Filed under: Commodities, Oil, Metals, Economy

Crude oil prices were lower on Thursday, with Brent crude down 77 cents to $59.84 per barrel. Meanwhile, December contracts for West Texas Intermediate crude was $1.08 lower to $57.68 per barrel. With December contracts expiring at the end of the trading session, January WTI traded in higher volumes and dropped 80 cents to $59.92 per barrel.

Meanwhile, the Energy Information Administration issued a report showing that natural gas stockpiles were up by 5 billion cubic feet last week. The announcement sent Nymex Henry Hub natural gas 25 cents lower to $7.867 per million British thermal units.

In the metals markets on Thursday, gold was slightly higher to $623.00 per troy ounce.

Base metals were mixed, with copper 1.6 percent lower to $6,800 per tonne on a report from Bloomsbury Mineral Economics that predicted that the refined copper market would run a surplus of 45,000 tonnes in 2007; its previous forecast had put copper at a deficit of 130,000 for next year. On the other hand, zinc added 0.7 percent to $4,220 per tonne on a report of a higher supply deficit this year than last from the International Lead and Zinc Study Group. The group reported that global demand was up by 4 percent and consumption in China has risen by 7 percent.

Filed under: Commodities, Oil, Metals, Economy

Crude oil prices dropped on Monday after it was reveled that Saudi Arabia has decided that it will sell more oil to some of its Asian customers in December. While it seemed that this move was in opposition to its agreement to cut oil output with other OPEC members, some analysts said it was too soon to tell whether it was really violating the production decision or would take all of its cuts from sales to the United States and Europe.

Brent crude for December delivery dropped 75 cents to $58.96 per barrel in London, while West Texas Intermediate crude December contracts were 98 cents lower to $58.61 per barrel on the New York Mercantile Exchange.

In the metals markets on Monday, prices were down almost universally. The exceptions were in aluminium and nickel prices. Aluminium was 0.7 percent higher to $2,714 per tonne, while nickel added 1 percent to $29,700 per tonne.

Copper led the declines among base metals. It ended the session at $6,917 per tonne after going as low as $6,761 per tonne earlier in the day. Prices for the metal has dropped nearly 11 percent since the middle of October as inventories in London Metal Exchange warehouses have added 3,100 tonnes - 38 percent - to 151,300 tonnes. Elsewhere in base metals, zinc dropped 1.5 percent to $4,235 per tonne after dropping as low as $4,020 per tonne, while lead declined 5.7 percent to $1,580, $130 higher than its lowest point on the session.

In precious metals, gold dropped 0.9 percent to $622.80 per troy ounce as the dollar firmed and oil prices fell, while platinum fell 1 percent to $1,194 per troy ounce.

Filed under: Commodities, Oil, Metals, Economy

The price of crude oil was lower on Friday even though the International Energy Agency said that demand for oil around the world will be “exceptionally strong” in the fourth quarter of the year, with tighter markets due to winter consumption and OPEC production cuts. The IEA said that demand will be up by 2.4 million barrels a day through the end of 2006.

Brent crude for December delivery dropped 97 cents to $60.35 per barrel, while December contracts for West Texas Intermediate crude were 95 cents lower to $60.21 per barrel. Even with these declines, however, prices for both Brent and WTI were 1.9 percent higher over the week.

In the metals markets on Friday gold was as high as $636.50 per troy ounce after comments from China that it is looking to diversify its foreign exchange reserves. By late afternoon in London, however, the price of gold had fallen to $628.80 for a gain of only 0.1 percent on the week. Meanwhile, platinum added 0.4 percent over the week to $1,227 per troy ounce on talk that an exchanged traded fund might be introduced.

In base metals, lead was a bit weaker this week, ending at $1,675 per tonne after going to a new record high price of $1,750 earlier on Friday. Zinc was slightly higher on the week as it fell to $4,300 per tonne after also finding a new record, $4,580 per tonne, early in the day on Friday. Inventories of zinc dropped to 95,200 tonnes in London Metal Exchange warehouses. Nickel saw big declines over the week, ending at $29,400 per tonne, a decline of 6.4 percent on the week.

