GLOBAL MARKETS: Stocks ease, euro fragile as risk rally pauses
HONG KONG, July 6(Reuters) - Asian stocks were off to a weak start while the euro remained fragile on Wednesday morning after Moody's slashed Portugal's credit rating to junk status and as investors take a breather after the past week's rally in risky assets.
"While the market has moved on from Greece a little, there is still significant concern out there that it's not close to the end game," said Greg Gibbs, strategist at RBS in Sydney.
OIL: Crude extends gains ahead of key data
TOKYO, July 6 (Reuters) - U.S. crude futures extended gains on Wednesday, edging closer to a three-week intraday high marked the previous day, as investors awaited key industry data expected to show a decline in U.S. crude inventories.
Oil also got support from an upgraded price forecast from Barclays Capital and upbeat U.S. factory.
NATURAL GAS: Natural gas rises with heat in post-holiday trade
NEW YORK, July 5 (Reuters) - U.S. natural gas futures rose a little more than 1 percent on Tuesday, boosted along with cash gas by the return of post-holiday industrial demand, hot weather and stronger crude futures.
Cooling degree days in the lower 48 were expected to be more than four above normal early this week before tapering off to about two above normal late in the week and over the weekend, according to Thomson Reuters Gas Trading Analytics.
EURO COAL: Futures rise above $130/tonne
LONDON, July 5 (Reuters) - European coal futures rose for the second straight day on Tuesday, pulling up together with power and gas forward benchmarks.
"The market clearly thinks that the sell-offs 10 days ago were overpronounced, so many see an opportunity here to open new long positions at low price levels in power, gas and coal," one trader said and added that this had pushed coal, gas and power prices up before the oil market reacted.
COMMODITIES: Oils, grains, metals jump on Q3 bargain hunting
NEW YORK, July 5 (Reuters) - Commodities rallied in tandem on Tuesday, reaching their highest prices in weeks as bargain hunters bet that a second-quarter slump was overdone.
"We're seeing crude oil higher partly on the start of the quarter and partly on the start of contrarian speculation looking for a pullback in the dollar," said Hamza Khan, an analyst with The Schork Group in Villanova, Pennsylvania.
POLL-U.S. crude stocks seen down on lower imports
BANGALORE/NEW YORK, July 5 (Reuters) - U.S. crude oil inventories were forecast down last week for the fifth straight time as imports declined again, analysts projected on Tuesday in a preliminary Reuters poll ahead of weekly reports.
The inventory data will come out a day later than usual due to the July Fourth holiday.
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