10:05 DJS Crude Oil Climbs; Precious Metals Decline; CRB Index Down 0.63
10:05 DJS Crude Oil Climbs; Precious Metals Decline; CRB Index Down 0.63
NEW YORK -(Dow Jones)- Commodities futures were mixed Tuesday, with
crude oil trading modestly higher as buying carried over from the previous day
on some supportive news. Precious metals futures were broadly lower at New
York's Commodities Exchange. In Chicago, grains and beans were mostly lower.
At about 11 a.m. EDT, the CRB-Bridge futures index was down 0.63 at
200.05.
At the New York Mercantile Exchange, October crude oil was up 16 cents
at $13.80 a barrel. November crude oil was up 11 cents at $14.03 a barrel.
Among petroleum products, September unleaded gasoline was up 0.13 cent
at 41.50 cents a gallon. September heating oil was up 0.49 cent at 35.25 cents
a gallon.
September natural gas was down 7.6 cents at $1.850 per million BTUs.
The crude-oil market got support from several developments. Yet another
Nigeria oil operation has shut-in oil production. On Sunday, AGIP SpA stopped
125,000 barrels of oil a day flowing into the Brass River terminal due to
local community disturbances, according to local industry sources.
Earlier, Shell Nigeria stopped oil flowing into its Bonny and Forcados
terminals and declared force majeure from both sites, though sources say the
Bonny flow has been restarted. Sabotage was suspected in the Bonny closure.
"Disturbing the oil flow seems to be the only way locals can get the
government's attention. It's something to keep an eye on, because there may be
more," said an analyst.
But news that the United States believed that senior Iraqi scientists
had helped produce elements of V/X nerve agent at the Sudan factory leveled
last week by U.S. cruise missiles wasn't seen affecting values. Last week, the
U.S. attacked the plant, along with a suspected terrorist camp in Afghanistan,
in retaliation for bombings at U.S. embassies in East Africa thought to be
carried out by people loyal to Osama Bin Ladin, the suspected mastermind
behind the bombings.
"It's not clear what more could be done to Iraq. Air strikes, perhaps.
But that seems unlikely," said a broker.
Unconfirmed reports that OPEC may be considering cutting oil production
by another one million barrels a day ahead of its November meeting weren't
seen as very important - yet. "It's just more talk. But it seems unrealistic
with Venezuela suggesting that it won't cut production any further," said an
analyst.
Russia's economic problems kept a lid on the market. Fears that Russian
oil firms will raise exports to earn U.S. dollars and that world economic
growth, which drives oil demand, will suffer are expected to induce most bears
to stand pat.
On New York's Commodities Exchange, December gold fell $2.20 to $286.30
an ounce. The market's focus remains on the political crisis in Russia and the
possibility of Russia further mobilizing its precious metals reserves,
particularly after it became clear last week that the country's central bank
engaged in gold during swaps with European banks.
September silver dropped 11.5 cents to $5.010 an ounce.
October platinum declined $7.20 to $365.50 per ounce.
Among industrial metals, September copper fell 0.30 cent to 74.10 cents
per pound.
Gold was fixed Tuesday afternoon in London at $283.05 an ounce, down 85
cents from the Monday afternoon fixing.
Among grains in Chicago:
December wheat slipped 2 3/4 cents to $2.66 3/4 per bushel.
December corn fell 1 1/4 cents to $2.14 1/4 a bushel.
December oats rose 1/2 cent to $1.18 per bushel.
November soybeans fell 1 1/4 cents to $5.27 1/2 a bushel.
In the livestock complex:
October cattle edged up 0.25 cent to 59.13 cents per pound.
October hogs dropped 1.35 cents to 40.25 cents per pound.
February pork bellies dropped 2.20 cents to 53.10 cents per pound.
Among food and fiber futures in New York:
December coffee rallied 5.35 cents to $1.1780 per pound, boosted by
strong buying from roasters and speculators who were encouraged by lower
market estimates of Brazil's coffee exports for August, traders said.
December cotton declined 0.38 cent to 75.55 cents per pound.
October sugar dipped 0.02 cent to 7.91 cents per pound.
September orange juice fell 0.90 cent to 110.60 cents per pound.
Copyright (c) 1998 Dow Jones & Company, Inc.
All Rights Reserved.
08/25 10:05a CDT
|
