Friday, June 3, 2011

20110602 1409 Global Market & Crude Oil Related News.

GLOBAL MARKETS: Stocks bounce before U.S. data; dollar at 1-mth lows
HONG KONG, June 3 (Reuters) - Asian stocks bounced on Friday though any gains were set to be modest before a key U.S. jobs report later in the day while the dollar fell to a one-month low against a basket of currencies after ratings agency Moody's warned of a downgrade.  
"The market is more likely to react to better-than-expected jobs data and cover dollar-short positions, as investors have already priced in weak numbers," says Tomohiro Nishida, treasury department manager at Chuo Mitsui Trust and Banking.

OIL: Crude extends gains on weak dlr, awaits jobs data
TOKYO, June 3 (Reuters) - U.S. crude futures extended gains on Friday supported by a weak dollar as the market awaited carefully watched U.S. nonfarm payrolls data due later in the day.
The market so far has seen limited downward pressure from news that OPEC is considering raising output possibly by as much as 1.5 million bpd, ahead of the group's meeting in Vienna on June 8. One delegate said a 1 million-bpd hike would be the likely outcome.

NATURAL GAS: Natgas ends up 4 pct after 4-mth high on heat, EIA
NEW YORK, June 2 (Reuters) - U.S. natural gas futures rose nearly 4 percent on Thursday, extending heat-related gains and jumping to a more than four-month spot chart high after weekly data showed a smaller-than-expected build to inventories.
"Today's EIA inventory injection was simply bullish," said Energy Management Institute's Dominick Chirichella, noting in addition to hotter-than-normal temperatures for the next several weeks, nuclear power plant outages were supportive.

EURO COAL: Prices dip on lack of Europe, China buying
LONDON, June 2 (Reuters) - Coal prices softened by around 50 U.S. cents a tonne on Thursday due to a lack of buying in both Atlantic and Pacific markets.
"We still don't know what the Chinese government is going to do, although there's the assumption that something must be done, and where that leaves imports is unclear," one trader said.

COMMODITIES: Markets mixed as economic concerns grow
NEW YORK, June 2 (Reuters) - Gold and copper moved lower on Thursday as concerns about the U.S. economy grew, while oil reversed higher and U.S. wheat futures jumped on weather concerns after a two-day slide.
"It's another bailout boost. The dollar also got hammered by the Moody's warning about U.S. default and the Pembroke fire definitely provided some lift," said Phil Flynn, analyst at PFGBest Research in Chicago.

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