GLOBAL MARKETS: Euro up on Greece deal hopes, gold off highs
SINGAPORE, July 21 (Reuters) - The euro climbed a third day on Thursday as a deal between France and Germany over a bailout of Greece raised hopes ahead of a major European summit, though investors barely moved from government bonds and precious metals.
"Judging from the current crop of headlines, the most negative outcome for the euro would be a debt rollover without additional measures," Todd Elmer, currency strategist with Citi, said in a note.
OIL: Brent crude falls in late gasoline, spread sell off
NEW YORK, July 21 (Reuters) - Brent crude fell on Thursday, dragged down in an aggressive late sell off in gasoline and spreads due in part to U.S. demand concerns.
"I think part of what we are seeing here is a recognition of where we are in the summer driving season -- we don't have that much driving season demand in front of us," said Tim Evans, energy analyst for Citi Futures Perspective in New York.
Japan extends IEA-led oil reserve requirement to Dec
TOKYO, July 22 (Reuters) - Japan's trade ministry said on Friday it has decided to extend the relaxation of commercial oil reserve requirements to Dec. 31 at the request of International Energy Agency.
The trade ministry last month relaxed reserve requirements by refiners and importers by three days to 67 days' worth, which is equal to about 7.9 million barrels, and that the lower requirements would take effect for one month from June 27.
Iran halts oil supply, but India sees no shortage
NEW DELHI, July 21 (Reuters) - India has a back-up plan to cope with a halt to crude supplies from Iran, its oil minister said, as Tehran upped the ante in an oil payments row and Indian refiners rushed to secure alternative supplies, including from Saudi Arabia.
Since December, India and Iran have struggled to find ways for New Delhi to pay for imports of 400,000 barrels per day, 12 percent of its oil demand, after the Reserve Bank of India halted a clearing mechanism under U.S. pressure.
IEA says further oil reserve release unlikely
TOKYO, July 21 (Reuters) - The United States and other industrialised nations are unlikely to push for a second release of emergency oil supplies, the head of the International Energy Agency said on Thursday, hours before a decision is due to be made.
IEA members agreed to release 60 million barrels in emergency stockpiles last month, only the third release in the agency's history, as concern grew in consumer countries that high oil prices were hurting a fragile global economy.
NATURAL GAS: Natural gas still down after EIAs despite heatwave
NEW YORK, July 21 (Reuters) - Front-month U.S. natural gas futures trimmed morning gains and remained slightly lower early Thursday after a government report showed a weekly inventory build just below market expectations.
"The 'sell the news' reaction to the data suggests that the expectations for a 62 bcf build had more than inoculated the market for a bullish surprise, with traders now able to focus more on what will be a moderate cooling trend into next week," Tim Evans, energy analyst at Citi Futures Perspective, said in a report.
EURO COAL: S.Africa prices boosted by strike threat
LONDON, July 21 (Reuters) - European and prompt South African physical coal prices rose by around 50 U.S. cents on Thursday as coal continued to track oil but prices were also slightly boosted by increased buying interests from traders for DES ARA and South African cargoes.
"It could start to get interesting in September if the Germans come back to buy as expected and with the nuclear shutdowns, it's likely that they will need to buy more, fresh coal for Q4," a source at one major European utility said.
July 22 (Bloomberg) -- Silver may more than double to $100 an ounce if the current bull market follows similar patterns seen between 1971 and 1980, according to technical analysis by Citigroup Global Markets Inc. The attached chart shows spot silver had “two legs up” with an interim corrective move down in the last major bull market from November 1971 through January 1980, Citigroup analysts led by New York-based Tom Fitzpatrick wrote in a report. In the current uptrend that started in November 2001, the metal jumped 5.8 times through March 2008 before slipping 60 percent, they said. The price then rebounded and tested the 1980 high earlier this year, they said. “If the final rally in the last bull market repeated then we can expect $100 over the long term,” Fitzpatric
COMMODITIES: Wheat, copper pull commods down; oil ends mixed
NEW YORK, July 21 (Reuters) - Wheat prices on Thursday posted their biggest losses in three weeks and copper slid for a second day, dragging a key commodities index down despite higher U.S. oil prices and a stock market rally.
"It's a liquidation trade today," said Jack Scoville, analyst at The Price Futures Group in Chicago, explaining the sell-off in grains despite the weak dollar, firm oil and higher equities.
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