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 B...