Filed under: Commodities, Oil, Metals, Economy

Crude oil prices were higher on Wednesday when new inventory figures showed that distillates stockpiles fell much more than had been anticipated as well as on comments out of Saudi Arabia that the market is still oversupplied, which implies that OPEC is thinking of cutting production yet again.

Inventories of crude oil were up by 400,000 barrels in the week ending November 3, bringing the amount of oil in storage to 334.7 million barrels, much above average for the time of year. Imports of crude oil averaged 9.8 million barrels per day during the week, 306,000 barrels lower than the week before. In addition, even though gasoline stockpiles were down by 600,000 barrels they were still in the upper reaches of average storage for this time of year. Distillate inventories, which include heating oil and diesel fuel, were down by 2.7 million barrels.

Brent crude for December delivery was $1.01 higher to $59.49 in late afternoon trade in London, while December contracts for West Texas Intermediate crude added 96 cents by early afternoon on the New York Mercantile Exchange. December Nymex gasoline gained 4 cents to $1.5740 per gallon, while December Nymex heating oil was 3.7 cents higher to $1.7180 per gallon.

In the metals markets on Wednesday, gold dropped over $3 to $621.00/$621.55 early in the day in New York. Zinc prices were $80 lower to $4,420 per tonne even though they were as high as $4,535 per tonne during the day, a new record. The price decline came even though London Metal Exchange warehouse inventories dropped 1,825 tonnes to only 97,725 tonnes. Lead dropped $25 on the session to $1,715 per tonne despite a climb to $1,752 per tonne earlier. Copper prices were also lower, dropping $240 to $7,130 per tonne.

Filed under: Commodities, Oil, Metals, Economy

Crude oil prices were higher on Monday on a combination of factors that included comments from the Saudi Arabian oil minister and new violence in Nigeria.

According to sources in the Nigerian government, an oil production facility at Tebidaba, in the southern part of the country, was attacked early on Monday. The region supplies oil to a tanker terminal that handles around 200,000 barrels of crude per day. Meanwhile, the oil minister of Saudi Arabia said that the Organization of Oil Exporting Countries is prepared to cut production further if the market is still oversupplied when the cartel meets in Nigeria in December.

Brent crude for December delivery was 88 cents higher to $60.02 per barrel at early evening in London, while December contracts for West Texas Intermediate crude added $1.02 to $60.16 per barrel on the New York Mercantile Exchange.

In the metals markets, gold was trading at $625.50/$626.60 per troy ounce, down $2, by mid-morning in New York after hitting $629.40 per ounce earlier in the day. Platinum was $10 lower to $1,188/$1,194 per troy ounce. Among base metals, zinc added $35 to $4,425 per tonne late in the session in London after going up to a new record of $4,430 per tonne earlier in the day. Lead, which is over 70 per cent higher since late June, traded at $1,707 per tonne late after going as high as $1,738 per tonne earlier. Copper, however, was $30 lower to $7,330 per tonne.

Trade was disrupted for a time on the London Metals Exchange when its electronic trading system stopped working on the first day of use of new software. Traders had to conduct business through voice brokers and floor traders. The LME said that the software, which failed due to an “unforeseen issue”, would be ready for Tuesday’s session.

Filed under: Commodities, Oil, Metals, Economy

Crude oil prices were lower again on Thursday despite new data from the Energy Information Administration which indicated that demand for gasoline, distillate fuel and jet fuel grew by an average annual rate of 2.2 percent in the four weeks ending October 27 over the same period in 2004. Last year’s figures were not used in the comparison due to disruptions following the severe hurricane season. Demand this year averaged over 15.5 million barrels per day. At the same time, imports of crude oil were down even though domestic production has decreased each year in the past three while demand has increased.

Brent crude for December delivery dropped 51 cents to $58.47 per barrel by late afternoon in New York, while West Texas Intermediate crude December contracts were 35 cents lower to $58.36 per barrel on the New York Mercantile Exchange.

In metals markets on Thursday, lead prices scored another record high on the London Metal Exchange, reaching $1,703.5 per tonne. Meanwhile, three-month copper traded in the $7,200/$7,220 per tonne range as stockpiles rose but remained at less than three days’ global consumption in LME warehouses. Aluminium added $26 to trade in the $2,756/$2,760 per tonne range.

