The Standard & Poor’s GSCI gauge of 24 commodities rose 0.7 percent to 676.72 at 5:42 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials climbed 0.8 percent to 1,565.145. CRUDE OIL Oil traded near the lowest close in more than a week in New York after a government report showed U.S. crude stockpiles rose more than twice as much as forecast. Crude for May delivery was at $102.91 a barrel, up 24 cents, in electronic trading on the New York Mercantile Exchange at 9:09 a.m. London time. It slid 1.5 percent yesterday to $102.67, the most since April 4. The more-actively traded June contract was up 23 cents at $103.35 a barrel. Front-month prices are 4.1 percent higher this year. NATURAL GAS Natural gas fell to the lowest price in more than 10 years in New York before a government report today is expected to show stockpiles climbed amid a period of reduced demand for the fuel. OIL PRODUCTS Singapore fuel oil’s discount to Dubai crude, a measure of refining losses from the fuel, narrowed to $4.25 a metric ton from $5.04 yesterday, according to data from PVM Oil Associates Ltd., a broker. The spread is the smallest since Feb. 14. High-sulfur fuel oil swaps for May rose 0.5 percent, or $3.75, to $719.50 a ton at 10:10 a.m. Singapore time, according to PVM data. The premium of gasoil to Dubai crude, a benchmark oil for Asia, dropped 38 cents, or 2.3 percent, to $16.01 a barrel, PVM data showed. This crack spread, narrowed for the first time in four days. Singapore gasoil, or diesel, swaps declined 60 cents, or 0.5 percent, to $130.95 a barrel. Naphtha swaps for May fell $3.25, or 0.3 percent, to $1,013.25 a ton. Prices are at the lowest since Feb. 10. PRECIOUS METALS Gold may climb in London with the euro after Spain was able to sell all debt offered. Silver was little changed. Gold for immediate delivery was up less than 0.1 percent at $1,642.98 an ounce by 10:05 a.m. in London. The futures in New York were up 0.3 percent at $1,643.90 an ounce on the Comex. BASE METALS Copper dropped as surging bad loans in Spain raised concern that the European debt crisis will slow growth in the region, and as demand declined from China, the world’s biggest user of metals. The contract for three-month delivery fell as much as 0.5 percent to $8,009 a metric ton on the London Metal Exchange, before trading at $8,026 by 12:17 p.m. Shanghai time. Copper for July-delivery on the Shanghai Futures Exchange dropped 0.5 percent to 57,520 yuan ($9,121) a ton. Comex futures traded little changed at $3.6345 a pound. GRAINS, SOFT COMMODITIES Corn advanced the most in more than two weeks on speculation that demand for imports may increase after futures slumped to a four-month low yesterday. Corn for delivery in July advanced as much as 2.1 percent to $6.065 a bushel on the Chicago Board of Trade, the biggest intraday gain for the most-active contract since April 2, and last traded at $6.05 at 3:59 p.m. Singapore time. Futures fell to $5.9175 yesterday, the lowest level since Dec. 19. Soybeans for July delivery climbed 0.8 percent to $14.245 a bushel. Wheat for delivery in the same month gained 1.5 percent to $6.25 a bushel. Rubber dropped by the most in a week as a surge in bad loans held by Spanish banks raised concern that Europe’s economic woes may worsen, weakening demand for the commodity used in tires. To contact the reporter on this story: Christian Schmollinger in Singapore at christian.s@bloomberg.net To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net

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