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West Texas Intermediate oil fell from the highest price in three weeks as an unprecedented levy on bank savings in Cyprus threatened to worsen Europe’s debt crisis. Libya shut a crude pipeline after protests. WTI for April delivery declined as much as $1.31 to $92.14 a barrel in electronic trading on theNew York Mercantile Exchange and was at $92.29 at 3:09 p.m. Singapore time. The contract climbed 42 cents to $93.45 on March 15, the highest settlement since Feb. 20. The volume of all futures traded was more than twice than the 100-day average.
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AGILE FINANCIAL TOKYO NEWS REVIEWS Gold Rises; Wheat, Crude, Rubber Decline: Commodities at Close
CRUDE OIL West Texas Intermediate oil fell from the highest price in three weeks as an unprecedented levy on bank savings in Cyprus threatened to worsen Europe’s debt crisis. Libya shut a crude pipeline after protests. WTI for April delivery declined as much as $1.31 to $92.14 a barrel in electronic trading on theNew York Mercantile Exchange and was at $92.29 at 3:09 p.m. Singapore time. The contract climbed 42 cents to $93.45 on March 15, the highest settlement since Feb. 20. The volume of all futures traded was more than twice than the 100-day average. Brent for May settlement decreased $1.34 to $108.48 a barrel on the London-based ICE Futures Europe exchange. The number of futures traded was 50 percent above the 100-day average. The European benchmark grade was at a premium of $15.79 to WTI futures for the same month, down from $16 on March 15.
OIL PRODUCTS Asia fuel oil’s discount to crude shrinks, signaling narrowing losses for refiners making residual products. Gasoil’s crack spread extends gains. • Light Distillates • Singapore naphtha’s discount to London Brent crude narrows 12 cents to $8.18/bbl as of 12:10 p.m. Singapore time, according to data compiled by Bloomberg • April Japan naphtha swaps down $9.13 at $900/mt • April East-West naphtha spread up $2.22 at $11.52/mt • Middle Distillates • Gasoil’s premium to Dubai crude up 7 cents at $18.20/bbl • April gasoil swaps down $1.25 at $122.64/bbl • April gasoil swap trades at 31 cents/bbl above May contract • April East-West gasoil spread down 24 cents at $3.26/mt • Jet fuel regrade unchanged after rising to a 35 cents/bbl discount to gasoil • April kerosene swap trades 41 cents/bbl above May contract • Fuel Oil • Fuel oil’s discount to Dubai crude narrows 11 cents to $4.67/bbl • April 180-cst fuel oil swaps down $7.76 at $633.43/mt • April fuel oil swap trades $2.30/mt above May contract • Viscosity spread widens 2 cents to $10.26/mt • April East-West fuel oil spread narrows 31 cents to $33.89/mt
BASE METALS Copper declined to a four-month low as an unprecedented levy on bank deposits in Cyprus threatened to plunge Europe back into crisis, curbing demand for metals. Aluminum, nickel, tin, lead and zinc dropped. Copper for delivery in three months slumped as much as 2.7 percent to $7,545.75 a metric ton, the lowest level since Nov. 9, on the London Metal Exchange and traded at $7,593.75 by 3:56 p.m. in Tokyo.
PRECIOUS METALS Gold rose above $1,600 an ounce for the first time this month, widening its premium over platinum, as an unprecedented levy on Cyprus bank deposits reignited concern over Europe’s debt crisis and boosted haven demand. Gold for immediate delivery jumped as much as 1.1 percent to $1,608.60 an ounce, the most expensive since Feb. 27, and traded at $1,605.35 at 3:42 p.m. in Singapore. One ounce of platinum bought as little as 0.9835 ounce of gold today, the least since Jan. 14, data compiled by Bloomberg show. Spot platinum fell as much as 1.1 percent to $1,572.75 an ounce, before trading at $1,579, dropping for a fifth day in the longest losing streak this year. Cash silver rose 0.5 percent to $28.90 an ounce, after earlier climbing as much as 1.3 percent, snapping a three-day loss. Palladium sank 2 percent to $760.45 an ounce.
GRAINS, OILSEEDS, SOFT COMMODITIES Wheat declined for a second day on speculation supply may increase from Russia and the European Union, and as commodities fell on concern that a levy on bank deposits in Cyprus may deepen Europe’s debt crisis. The contract for May lost as much as 1.4 percent to $7.1325 a bushel on the Chicago Board of Trade, the biggest intra-day loss since March 6. Futures were at $7.145 at 3:30 p.m in Singapore with volume that was 73 percent more than the 100-day average. Soybeans for May delivery lost as much as 1.1 percent to $14.10 a bushel, the cheapest for the most-active contract since Feb. 15, and traded at $14.1425. Corn lost 0.9 percent to $7.1075 a bushel. That makes soybeans 1.99 times as costly as corn, compared with an average of 2.43 times in the past decade. Palm oil dropped on speculation that stockpiles in Malaysia will hold near a record as an export tax curbs demand and on concern that a levy on Cyprus’s bank deposits may throw Europe back into crisis. The contract for May delivery, with the most open interest, declined as much as 0.8 percent to 2,395 ringgit ($765) a metric ton on the Malaysia Derivatives Exchange, and ended the morning session at 2,399 ringgit in Kuala Lumpur. The June contract, with the highest volume, fell 0.7 percent to 2,399 ringgit. Rubber declined the most in eight months amid high stockpiles in China and as Europe braced for renewed turmoil over bank deposits in Cyprus, which strengthened the Japanese currency and reduced the appeal of contracts in yen. The contract for delivery in August plunged 4.2 percent, the most since July 23, to end at 270.9 yen a kilogram ($2,863 a metric ton) on the Tokyo Commodity Exchange. Futures have lost 10 percent this year. The yen rose to 94.63 against the dollar.
