By Christian Schmollinger - May 9, 2012 5:12 PM GMT+0800.

The Standard & Poor’s GSCI gauge of 24 commodities declined 0.3 percent to 646.71 at 5:10 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials dropped 0.3 percent to 1,521.850.

CRUDE OIL
Oil fell for a sixth day in New York, the longest run of declines in almost two years, after crude stockpiles advanced in the U.S., the world’s largest consumer of the commodity.

Crude for June delivery fell as much as 76 cents to $96.25 a barrel in electronic trading on the New York Mercantile Exchange and was at $96.53 at 8:58 a.m. London time. It slipped 1 percent yesterday to $97.01, the lowest close since Feb. 6. Front-month prices are down 2.2 percent this year. The six-day decline is the longest since July 2010.

NATURAL GAS
Natural gas futures rose for a third day to a two-month high after a government report yesterday spurred speculation that prices won’t revisit the lows of April as production growth slows and demand gains.

OIL PRODUCTS
Naphtha swaps for June declined 5 cents to $928.20 a metric ton at 12 p.m. Singapore time, according to data from PVM Oil Associates Ltd., a broker. The petrochemical feedstock is down for a 10th day, the longest losing streak for data going back to January 2011.

Naphtha’s premium to London-traded Brent crude futures increased $3.11 to $82.06 a ton, according to data compiled by Bloomberg. This crack spread, a measure of refining profit, widened for a second day.

The premium of gasoil, or diesel, to Asian marker Dubai crude rose 5 cents to $16.70 a barrel, according to PVM. The difference, also known as the crack spread , widened for the first time in five days. Gasoil swaps for June fell 5 cents to $125.45 a barrel, the lowest since Jan. 3, PVM data showed.

PRECIOUS METALS
Gold and silver slumped to the lowest levels in four months as Greek leaders struggled to form a government, increasing concern Europe’s crisis will escalate and boosting the dollar. Palladium dropped for an eighth day.

Spot gold fell for a third day, declining as much as 1.1 percent to $1,587.28 an ounce, the lowest price since Jan. 3. The metal was at $1,595.45 at 2:21 p.m. in Singapore, having pared gains this year to 2 percent. The euro tumbled for an eighth day against the dollar in the worst run since 2008.

June-delivery bullion lost as much as 1.1 percent to $1,587.40 an ounce, and was last at $1,594.40 on the Comex in New York. Gold of 99.99 percent purity fell as much as 2.4 percent to a four-month low of 324.50 yuan a gram ($1,599.11 an ounce) on the Shanghai Gold Exchange.

Cash palladium, this year’s worst-performing precious metal, slumped as much as 1 percent to $615.68 an ounce, the lowest price since Jan. 10 and was last at $619.25. The eight- day drop is the worst losing run since September 2008.

Spot silver declined for a third day, losing as much as 1.8 percent to $28.9225 an ounce, the cheapest since Jan. 9, before trading at $29.1550.

BASE METALS
Copper was seen falling for a fifth day in London amid concern Europe’s debt crisis may worsen, potentially curbing demand, following an inconclusive election in Greece.

Copper for three-month delivery fell 0.2 percent to $8,080 a metric ton by 9:35 a.m. on the LME. Prices slid as much as 0.7 percent. The July-delivery contract fell 0.2 percent to $3.669 a pound on the Comex in New York.

GRAINS, SOFT COMMODITIES
Corn is set to decline as planting advanced in the U.S., the world’s largest grower, boosting production prospects before a government report that may show higher global supply next season.

July-delivery corn lost as much as 0.5 percent to $6.20 a bushel on the Chicago Board of Trade and was little changed at $6.225 a bushel at 2:57 p.m. Singapore time.

Soybeans for July delivery lost 0.2 percent to $14.3575 a bushel, while wheat for delivery in the same month fell 0.2 percent to $6.1425 a bushel.

Palm oil gained as much as 0.4 percent to 3,364 ringgit a metric ton on the Malaysia Derivatives Exchange, reversing earlier losses. Futures were at 3,362 ringgit at 3:57 p.m. in Kuala Lumpur.

Rubber slumped by the most in more than four months as political turmoil in Greece deepened concerns Europe’s debt crisis may worsen, threatening the global recovery and sapping investor appetite for commodities.