Thursday, August 25, 2011

20110825 1056 Global Market & Commodities Related News.



GLOBAL MARKETS-Asian shares cheered by Wall St; Apple loses lustre
SYDNEY, Aug 25 (Reuters) - Asian shares tracked Wall Street higher on Thursday, but Apple skidded on the shock resignation of Silicon Valley legend Steve Jobs and gold continued to struggle after running into a wall of profit-taking.
"Apple will need to show that without Jobs it can come up with visionary products," said Hendi Susanto, analyst at Gabelli & Co.

Brent rises above $110 as U.S. crude stocks dip
NEW YORK, Aug 24 (Reuters) - Brent oil prices edged higher in choppy trading on Wednesday, but U.S. prices slipped as traders weighed expectations for the eventual return of Libyan oil exports against a surprise dip in crude inventories in the United States.
"The EIA data was supportive but not that bullish, so you just saw some profit taking late for (U.S.) crude," said Dan Flynn, analyst at PFGBest Research, adding that developments in Libya were making it harder to sustain
rallies.

Petrobras July oil output falls 3.8 pct from June
RIO DE JANEIRO, Aug 24 (Reuters) - Brazilian state-controlled oil company Petrobras  said on Wednesday that its domestic oil output fell 3.8 percent in July compared with June to an average 1.97 million barrels a day.
The drop was due to maintenance in several offshore fields, including Marlim, aboard the P-20, P-35 and P-37 platforms; Albacora Leste, aboard the P-50 platform; and in Parque de Baleias, aboard the floating production storage and offloading ship FPSO Capixaba, Rio de Janeiro-based Petrobras said in a statement.

OPEC unlikely to cut supply early in Libyan restart-delegate
LONDON, Aug 24 (Reuters) - OPEC's Gulf members are unlikely to reduce oil output in the early phases of a restart of Libyan supplies, because it is unclear how long a significant recovery will take, a delegate from a Gulf OPEC country said on Wednesday.
While Muammar Gaddafi abandons his Tripoli stronghold and rebels hail the end of his rule, the oil industry is weighing the implications of a restart of Libyan supplies, which have slowed to a trickle during the conflict.

NYMEX-Natgas ends down near 2 pct ahead of Thursday EIA
NEW YORK, Aug 24 (Reuters) - U.S. natural gas futures ended lower on Wednesday, pressured by expectations for a big inventory build on Thursday and no reports of serious damage to East Coast gas pipelines after Tuesday's earthquake.
"I think any hurricane premium came out of the market today, and people were also selling in anticipation of a big inventory build on Thursday," a New York-based trader said.

Euro Coal-Prices stable as oil stalls
LONDON, Aug 24 (Reuters) - Prompt physical coal prices held steady on Wednesday as European buying interest slackened and oil hovered at around $109, utilities and traders said.    
"There's an awful lot of coal around and I don't see anybody at all behind us in the queue to buy it," a source at the utility said.

COMMODITIES-Gold dives, pulls commods down as Wall St rises
NEW YORK, Aug 24 (Reuters) - Gold futures on Wednesday plunged the most since 1980, retreating further from record highs and pulling commodities broadly lower as some investors worried about U.S. monetary policy and some put money into the battered stock market.
"You have a commodity that retail investors, hedge funds and everybody were long, and the technical indicators showed it was overbought. It was just a matter of time before the market starts cracking," said Mihir Dange, COMEX gold options floor trader for Arbitrage LLC.

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