December corn prices on the Chicago Board of Trade were up 16.5 cents to $3.50 per bushel in early afternoon trade after hitting $3.5350 per bushel earlier in the session, it’s highest price since September 1996. The spike in corn prices sent December wheat and soyabean futures higher on the CBOT as well. December soybeans added 13 cents to $6.58 per bushel, while wheat was 13.5 cents higher to $5.01 per bushel.

Filed under: Commodities, Oil, Metals, Economy

Crude oil prices continued their downward trend Wednesday on news of higher inventories in the US and a return by North Korea to six-party talks, lessening tensions over its nuclear ambitions. The North Koreans agreed to the return after Washington said it would discuss the financial sanctions that were leveled against North Korea in the wake of missile tests it conducted.

New inventories data showed that crude oil stockpiles added 2 millions barrels last week, while the numbers showed that there was less gasoline and heating oil in storage than had been anticipated. At midday in New York, Brent crude December contracts dropped 68 cents to $58.35 per barrel. December delivery West Texas Intermediate crude fell 54 cents to $58.19 per barrel.

In the metals markets on Wednesday, gold hit a seven week high as it climbed $9.70 to $615.70 per troy ounce on weakness in the US economy, signaled by a drop in October’s numbers on manufacturing from the Institute of Supply Management and the further decline of the dollar.

Base metals were also lower, with copper dropping $225 to $7,150 per tonne in London on Institute of Supply Management data that showed prices paid for base metals lower as well as on London Metal Exchange copper inventories which are rising. Aluminium as lower as well, by $58 to $2,731 per tonne.

Filed under: Commodities, Oil, Metals, Economy

Crude oil prices were down again on Tuesday, although the declines were not as pronounced as the 4 percent drop on Monday. Part of the price declines came as analysts and traders continue to doubt that the OPEC production cuts slated to be implemented beginning Wednesday will actually materialize. So far, only Saudi Arabia and the United Arab Emirates have informed customers that cuts are coming. Worries of a slowdown in economic growth in the United States also helped send prices lower.

Brent crude for December delivery dropped 88 cents to $57.80 per barrel in late trade in London, while December contracts for West Texas Intermediate crude were $1 lower to $57.36 per barrel by early afternoon in New York. Prices for gasoline and heating oil were also lower. Nymex November unleaded gasoline fell 5.75 cents to $1.3980 per gallon, while Nymex November heating oil dropped 2.3 cents to $1.5785.

In the metals markets on Tuesday, Zinc hit another record high, hitting $4,300 per tonne during the session after London Metal Exchange inventories fell again. Analysts have predicted that the price of zinc could reach $5,000 per tonne by the end of the year. Three-month lead was trading at $1,630 per tonne at one point during the day, while copper added $25 to $7,395 per tonne. The price of aluminium, however, was $19 lower to $2,789 per tonne.

Filed under: Commodities, Oil, Metals, Economy

Crude oil prices were down sharply on Monday as investment funds got rid of their exposure to the sector ahead of Organization of Petroleum Exporting Countries production cuts, due to go into effect on November 1. More than 52,000 contracts were sold, according to the Commodity Futures Tradning commission, as speculators divested themselves of long positions, which bet that prices will go higher, indicating that they do not believe the OPEC cuts will have any real effect on prices.

Brent crude December contracts were $2.03 lower to $59.05 per barrel by late afternoon in London, while West Texas Intermediate crude for December delivery fell $1.97 to $58.78 on the New York Mercantile Exchange by early afternoon.

In the metals market, gold added $8 by late in the day in London, to $606.20/$607.20 per troy ounce after hitting $610 per troy ounce earlier. Among base metals, zinc managed a new record high, trading at $4,190 per tonne on the London Metal Exchange after inventories in LME warehouses dropped 1,850 tonnes during the day to 108,950 tonnes, about four day’s global consumption. At the end of last year, inventories stood at 400,000 tonnes. Aluminium reached its highest price in five months when it climbed to $2,834 per tonne, while lead traded around its record high of $1,600 per tonne. Copper, meanwhile, fell $100 to $7,372 per tonne.

