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Business
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Title: Crude Oil Rises Most in More Than 3 Years
Source: BusinessWeek
URL Source: http://www.businessweek.com/news/20 ... n-3-years-commodities-at-close
Published: Jun 29, 2012
Author: BusinessWeek
Post Date: 2012-06-29 21:03:07 by Brian S
Keywords: None
Views: 1051
Comments: 2

The Standard & Poor’s GSCI gauge of 24 commodities jumped 5.4 percent to 598.39 at 3:30 p.m. New York time as oil rose the most in three years after European leaders reached an agreement to ease repayment rules for Spanish banks and relax conditions on help for Italy.

The UBS Bloomberg CMCI index of 26 raw materials rose 4.1 percent to 1,486.717. CRUDE OIL

Oil gained the most in more than three years on the European agreement.

Futures rose 9.4 percent, trimming the biggest quarterly decline since the final three months of 2008, as leaders of the 17 euro countries dropped requirements that taxpayers get preferred creditor status on aid to Spain’s banks. Prices also increased because a European Union ban on the purchase, transport, financing and insurance of Iran’s oil starts in July.

Oil for August delivery climbed $7.27 to $84.96 a barrel on the New York Mercantile Exchange, the biggest one-day rally since March 12, 2009.

Brent oil for August settlement rose $6.44, or 7 percent, to $97.80 a barrel on the London-based ICE Futures Europe exchange. OIL PRODUCTS

Gasoline surged the most since October on the European agreement, alleviating concern that the region’s debt crisis will spread and curb fuel demand. The dollar fell the most against the euro since October, increasing the investment appeal of commodities.

Gasoline and heating oil contracts for July delivery expired at the close of Nymex floor trading today.

July-delivery gasoline rose 11.3 cents, or 4.3 percent, to $2.7272 a gallon, the highest settlement since May 29. The August contract advanced 15.45 cents, or 6.2 percent, to $2.6318 a gallon.

Heating oil for July delivery rose 14.41 cents, or 5.7 percent, to $2.696 a gallon, the biggest gain since July 30, 2009. Prices sank 0.4 percent this month and 15 percent during the quarter. Futures are down 8.1 percent this year.

The more actively traded August contract gained 16.27 cents, or 6.4 percent, to $2.7099 a gallon. NATURAL GAS

Natural gas futures rose to the highest level since January, capping a third consecutive monthly gain, on forecasts of above-normal temperatures that signal increased demand for the power-plant fuel.

Gas gained 3.8 percent as MDA EarthSat Weather in Gaithersburg, Maryland, predicted hotter-than-normal weather across most of the eastern and central U.S. through July 8. U.S. cooling demand may be 13 percent above normal through July 9, according to Weather Derivatives in Belton, Missouri.

Natural gas for August delivery rose 10.2 cents to $2.824 per million British thermal units on the Nymex, the highest settlement price since Jan. 10. BASE METALS

Copper posted the biggest gain in almost seven months on speculation the European agreement will help contain the region’s debt crisis, easing concern that economic growth and metals demand will ebb, and as the dollar fell against the euro.

Copper futures for September delivery climbed 5 percent to settle at $3.4965 a pound on the Comex in New York. The increase was the biggest since Nov. 30.

Zinc, aluminum, lead, nickel and tin all gained on the London Mercantile Exchange. PRECIOUS METALS

Platinum jumped the most in more than three years as commodities rallied after European leaders took steps that eased credit concerns in Spain and Italy and the euro climbed the most this year against the dollar.

Platinum futures for October delivery climbed 4.5 percent to settle at $1,452.40 an ounce on the Nymex, the biggest gain for a most-active contract since March 19, 2009.

Gold futures for August delivery climbed 3.5 percent to settle at $1,604.20 on the Comex in New York, the biggest gain since June 1.

Silver futures for September delivery jumped 5 percent to $27.612 an ounce, the biggest gain since Jan. 3. SOFT MARKETS

Coffee rose, capping the biggest weekly gain in 10 months, as commodities rallied on Europe’s plans to bolster its economy and stem the debt crisis. Sugar, cocoa, cotton and orange juice climbed.

Arabica-coffee futures for September delivery jumped 4.7 percent to settle at $1.707 a pound on ICE Futures U.S.

Raw-sugar futures for October delivery climbed 2.3 percent to 21.01 cents a pound. Cocoa futures for September delivery increased 2.7 percent to $2,291 a metric ton.

Cotton futures for December delivery climbed 2.6 percent to 71.33 cents a pound. Orange-juice futures for September delivery surged 6.6 percent to $1.2175 a pound, the biggest gain for a most-active contract since Jan. 10.

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#1. To: Brian S (#0)

Yeah! Oil went up 9% in One Day!

Wall St parties because......why?

mcgowanjm  posted on  2012-06-29   21:29:36 ET  Reply   Trace   Private Reply  


#2. To: All (#1)

The most important post on LF and nothing but crickets...LMFAO

i

Quantcast Natural Gas for Automotive Fuel Natural Gas for Automotive Fuel thumbnail

It is difficult to say which of the growing number of fuel options will power the cars of the future. But natural gas, given its domestic abundance, low price and lesser carbon footprint, is certainly a contender, at least as far as researchers at the federally funded Argonne National Laboratory are concerned. Some of the same engineers there who developed the batteries now used in electric cars have been tasked with improving natural gas powered engine technologies, thanks to anticipated consumer demand for vehicles powered by something cheaper and greener than gasoline but without the hassles of other alternative fuels.

“Our conclusion is that natural gas as a transportation fuel has both adequate abundance and cost advantages that make a strong case to focus interest in the technology as a real game changer in U.S. energy security,” Mike Duoba, an engineer at Argonne’s Transportation Technology Research and Development Center outside of Chicago, told the Talking Points Memo news blog.

Insanity.

Cars will be gone 5 years from now, except to be living out of...;}

mcgowanjm  posted on  2012-07-01   8:42:07 ET  Reply   Trace   Private Reply  


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