time in three weeks • April East-West fuel oil spread at $33.81/mt, up $1.02 this week

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