Gas Rises for Fourth Day on Output Cuts: Commodities at Close

27/01/2012 22:34 AST

The Standard & Poor’s GSCI Spot Index of 24 raw materials climbed 0.4 percent to close at 661.51 at 4 p.m. in New York, led by natural gas and precious metals.

The UBS Bloomberg CMCI index of 26 prices gained 0.6 percent to 1,597.396. NATURAL GAS

Natural gas climbed for a fourth day in New York, the longest winning streak since November, on speculation a supply glut may ease as Chesapeake Energy Corp., the second-largest U.S. producer, cuts output.

Gas gained 6.9 percent, rallying 22 percent after dipping to $2.231 per million British thermal units on Jan. 23, the lowest intraday price since February 2002. Chesapeake said this week it would “immediately curtail” production of 500 million cubic feet a day as mild winter weather contributed to the biggest gas surplus in more than two years.

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