GLOBAL MARKETS: Dollar falls, gold rises with no US debt progress
SINGAPORE, July 27 (Reuters) - Asian stocks and the U.S. dollar fell on Wednesday while gold hit a record high at more than $1,623 an ounce, as a drip feed of news out of Washington indicated politicians were making little progress on a plan to lift the U.S. debt ceiling.
The Australian dollar jumped to a post-float high above $1.1050 after second quarter inflation figures were higher than forecast, squeezing investors who had recently increased bets that the Australian central bank would cut rates this year.
Longer Atlantic hurricane season possible, says forecaster
Signs of a developing La Nia system could raise hurricane activity in a 2011 season already forecast to have 16 major storms, says Matt Rogers of Commodities Weather Group.
OIL: Oil up in seesaw trading, weak dollar lifts
NEW YORK, July 26 (Reuters) - Oil prices edged up in choppy trading on Tuesday, lifted by a weak dollar while markets were buffeted by the continued stalemate over the U.S. debt ceiling that hemmed in Wall Street.
"U.S. crude found support among technical traders, with support coming in at $98. Small buyers are going in, but the big ones are still biding their time," said Richard Ilczyszyn, senior market strategist at Lind-Waldock in Chicago.
US House passes bill to speed up oil sands pipe review
WASHINGTON, July 26 (Reuters) - The U.S. House of Representatives on Tuesday approved legislation that would set a firm deadline for the Obama administration to decide the fate of a proposed $7 billion pipeline that would transport Canadian oil sands crude to the U.S. Gulf Coast.
The House voted 279-147 in favor of the bill that would force the State Department to approve or deny a permit for TransCanada's planned Keystone XL pipeline by Nov. 1.
Brazil fuel imports to rise 10 pct in 2011
RIO DE JANEIRO, July 26 (Reuters) - Brazil's fuel imports will likely rise ten percent this year compared to 2010, state oil company Petrobras said on Tuesday, a further sign of the country's growing importance in global oil products markets.
The news comes a day after Petrobras said it was delaying start-up of its 300,000 barrel per day (bpd) Premium I refinery to 2016 from 2014, leaving less refining capacity than expected to meet Brazil's growing fuel demand.
NATURAL GAS: Natural gas ends down for 2nd day, mild temps weigh
NEW YORK, July 26 (Reuters) - U.S. natural gas futures ended down slightly on Tuesday for a second day, as milder Northeast and Midwest weather early this week continued to weigh on prices despite warmer late-week forecasts that should crank up air conditioning again.
"I'm surprised we couldn't move higher with all the heat, but there's a lot of supply around, so prices may be capped," a Pennsylvania-based trader said, noting front-month futures stalled last week in the $4.50s despite record heat.
EURO COAL: Prices creep higher on oil, S.Africa strike
LONDON, July 26 (Reuters) - Prompt physical coal prices crept higher by 50 U.S. cents a tonne on Tuesday for the third day running, boosted by a rise in oil and the spreading effects of South African miners' strike.
"Prices have very slowly been moving higher over the past few days but there are various reasons for that - oil, the strike, the dollar looking weaker - no one factor you could pin it on," one European trader said.
COMMODITIES: Corn, copper lead broad rise; US debt fear hits dlr
NEW YORK, July 26 (Reuters) - Commodities rose broadly on Tuesday, with copper and corn outperforming the pack, as fear of a U.S. credit default sank the dollar and investors sought assets that could preserve value.
"The U.S. debt ceiling impasse is killing the dollar," said Kathy Lien, director of currency research at GFT Forex in New York. "Until the debt ceiling is increased, the greenback will remain under pressure."
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