Filed under: Commodities, Oil, Metals, Economy

Crude oil prices were lower on Thursday but remained at or above the $61 per barrel level. The declines came after Wednesday saw the biggest one day price gain in seven months on reports that inventories had dropped much more than had been expected last week. The lower prices also came despite the fact that Iran and Nigeria had confirmed that they will adhere to OPEC production cuts even though some analysts expected them to be reluctant to cut output that they were already struggling to bring up to quota.

December contracts for Brent crude dropped 65 cents to $61.40 per barrel in London. Meanwhile, on the New York Mercantile Exchange, West Texas Intermediate crude for December delivery fell 40 cents to $61 per barrel.

Natural gas inventories were up 19 billion cubic feet in the US last week, just below the predicted rise of 24 billion cubic feet, remaining near record levels. Nymex November Henry Hub was slightly lower to $7.655 per million British thermal units.

Metals prices were mixed on Thursday. Among base metals, zinc was higher as inventories dropped, while lead prices declined and the price of copper remained about the same. London Metal Exchange warehouses saw their zinc inventories drop another 1,750 tonnes, sending the metal’s price 1.5 percent higher to $4,100 per tonne. Lead dropped 1.6 percent to $1,560 per tonne despite the shutdown of a facility in Australia that sent output there down by 28,233 tonnes. Copper traded at $7,450 per tonne even though labor contract negotiations involving the largest unit of the world’s biggest producer, Codelco, have not been successful.

Among precious metals, prices for both gold and silver were higher as the US dollar weakened. The price of gold added 0.8 percent to $595.60 per troy ounce, while silver gained 2.3 percent to $12.14 per troy ounce.

Filed under: Commodities, Oil, Metals, Economy

Crude oil prices were significantly higher on Wednesday after the US Energy Information Administration released figures showing that crude oil, gasoline, and heating oil stockpiles were all lower in the week ending October 20. Crude stockpiles had been expected to rise due to maintenance work that took US refinery utilization down to 86.2 percent last week, from 86.3 percent the week before. Part of the decline was explained by a drop in imports. Brent crude for December delivery added $1.80 to $61.66 per barrel in London, while West Texas Intermediate crude gained $1.70 to $61.05 per barrel on the New York Mercantile Exchange.

Inventories of crude oil were 3.3 million barrels lower last week against an expected rise of 2.6 million barrels while distillates, which includes heating oil, were 1.4 million barrels lower. Gasoline stockpiles were down by 2.8 million barrels, while they had only been expected to decline by 0.6 million barrels. Prices for Nymex December unleaded gasoline added 5 cents to $1.5880 per gallon, while Nymex November heating oil added nearly 4.5 cents to $1.7394 per gallon.

In the metals markets on Wednesday, gold was 1.6 percent higher to $590.50 per troy ounce. In base metals, copper dropped 0.5 percent to $7,455 per tonne on London Metal Exchange stockpiles there grew by 3,450 tonnes and on rumors that China was getting ready to sell 2,000 to 3,000 tonnes during the week. Zinc inventories, however, dropped by 1,725 tonnes, sending that metal 4 percent higher to $4,055 per tonne after reaching as high as $4,145 earlier. Lead added 4.5 percent on the session to a new record of $1,585 per tonne.

Filed under: Commodities, Oil, Metals, Economy

Crude oil prices were slightly higher on Tuesday on the heels of an announcement that Abu Dhabi National Oil Corporation will export 5 percent less oil next month. The cut is United Arab Emirates’ contribution to OPEC’s output cuts. However, some analysts are of the opinion that for the OPEC cuts to do any good, inventories have to decline or demand must increase, neither of which seems to be on the horizon. Inventories are significantly above last year’s levels in both the United States and Europe.

December contracts for Brent crude were 35 cents higher to $59.56 per barrel in London, while West Texas Intermediate crude for December delivery added 33 cents to $59.14 per barrel on the New York Mercantile Exchange.

In the metals markets, gold added 0.2 percent to $581.30 per troy ounce after having dropped to $573.85 per troy ounce earlier in the session. Base metals prices, however, were down on the session. Zinc dropped 0.4 percent to $3,905 per tonne even though London Metal Exchange inventories dropped another 2,525 tonnes to 117,375 tonnes. Nickel was 0.5 percent lower to $32,250 per tonne after hitting a new record Monday. Copper fell 0.8 percent to $7,485 per tonne.

