Precious, base metals prices gain on session

Crude oil prices were higher on Tuesday after Nigerians occupied a Royal Dutch Shell (LSE: RDSA, RDSB; NYSE: RDS.A, RDS.B) pipeline hub, cutting 170,000 barrels per day of production. In addition, the Organization of Petroleum Exporting Countries issued a report that contradicted earlier projections from the International Energy Agency on summer supply. OPEC says that crude oil stockpiles are entirely adequate to take care of summer demand for oil products, and that OPEC therefore does not need to increase output.

June contracts for Brent crude on the Intercontinental Exchange added $1 to $67.85 per barrel late in the day in London. With June contracts expiring at the end of the session on Wednesday, July contracts gained 69 cents to $$67.97 per barrel. Meanwhile, in early afternoon trade on the New York Mercantile Exchange, West Texas Intermediate crude for June delivery was 61 cents higher to $63.07 per barrel. Also at early afternoon in New York, Nymex June gasoline and July heating oil were each 2 cents higher, to $2.32 per gallon and $1.90 per gallon respectively. Natural gas traded 8 cents lower to $8.03 per million British thermal units.

Precious metals prices were up on the session, with gold $3 higher to $672 per troy ounce. Platinum was up $13 to $2,330 per troy ounce as platinum traders convened in London to discuss contracts with produers and consumers. Among base metals, three-month copper added $149 to $7,780 per tonne. Chile’s copper exports were up 20 percent in April to $3.282 billion. Nickel, meanwhile, added $1,800, a gain of over 3 percent on the London Metal Exchange. The gains came after Norilsk Nickel (RTS: NKEL; OTC: NILSY) said it has halted loading of nickel, copper, and cobalt for export from its Arctic port and will not resume shipments until mid-June, after seasonal flooding recedes.

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