Crude oil advanced after a report showed that US inventories rose less than was predicted by analysts, while refineries increased their production. US stockpiles of crude grew just by 0.3 million barrels last week. Refineries boosted their capacity utilization by 1 percentage point to 82.8 percent. March futures for crude oil delivery rose $0.3 to $98.71 per barrel on NYMEX.
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Oil (Brent) — $116.90
Gold — $1,728.90
Silver — $33.69
Palladium — $715.05
Copper — $389.65
Aluminum — $109.95
Cocoa — $2,248.00
Sugar — $24.46
Corn — $640.50
Soybean — $1,231.00

Today, the US Energy Department boosted its forecast for crude oil prices to $100.40 per barrel this year, compared to the January estimate of $100.25 per barrel. Analysts expect tomorrow’s report to show an increase by 2.9 million barrels of US inventories of crude last week, while growth was 4.2 million in the week before.

March futures for delivery of crude oil gained as much as $1.50 to $98.41 per barrel on NYMEX.
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Oil (Brent) — $116.29
Gold — $1,716.90
Silver — $34.25
Palladium — $707.10
Copper — $386.55
Aluminum — $109.75
Cocoa — $2,267.00
Sugar — $24.54
Corn — $642.50
Soybean — $1,232.22

London-traded Brent grade of oil performed vastly different from its New York-traded counterpart. That’s an unusual behavior as most of the time all types of oil are influenced by same fundamentals. Rising demand for Brent can be explained by forecast of below-normal temperatures in Europe. Additionally, a militant group in Nigeria damaged pipeline that belongs to Italian company, resulting in a loss of 4,000 barrels per day of production.

Futures for delivery of crude oil in March dropped $0.93 to $96.91 per barrel on NYMEX. At the same time, Brent oil rose from $115.00 to $116.52 per barrel, the highest settlement since September 8, as of 20:43 GMT today on ICE.
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Oil (Brent) — $116.14
Gold — $1,721.60
Silver — $33.70
Palladium — $706.00
Copper — $386.35
Aluminum — $108.10
Cocoa — $2,267.00
Sugar — $24.59
Corn — $644.00
Soybean — $1,234.25

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US nonfarm payrolls rose by 243,000 jobs in January. That’s compared to the average forecast of 150,000 and the December growth by 203,000. The unemployment rate fell to 8.3 percent, making a pleasant surprise for market participants, who expected it to stay at 8.5 percent.

Carsten Fritsch, analyst at Commerzbank, spoke about the positive impact of the news, but also mentioned a negative side of the employment growth regarding commodity prices:

The jobs data shows the economy is gaining momentum. This is bullish for risk appetite and therefore for commodity prices. However, it may limit the scope for a third round of quantitative easing, and this may limit gains.

March futures for delivery of crude oil gained $1.11 to $97.47 per barrel before trading at $96.89 by 13:42 on NYMEX. Spot price for Brent crude went up from $112.50 to $113.34 per barrel as of 17:41 GMT today on ICE. Gold dropped from $1,758.70 to $1,736.70 on COMEX today.
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Oil (Brent) — $113.38
Gold — $1,736.80
Silver — $33.68
Palladium — $705.70
Copper — $386.80
Aluminum — $108.60
Cocoa — $2,254.00
Sugar — $23.80
Corn — $640.00
Soybean — $1,224.00

Bernanke explained how external influences, like the earthquake in Japan and Europe’s crisis, hurt the US economy in 2011, but added:

Fortunately, over the past few months, indicators of spending, production, and job market activity have shown some signs of improvement; and, in economic projections just released, Federal Open Market Committee (FOMC) participants indicated that they expect somewhat stronger growth this year than in 2011.

Positive performance of the US economy isn’t guaranteed, though, as Chairman explained:

The outlook remains uncertain, however, and close monitoring of economic developments will remain necessary.

Such comments leave place for additional stimulus that may be beneficial for gold prices.

The economic situation in the United States is balance in a unique way as both improvement and deteriorating of the economy may prove positive for the precious metal. Prices for gold reflected that by climbing by 11 percent in January.

Gold traded at $1,756.70 as of 4:23 GMT today on COMEX after jumping from $1,745.10 to $1,759.50 yesterday.
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Oil (Brent) — $111.65
Gold — $1,744.00
Silver — $33.80
Palladium — $695.00
Copper — $383.90
Aluminum — $111.25
Cocoa — $2,228.00
Sugar — $23.66
Corn — $642.00
Soybean — $1,217.00

Additionally, wheat was rising with other commodities on speculation that Greece is making progress in debt-reduction discussions. The European leaders agreed about sanctions on countries with high budget deficit.

Wheat price climbed from $6.4475 to $6.6625 per bushel as of 21:24 GMT today on CBoT after reaching $6.6750 — the highest since January 3.
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