Commodity Blog

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Bad Fundamentals in USA Slash Demand for Crude Oil Posted: 13 Jun 2012 04:52 PM PDT Crude oil fell today on signs that economic growth in the United States is slowing. Retail sales fell in May. The Producer Price Index was down as much as 1 percent last month, following the decrease by 0.2 percent in the month before. Analysts predict that tomorrow’s report would show inflation slowing by 0.2 percent. Slower economic growth means less demand for fuel. Europe and its debt problems continue to have a negative impact on markets, reducing demand for raw materials. German and Italian borrowing costs rose. Elections in Greece will be held this weekend adding to uncertainty about the future of the eurozone. Both the Standard & Poor's 500 Index and Dow Jones Industrial Average lost 0.9 percent today. July for delivery of crude oil declined $0.7 to $82.62 per barrel on NYMEX, the lowest price since October 6. Brent crude closed flat at $97.10 per barrel on ICE today, following the intraday jump to $98.38. (...) Read the rest of Bad Fundamentals in USA Slash Demand for Crude Oil (12 words) Posted on Commodity blog.

Commodity Prices — June 13th 2012 Posted: 13 Jun 2012 12:57 PM PDT Latest commodity prices (ICE, NYMEX, CME) as of 19:55 GMT: Oil (Brent) — $96.92 per barrel. Gold — $1,618.10 per troy ounce. Silver — $28.82 per troy ounce. Palladium — $616.15 per troy ounce. Platinum — $1,464.40 per troy ounce. Copper — $331.45 per 100 pounds. Cocoa — $2,249.00 per metric ton. Sugar — $20.00 per 100 pounds. Corn — $590.75 per 100 bushels. Soybean — $1,406.50 per 100 bushels. Posted on Commodity blog.

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