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CRUDE OIL
West Texas Intermediate oil fell from the highest price in three weeks as an unprecedented levy on bank savings in Cyprus threatened to worsen Europes debt crisis. Libya shut a crude pipeline after protests. WTI for April delivery declined as much as $1.31 to $92.14 a barrel in electronic trading on theNew York Mercantile Exchange and was at $92.29 at 3:09 p.m. Singapore time. The contract climbed 42 cents to $93.45 on March 15, the highest settlement since Feb. 20. The volume of all futures traded was more than twice than the 100-day average. Brent for May settlement decreased $1.34 to $108.48 a barrel on the London-based ICE Futures Europe exchange. The number of futures traded was 50 percent above the 100-day average. The European benchmark grade was at a premium of $15.79 to WTI futures for the same month, down from $16 on March 15.
OIL PRODUCTS
Asia fuel oils discount to crude shrinks, signaling narrowing losses for refiners making residual products. Gasoils crack spread extends gains. Light Distillates Singapore naphthas discount to London Brent crude narrows 12 cents to $8.18/bbl as of 12:10 p.m. Singapore time, according to data compiled by Bloomberg April Japan naphtha swaps down $9.13 at $900/mt April East-West naphtha spread up $2.22 at $11.52/mt Middle Distillates Gasoils premium to Dubai crude up 7 cents at $18.20/bbl April gasoil swaps down $1.25 at $122.64/bbl April gasoil swap trades at 31 cents/bbl above May contract April East-West gasoil spread down 24 cents at $3.26/mt Jet fuel regrade unchanged after rising to a 35 cents/bbl discount to gasoil April kerosene swap trades 41 cents/bbl above May contract Fuel Oil Fuel oils discount to Dubai crude narrows 11 cents to $4.67/bbl April 180-cst fuel oil swaps down $7.76 at $633.43/mt April fuel oil swap trades $2.30/mt above May contract Viscosity spread widens 2 cents to $10.26/mt April East-West fuel oil spread narrows 31 cents to $33.89/mt
BASE METALS
Copper declined to a four-month low as an unprecedented levy on bank deposits in Cyprus threatened to plunge Europe back into crisis, curbing demand for metals. Aluminum, nickel, tin, lead and zinc dropped. Copper for delivery in three months slumped as much as 2.7 percent to $7,545.75 a metric ton, the lowest level since Nov. 9, on the London Metal Exchange and traded at $7,593.75 by 3:56 p.m. in Tokyo.
PRECIOUS METALS
Gold rose above $1,600 an ounce for the first time this month, widening its premium over platinum, as an unprecedented levy on Cyprus bank deposits reignited concern over Europes debt crisis and boosted haven demand.
Gold for immediate delivery jumped as much as 1.1 percent to $1,608.60 an ounce, the most expensive since Feb. 27, and traded at $1,605.35 at 3:42 p.m. in Singapore. One ounce of platinum bought as little as 0.9835 ounce of gold today, the least since Jan. 14, data compiled by Bloomberg show.
Spot platinum fell as much as 1.1 percent to $1,572.75 an ounce, before trading at $1,579, dropping for a fifth day in the longest losing streak this year. Cash silver rose 0.5 percent to $28.90 an ounce, after earlier climbing as much as 1.3 percent, snapping a three-day loss. Palladium sank 2 percent to $760.45 an ounce.