Filed under: Commodities, Oil, Metals, Economy

Crude oil prices were down on Monday despite last week’s announcement of production cuts from OPEC and in the face of a possible further cut in December. A number of analysts, however, doubt that the promised cuts will materialize since some of the nations scheduled to make cuts from actual production are already having trouble making their quotas. Those oil producers currently producing below their quotas include Nigeria, Indonesia, and Venezuela. Saudi Arabia is expected to absorb one-third of the production cuts and has told core customers in Asia that supplies will be 8 percent lower beginning in November.

Brent crude for December delivery dropped $1 to $58.68 per barrel, while West Texas Intermediate crude December contracts on the New York Mercantile Exchange were down $1.04 to $58.29 per barrel.

In the metals markets on Monday, gold dropped 2 percent to $583.70 per troy ounce, following oil downward, while silver traded at $11.62 per troy ounce, platinum was at $1,067 per troy ounce, and palladium traded at $315 per troy ounce.

Base metals were mixed, with nickel and tin higher but zinc, copper, and aluminium lower. Nickel added 1.1 percent to $32,400 per tonne, retreating from a new high of $32,700 earlier in the session, as inventories were at less than a day’s global consumption and a strike continued at a smelter in New Caldedonia. Tin was 2.5 percent higher to $10,400 per tonne with around 20 smelters in Indonesia still shuttered by the government there.

Copper was 0.2 percent lower to $7,545 per tonne, aluminium dropped 0.4 percent to $2,707 per tonne, and zinc fell 1.1 percent to $3,925 per tonne even though London Metal Exchange inventories were down by 2,500 tonnes to 122,400 tonnes of available metal.

Filed under: Commodities, Oil, Metals, Economy

The Organization of Petroleum Exporting Countries agreed Friday to cut output to 26.3 million barrels of crude oil per day on November 1. Meanwhile, Saudi Arabia said that a further production cut of 0.5 million barrels per day was possible in December if prices haven’t risen by then. Some analysts, however, said that OPEC must actually carry out the cuts in order for them to be effective in raising prices, pointing out that this has not always been the case. Some implied further that the current cuts are too late to have the desired effect.

In any case, the announcement of the OPEC production cuts did not immediately have the desired effect. Brent crude for December deliver, while slightly higher on the week, was 79 cents lower to $60.07 per barrel at mid-afternoon in London. November contracts for West Texas Intermediate crude were down 74 cents in mid-morning New York Trade to $57.75 per barrel, virtually even for the week. With November contracts expiring at the end of the session, December WTI was also even for the week at $60.33 per barrel.

In the metals markets, gold was down $3 on the session but had climbed $6 over the week to $595.80/$596.80 at mid-afternoon in London. After adding 10 percent Monday to $11,000 per tonne, tin declined during the week back to its starting point of $9,950 per tonne. Three-month nickel ended the week at $32,000 per tonne, a gain of 6 percent on the week. Nickel is now up 140 percent on the year so far. Lead added 1 percent on the week to $1,509.5 per tonne. Copper was $15 lower on the session to $7,646 per tonne, but still gained $180 during the week.

Filed under: Commodities, Oil, Metals, Economy

Crude oil prices rose on Thursday after Saudi Arabia broke its silence on the issue of OPEC production cuts and announced that it supports the proposal to cut production from actual output from OPEC nations rather than taking the cut from its current official 28 million barrels per day quota. In his remarks, the Saudi oil minister also implied that production will be cut by another half billion barrels per day when the cartel meets in Nigeria in December.

Brent crude December contracts were 22 cents higher to $59.80 per barrel. Meanwhile, West Texas Intermediate crude for November delivery added 20 cents to $57.85 per barrel. Elsewhere, natural gas prices remained about the same, with Nymex November Henry Hub just a bit higher to $6.834 per million British thermal units, as inventories were up by 53 billion cubic feet. The gain in stockpiles was about what was expected.

In metals markets on Thursday, gold added 0.9 percent to $598.00 after going as high as $600.30 earlier in the day. Among base metals, lead added 0.7 to $1,505 per tonne, while aluminium was 1 percent higher to $2,741 per tonne, tin gained 1.6 percent to $9,860, zinc was up 1.8 percent to $3,950 per tonne on low inventories, and nickel added 2.8 percent to $31,750 per tonne. Copper held steady at $7,650 per tonne.

