GLOBAL MARKETS: Commodities fall hits Asian markets, oil up
MELBOURNE, May 12 (Reuters) - Asian share markets fell on Thursday after a second big sell-off in commodities in less than a week sparked a retreat from riskier investments, including stocks, although oil and silver managed to claw back some of their losses.
Oil prices tumbled over 4 percent on Wednesday after an unexpected rise in gasoline stocks and concerns about slowing demand triggered a rout across the commodities complex that pushed the Reuters/Jeffries CRB index, a broad measure of commodities performance, down 3 percent.
OIL: Oil rebounds above $99 after sharp gasoline-led sell-off
SINGAPORE, May 12 (Reuters) - U.S. oil rose on Thursday, rebounding from a sharp sell-off the previous session driven by an unexpected rise in U.S. gasoline stocks.
U.S. crude oil stocks rose to a two-year high and gasoline inventories climbed for the first time in 12 weeks as demand for the motor fuel dropped from year-ago levels, the Energy Information Administration said.
NATURAL GAS: Natural gas ends down as weather, supplies weigh
NEW YORK, May 11 (Reuters) - Front-month U.S. natural gas futures ended lower on Wednesday, pressured for the seventh session in eight by concerns about high supplies and mild Northeast and Midwest weather that has dampened demand.
"There are no weather scares coming - there is some cooler weather ahead but not cool enough to stimulate demand," a Midwest trader said, adding weak crude prices, down more than $5 a barrel on Wednesday, might also have dragged gas lower.
EUROCOAL : Prices dip 25-75c/T with lower oil
LONDON, May 11 (Reuters) - European coal prices slipped by a marginal 25-75 cents a tonne on Wednesday in line with oil's $3 fall, traders and utilities said.
"Oil came off a little but as usual coal only moved down a touch," one European trader said. "Stocks are still lower than they were last year in ARA but while Rhine water levels are low, nobody will be in a hurry to buy anything prompt," a utility source said.
COMMODITIES: CRB dives 3 pct as gasoline leads second big slump
NEW YORK, May 11 (Reuters) - Commodities dove 3 percent on Wednesday as news of weak Chinese industrial growth, improving global grain supplies and rising U.S. gasoline stocks triggered the second major sell-off in a week.
"The commodity sector had been in such an aggressive, almost parabolic move, particularly in markets like silver," said David Meger, director of metals trading of broker/dealer Vision Financial Markets.
Big Oil: ending US tax breaks would up fuel price
WASHINGTON, May 11 (Reuters) - The world's biggest oil companies on Wednesday launched broadsides against Democratic plans to pare back some of their cherished U.S. tax breaks, saying the measure was "un-American" and would only push up already high gasoline prices.
Top executives from the five biggest oil companies will testify about the tax breaks on Thursday before the Senate Finance Committee. A day before the hearing companies and lawmakers traded barbs over the effort that Democrats say could help cut the deficit by about $21 billion over a decade.
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