New York Mercantile Exchange News
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The Standard & Poor’s GSCI gauge of 24 commodities rose 0.9 percent to 581.87 at 4:38 p.m. New York time. The UBS Bloomberg CMCI index of 26 raw materials gained 0.4 percent to 1,426.752.
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Gasoline and diesel in the U.S. West Coast weakened for the first time in three days as refiners were seen selling on the spot markets and after fuel inventories in the region grew last week.
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U.S. stocks surged, sending benchmark indexes to the highest levels of the month, while the dollar slid amid reports central banks may take steps to help economies battered by Europe’s debt crisis. Treasuries retreated while commodities gained.
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Canadian natural gas jumped the most in more than four years after a U.S. government report showed a smaller-than-expected gain in supplies last week.
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Crude rose the most in more than two months on speculation the Federal Reserve will loosen monetary policy to spur growth and as OPEC members were asked to cut production that exceeds their current output ceiling.
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Gasoline rose along with equities on speculation that the Federal Reserve will act to stimulate the economy as jobless claims increased and consumer prices fell by the most in three years.
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Gold futures rose, capping the longest rally since October, on demand for a haven as a widening U.S. current-account gap and a surprise increase in jobless claims signaled that the economy is struggling to improve.
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Crude-oil options volatility fell as underlying futures rose from an eight-month low on speculation that the Federal Reserve will act to stimulate growth.
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New York gasoline weakened against futures as shipments from Europe are expected to gain.
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The U.S. Energy Department’s natural-gas inventory report, scheduled for release at 10:30 a.m. in Washington, will show that supplies rose 2.6 percent last week, according to a survey of Bloomberg users.
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