GLOBAL MARKETS: Techs, materials lead Asia shares higher
SINGAPORE, April 20 (Reuters) - Asian stocks rose on Wednesday, following a rebound on Wall Street and in Europe on upbeat corporate results, and commodity-linked currencies such as the Australian dollar also gained as momentum returned to metals markets.
A clutch of U.S. technology heavyweights, led by chip maker Intel Corp, reported strong results after the Wall Street close. Earlier, healthy profits from healthcare and materials companies had helped lift the S&P 500 0.6 percent.
OIL: Crude steady on firm equity, small crude build
SEOUL, April 20 (Reuters) - U.S. crude futures edged up in early Asian trade on Wednesday as a weaker dollar and firmer equities buoyed prices on top of a smaller than expected rise in last week's U.S. crude inventory.
U.S. crude inventories rose last week less than forecast while oil product stocks fell, data from the American Petroleum Institute (API) showed on Tuesday, despite a rebound in U.S. refinery utilization.
NATURAL GAS: Natural gas ends up 3 pct on supportive weather
NEW YORK, April 19 (Reuters) - U.S. natural gas futures ended sharply higher on Tuesday, with cool Midwest weather and rising warmth in the South driving the front month contract up 3 percent despite concerns about high supplies.
"It's getting real hot in Texas, and it's pretty cold up North. As long as we hold $4, I think we trade sideways to higher," a New York-based trader said.
EURO COAL: Prices dip $1/T on oil fall below $120/bbl
LONDON, April 19 (Reuters) - Physical coal values fell by around $1.00 a tonne on Tuesday after a slide in Brent crude oil futures to below $120 for the first time in two weeks, pressured by concerns over the economic outlook and the possibility of high oil prices eroding demand.
"Oil's been the big mover today and everything has fallen along with it. There've been very few buyers and sellers active in coal," one utility source said.
COMMODITIES: Recover from US rating scare; gold hits $1,500
NEW YORK, April 19 (Reuters) - Gold pierced record highs above $1,500 an ounce on Tuesday and silver notched the biggest rise of the young second quarter as investors banked on safe-haven bets on worries over inflation and the economy.
"If money managers decide the play is over, they are going to run for the exits," said Timothy Evans, analyst for energy markets at Citi Futures Perspective in New York.
Japan crude oil imports tumble in March after quake
TOKYO, April 20 (Reuters) - - Japan's imports of crude oil fell at the fastest pace in more than a year in March after a massive earthquake damaged refineries and disrupted economic activity, government data showed on Wednesday.
The volume of Japan's customs-cleared crude oil imports slid 6.6 percent in March from a year earlier to 17.776 million kilolitres (3.61 million barrels per day), the preliminary Ministry of Finance data showed. That was the sharpest decline since an 18.4 percent drop in October 2009.
Obama blames speculators for rising US fuel prices
WASHINGTON, April 19 (Reuters) - U.S. President Barack Obama on Tuesday blamed speculators for driving gasoline prices higher and straining American consumers, saying there was enough oil in world markets to meet demand.
Speaking at a community college in suburban Virginia, Obama said increasing production of U.S. oil and creating a market for fuel-efficient cars would help meet the country's energy challenges.
US crude stocks up, large oil products draw-API
NEW YORK, April 19 (Reuters) - U.S. crude inventories rose last week while oil product stocks fell, data from the American Petroleum Institute (API) showed on Tuesday, despite a rebound in U.S. refinery utilization.
Total crude inventories in the United States rose by 667,000 barrels in the week to April 15, compared with analysts' expectations for a 1.1 million-barrel build in a Reuters poll.
Argentine oil strike continues despite union deal
BUENOS AIRES, April 19 (Reuters) - Argentine energy workers rejected a proposed deal to end a three-week-old strike that has halted oil output in the Santa Cruz province, calling for their union boss to quit, a dissident union leader said on Tuesday.
The workers rejected an agreement reached by the union leadership and company officials on Monday, aimed at resuming production in a province that accounts for nearly 20 percent of Argentina's total crude output.
POLL-US crude stocks seen up, imports offset run
BANGALORE/NEW YORK, April 19 (Reuters) - U.S. crude oil inventories increased for the seventh straight time last week as crude imports rose faster than refinery demand, a Reuters poll showed on Tuesday.
On average, crude inventories were forecast up 1.1 million barrels, the expanded poll of 14 analysts showed.
Libya oil stuck in legal limbo as UN panel shunned
UNITED NATIONS, April 19 (Reuters) - Western powers eager to help Libyan rebels sell oil from territories they control are ignoring the U.N. Security Council's sanctions committee, leaving Libyan crude in legal limbo, envoys and analysts say.
Without definitive guidance on the legal status of Libyan oil from the politically divided U.N. sanctions committee, U.N. diplomats and traders say the oil could remain virtually untouchable as major trading players take care to avoid running afoul of the U.N. sanctions.
Pakistan unable to continue fuel subsidies-minister
KUWAIT, April 19 (Reuters) - Pakistan will not be able to afford subsidies on fuel this summer and much of the rising oil price burden will have to be shifted to the consumer, the country's minister of water and power told Reuters.
Pakistan, where tens of millions of people live in poverty, is struggling to control inflation.
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