AGILE FINANCIAL - tokyo economy and commodities news - Crude Oil, Gold Rise; Soybeans, Corn Gain: Commodities at Close

Crude Oil, Gold Rise; Soybeans, Corn Gain: Commodities at Close <br /><br />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. <br /><br />CRUDE OIL <br />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. <br />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. <br />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. <br /><br />OIL PRODUCTS <br />Gasoil crack in Asia is set to decline for a third week. Fuel oil discount narrows for a fourth week. <br />• 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 Bloomberg. The crack is set to widen for a second week • April Japan naphtha swaps at $905.75/mt, down $11.51 this week • April East-West naphtha spread at $10.16/mt, down $6.57 this week. <br />• Middle Distillates • Singapore 0.05% sulfur gasoil’s premium to Dubai crude at $17.84/bbl. The crack is set for a third weekly decline • April gasoil swap at $123.30/bbl, down $1.48 this week • April gasoil swap trades 18 cents/bbl above May contract. The backwardation is set to narrow for a second week • April East-West gasoil spread at $3.25/mt, down $1.01 this week • Jet fuel regrade at minus 35 cents/bbl. The difference to gasoil is set to narrow for the first time in seven weeks • April kerosene swap trades 28 cents/bbl above May contract. The backwardation is poised to narrow for a fifth week <br />• Fuel Oil • Singapore fuel oil’s discount to Dubai crude at $4.86/bbl. The crack is set to narrow for a fourth week • April 180-fuel oil swap at $638.98/ton, up 23 cents this week • April fuel oil swap trades $2.03/mt above May contract. The backwardation widens for a third week • April viscosity spread at $9.01/mt. The spread may narrow for the first time in three weeks • April East-West fuel oil spread at $33.81/mt, up $1.02 this week