Filed under: Commodities, Oil, Metals, Economy

Crude oil prices were lower on Wednesday after the US Energy Information Administration released new inventory figures for the week ending October 13. Crude oil stockpiles were up by 5.1 million barrels during the week, against an expected rise of only 1.3 million barrels. The build-up was a result of refineries cutting down on production in order to carry out scheduled autumn maintenance work. Capacity utilization at US refineries was down to 86.3 percent, from 89.2 percent the week before. It was unclear how OPEC would look at the figures and some analysts believe that the cartel could reduce production again before the end of the year, beyond the reduction expected later this week, if prices continue to decline.

Inventories of both gasoline and heating oil were lower on the week, with gasoline in storage down by 5.2 million barrels, well above the expected drop of 0.3 million barrels, and heating oil stockpiles down by 4.5 million barrels against an expected decline of 0.7 million barrels.

Brent crude December contracts were 27 cents lower to $60.67 per barrel, while West Texas Intermediate crude for November delivery dropped 10 cents to $58.83 per barrel on the New York Mercantile Exchange. Nymex November unleaded gasoline, however, was up almost 2 cents to $1.4800 per gallon and November heating oil added half a cent to $1.7387 per gallon.

In metals markets on Wednesday, prices for nickel and tin were both lower. Tin dropped 3 percent to $9,700 per tonne, while nickel fell 1.4 percent to $30,950 per tonne on predictions of a supply deficit over the next ten years. Copper, however, added 0.1 percent to $7,650 per tonne and aluminium gained 0.2 percent to $2,715.5 per tonne. Gold remained about the same, trading at $592.80 per troy ounce.

Filed under: Commodities, Oil, Metals, Economy

After early gains, crude oil prices were lower on Tuesday as uncertainty remains over exactly what news will come out of an emergency meeting of the Organization of Petroleum Exporting Countries later in the week in Qatar. While earlier reports said that proposed production cuts will come out of actual production rather than official quotas, it is unclear whether the rumored agreement will hold. There was also uncertainty surrounding remarks out of OPEC on Monday which hinted that the cuts expected to come out of this week’s meeting could be followed by further reductions in production in December.

November contracts for Brent crude dropped 40 cents after first concerns over the OPEC statement declined to trade at $61.26 per barrel, while West Texas Intermediate crude for November delivery was 64 cents lower to $59.30 per barrel.

Metals prices were lower on Tuesday. Gold dropped 0.8 percent to $587.90 per troy ounce even though tensions over the situation in North Korea remain high. Among base metals, both zinc and nickel prices hit new highs before retreating for losses on the session. Zinc traded as high as $4,020 per tonne but later fell 2.4 percent below yesterday’s close to $3,865 per tonne, while nickel dropped 1.4 percent to $31,400 per tonne after trading at $32,050 per tonne earlier in the session.

Supply disruptions in Bolivia and Indonesia did not stop tin from dropping 9.1 percent to $10,000 per tonne. While 20 smelters in Indonesia remained closed by government action due to improper permits, the news out of Bolivia was not quite as dire as first thought. Boliva’s vice-president said that government threats to nationalize mining there only pertained to new developments and that no current operations would be seized. Meanwhile, copper dropped 1.6 percent to $7,640 even though an Indonesian smelter will remain out of production until the middle of December.

Filed under: Commodities, Oil, Metals, Economy

Crude oil prices were mixed on Monday ahead of an emergency OPEC meeting scheduled for later in the week in Qatar. It is expected that an announcement of a production cut of 1 million barrels per day will come out of the meeting, and that the cut will be made from actual production rather than from the official quota of 28 million barrels per day.

Several OPEC member nations, including Iran, Indonesia, and Venezuela are said not to be happy with the decision and instead want the cuts to come from the quota instead. This is apparently because those nations are already pumping below quota and do not wish to lose market share by having to cut their actual output.

Brent crude for November delivery was 14 cents lower to $59.38 per barrel, while West Texas Intermediate crude November contracts were up, but just by 3 cents to $58.61 per barrel on the New York Mercantile Exchange.

