Monday, August 29, 2011

20110829 1133 Global Market & Commodities Related News.

GLOBAL MARKETS-Asia stocks up on Fed hopes;Irene spares NYC
HONG KONG, Aug 29 (Reuters) - Asian stocks opened firmer on Monday morning after U.S. Federal Reserve Chairman Ben Bernanke left the door open for further action to stimulate the economy and fight high unemployment.
U.S. stock futures  also edged higher in early Asian trading as Hurricane Irene, downgraded to tropical storm status, spared the nation's financial centre the worst.

Libya plans to ship crude from Tobruk by end-Sept
BENGHAZI, Libya, Aug 28 (Reuters) - Libya plans to restart production at two eastern oil fields in mid-September and resume shipping oil from Tobruk by the end of the same month, offering relief to European countries reliant on its imports.
Oil production in the OPEC country has been at a virtual stand-still for months as clashes between rebels and troops loyal to Muammar Gaddafi have damaged infrastructure and caused foreign workers to flee.

Libya's largest refinery intact, ready
BENGHAZI, Aug 28 (Reuters) - Libya's largest oil refinery, Ras Lanuf, is intact despite intense fighting between rebels and Muammar Gaddafi's troops, and staff are preparing to restart operations, its general manager told Reuters in an interview.
The oil town of Ras Lanuf was until a few days ago under the control of Gaddafi's forces and the front line is only about 25 km (15 miles) to the west.

Oil rises as Irene targets U.S. East Coast
NEW YORK, Aug 26 (Reuters) - Oil prices rose in choppy trade on Friday as Hurricane Irene targeted the U.S. East Coast and traders weighed comments by U.S. Federal Reserve Chairman Ben Bernanke on the economy.
"The bigger picture here is that Bernanke appears to have enough confidence that the economy is not going to worsen and so he thinks there is no need for a QE3 at this time," said Andy Lebow, broker at MF Global in New York.

NYMEX-Natural gas ends flat to up slightly as shorts cover
NEW YORK, Aug 26 (Reuters) - U.S. natural gas futures ended flat to slightly higher on Friday, underpinned by short covering ahead of the weekend and warmer extended U.S. weather forecasts despite concerns about growing supplies.
"There may have been some anxiety over the storm (Irene), and temperature forecasts look a little warmer for the whole country next week," said Steve Mosley at SMC Advisory Services.

Euro Coal-Prices steady on utility buying
LONDON, Aug 26 (Reuters) - Prompt physical coal prices were little changed on Friday after after recovering from earlier losses on utility and trader buying ahead of a UK Bank Holiday on Monday.
"There have been quite a few trades today, mostly one utility buying but they weren't the highest bidder today, that was a trader," one European trader said.

COMMODITIES-Gold up on Fed, other markets eye Hurricane Irene
NEW YORK, Aug 26 (Reuters) - Gold closed up on Friday and oil and metals rebounded from early losses after Federal Reserve Chairman Ben Bernanke left the door open to new stimulus to help the U.S. economy and reduce unemployment.
"I think its going to take a while for the market to digest these comments. One thing is clear, he is saying that the economy is likely to get worse before it gets better," said Alfredo Barbutti, economist at BGC Liquidez, a unit of U.S. brokerage BGC Partners Ltd.

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