Monday, April 11, 2011

20110411 1245 Global Market & Commodities Related News.

GLOBAL MARKETS: Oil at 2-1/2 year high on supply concerns, euro shines
HONG KONG, April 11 (Reuters) - U.S. crude oil futures topped $113 a barrel on Monday for the first time since September 2008 on supply concerns while the euro climbed on increasing expectations of a rate hike by the European Central Bank in July.
"The KOSPI is expected to take a breather after it rose for four straight weeks. Oil prices have climbed and corporate earnings forecasts have been revised downwards," Kim Hak-kyun,   an analyst at Daewoo Securities, said. 

OIL: Crude rises above $113, highest since Sept. 2008
TOKYO, April 11(Reuters) - U.S. crude futures rose above $113 a barrel on Monday, their  highest level since September 2008, as a weak dollar continued to support a recent rally in commodities.
Top oil exporter Saudi Arabia would have "no problems" producing at its claimed 12.5 million barrels per day (bpd) capacity if the market needed the oil, a senior Gulf source told Reuters on Sunday.

NATURAL GAS: Natural gas falls for 6th day on weather, supplies
NEW YORK, April 8 (Reuters) - Front-month U.S. natural gas futures ended lower on Friday for a sixth straight day, undermined by mild weather forecasts, bearish technicals and concerns about high supplies.
"There's some support in the $4 area, but the weather doesn't look very bullish right now. If it still looks really mild on Monday, we could move a little lower," a southern-based commodity trading advisor said.

COMMODITIES: Gold hits record; CRB at 2-1/2 year high
NEW YORK, April 8 (Reuters) - Gold hit new record highs on Friday and a key commodities index scaled its highest levels since 2008 as a tumbling dollar made investors snap up inflation-sensitive raw materials as a hedge.
"Positive sentiment is feeding through," said Daniel Major, analyst at London-based investment bank RBS. "Investors' money is coming back into the sector after a risk aversion period."

China's top refineries to raise April runs moderately
BEIJING, April 8 (Reuters) - China's leading refineries will raise their crude oil throughput in April by 2 percent from the lowest daily volume in a year in March, as a major plant ramps up operations after maintenance and a fuel price hike eases the burden of soaring crude costs.
But industry officials still warned that the price hike was not big enough to boost refining margins.  

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