In the metals markets, supply concerns and low inventories meant a 17-year record high for the price of tin and new all-time high prices for nickel and lead on Monday. Tin added 12.8 percent to $11,000 per tonne late in the day in London on worries about disruptions in supplies from Indonesia.

Nickel was 3.4 percent higher to $31,800 per tonne, down slightly from a record high of $31.900 per tonne reached earlier in the day, with only 2,514 tonnes of the metal in London Metal Exchange warehouses. Lead, meanwhile, reached a new record of $1,545 per tonne during the day’s session before easing back slightly to a gain of 2.9 percent to $1,535 per tonne.

Copper and zinc were also higher on the day, by 4 percent to $7,760 per tonne and by 4.6 percent to $3,965 per tonne respectively. Zinc that was actually available was in short supply and could continue to be so in the next few months despite a forecast by the Lead and Zinc Study Group of a 7.3 percent hike in mine production next year.

Filed under: Commodities, Oil, Metals, Economy

Tin prices added 7.4 percent to $9,750 per tonne after going as high as $9,950 per tonne earlier in Friday’s session. The price gains came after several small smelters in Indonesia were put out of production after three of the facilities were closed by police for operating without proper permits. The closures spurred concerns about supply interruptions. Meanwhile, prices for lead were up 5.4 percent to $1,490 per tonne this week after hitting a record high $1,514 per tonne during the session on Friday, also on supply disruptions.

Nickel closed at a new record higher of $31,100 per tonne Friday, a gain of 5.6 percent during the week as demand was strong but London Metal Exchange warehouse inventories dropped to only 2,130 tonnes available for delivery. Elsewhere, copper added 0.3 percent this week to $7,485 per tonne, aluminium was 1.7 percent higher to $2,635 per tonne, and prices for zinc were 5.1 percent higher over the week to $7,485 per tonne.

Crude oil prices were higher on Friday on worries that North Sea and Louisiana supplies could be disrupted. In the North Sea, Norway’s Petroleum Safety Authority threatened to close oil fields there because facilities there did not provide adequate lifeboats in case of emergency. A closure there could halt 200,000 barrels per day in production. Meanwhile, a tugboat accident that resulted in two deaths when two boats hit a gas pipeline cut production at a small oil and gas field that produces the equivalent of 4,000 barrels per day.

Brent crude November contracts were up $1.36 to $60.12 per barrel, a gain of 0.5 percent for the week, while West Texas Intermediate crude for November delivery added $1.27 to $59.13 per barrel on Friday but was still down 1 percent for the week.

Filed under: Commodities, Oil, Metals, Economy

Crude oil prices were up slightly on Thursday as investors waited for the Organization of Petroleum Exporting Countries to announce a decision on production cuts. As more time passed without word on the form of the cuts, many began to doubt that there would be an agreement at all and some said that the delays were hurting OPEC’s credibility. Meanwhile, the weekly US inventories report showed that crude oil stockpiles were up 2.4 million barrels last week, much above the expected gain of 0.8 million barrels. Gasoline inventories were up a little less than the forecast of 0.5 million barrels, rising by 0.3 million barrels on the week. Distillate inventories were down by 1.6 million barrels, where an increase of 0.1 million barrels had been expected.

Brent crude for November delivery added 10 cents to $58.75 per barrel, while November contracts for West Texas Intermediate crude on the New York Mercantile Exchange gained 31 cents to $57.90 per barrel. Nymex November unleaded gasoline was 1.5 cents higher to $1.4650 per gallon, while Nymex November heating oil was up nearly 2 cents to $1.6920 per gallon. Nymex Henry Hub natural gas was 33 cents lower to $5.81 per million British thermal units after inventories were reported up by 62 billion cubic feet last week, about the increase that had been expected.

In the metals markets on Thursday, gold and sliver remained about the same at $575.50 per troy ounce and $11.27 per troy ounce respectively. In base metals, the price of lead was 1.4 percent higher to $1,474 per tonne, but prices for nickel, copper, and aluminium all dropped. Nickel was down 0.2 percent to $30,500 per tonne, while copper fell 0.8 percent to $7,470 per tonne and aluminium dropped 1.1 percent to $2,587.5 per tonne.