Crude oil, metals prices, most grains see gains

Crude oil prices were higher on Thursday, reaching a new high in New York on a number of economic and political issues, as well as on news of a fire at a natural gas terminal in England.

April contracts for West Texas Intermediate crude hit a new record at $102.74 per barrel before retreating slightly to $102.59 per barrel just before the close of floor trade on the New York Mercantile Exchange, still a gain of $2.95 over Wednesday’s close.

Meanwhile, Brent crude added $2.83 to $101.10 per barrel on the ICE Futures Europe exchange in London.

Nymex March gasoline was 2 cents higher to $2.50 per gallon while April heating oil gained 8 cents to $2.82 per gallon and April natural gas gained 38 cents to $9.44 per million British thermal units.

After going to a record at around $970 per troy ounce, April gold traded at $968.90 per troy ounce, still a gain of $7.90 over Wednesday’s close.

May silver added 38 cents to $19.72 per troy ounce, while April platinum was up $2.50 to $2,154.80 per troy ounce after overcoming early declines based on worries that prices have been rising too quickly.

Among base metals, May copper was 3 cents higher to $3.88 per pound in New York.

Soybeans hit a new record high price in Chicago as the May contract on the Chicago Board of Trade went to $15.11 per bushel, a gain of 37.25 cents as US exports were reported above forecasts on higher demand for food, livestock feed, and biofuels.

CBOT corn was also higher, with May contracts adding 18.25 cents to $5.56 per bushel, but wheat dropped 85 cents to $11.65 per bushel on the possibility that US crops will be in better shape at the end of winter than had been anticipated.

Story link: Crude oil, metals prices, most grains see gains