Wednesday, October 12, 2011

20111012 1102 Global Market & Commodities Related News.

GLOBAL MARKETS-Stocks mixed, commods jump before Slovak EU vote
NEW YORK, Oct 11 (Reuters) - Stocks ended a volatile session with slight gains and commodities extended their rally on Tuesday as investors held back from big bets ahead of U.S. earnings reports, as well as on concerns about the euro zone debt crisis.
"Earnings are always important but even more so here after several quarters of solid earnings across many industry sectors. I think investors are going to want to see that continuing or solidifying itself," said Michael Cuggino, president and portfolio manager of Permanent Portfolio Funds in San Francisco.

COMMODITIES-Grains jump before US report, weak shares hit metals
NEW YORK, Oct 11 (Reuters) - Grains surged on Tuesday on fears that U.S. crop data will show alarmingly tight supplies, and energy futures rebounded from early selling even as weak equities scared commodity buyers away from metals.
"There is a lot of short covering before tomorrow's reports," said Paul Haugens, vice president for Newedge USA.

Libya says it will restart oil field within days
TRIPOLI, Oct 11 (Reuters) - Production from a Libyan oil field will restart within days and the country should be able to pump 1 million barrels per day (bpd) within a year, the interim oil and finance minister said on Tuesday.
In an interview with Reuters, Ali Tarhouni said he had received a phone call the previous evening saying the huge El Sharara oil field operated by Spanish firm Repsol  was ready to restart and he expected it to resume pumping within days. It produces 200,000 bpd.

Total sees no huge cost increases in 2012
ABU DHABI, Oct 11 (Reuters) - Oil company Total SA  is expecting to keep a lid on cost pressures next year as it looks to increase investment in exploration and production, an executive said on Tuesday.
"We do not expect huge cost increases, at least not from companies we deal with in the western hemisphere, in 2012," Peter Herbel, Total's senior vice president, told Reuters on the sidelines of an economic forum in the UAE capital.

Next OPEC meeting to be more harmonious
LONDON, Oct 11 (Reuters) - OPEC's secretary-general said on Tuesday he expected the group to reach a consensus on output policy when it meets in December, after it rattled oil markets when its last meeting ended in acrimony and without a deal.  
Abdullah al-Badri also told Reuters Insider television that oil prices at or over $100 a barrel were "reasonable," suggesting the Organization of the Petroleum Exporting Countries will not rush to adjust supplies.

World oil demand may be stronger than expected-IEA
LONDON, Oct 11 (Reuters) - Global oil demand may be more robust than expected, even with a slowdown in economic growth in the United States and Europe, the chief economist of the International Energy Agency (IEA) said on Tuesday.
Fatih Birol told Reuters on the sidelines of an oil industry conference that fuel consumption in Asia and in the Middle East was holding up fairly well.
Oil price falls 2.5 percent after Reuters reports Saudi offering Asian refiners more crude
Body Text: U.S. crude fell around 2.5 percent after Reuters was first to report that top exporter Saudi Arabia had offered to supply more crude to Asian refiners for loading in July. The news provided the first hard evidence from consumers of Saudi crude that the kingdom was making good on its promise to boost output to meet demand despite its failure to convince other members of OPEC to make a coordinated increase in supply.

Brent up a 5th day, Iranian plot supports
NEW YORK, Oct 11 (Reuters) - Brent crude oil futures rose on Tuesday for the fifth straight session, on news of an alleged Iranian plot to assassinate Saudi Arabia's ambassador in the United States.
"This is the kind of thing that can move the market like nothing else," said Richard Ilczyszyn, senior market strategist at MF Global in Chicago, noting oil markets carried a strong risk premium for much of the first half of the year due to the Arab Spring.

Natgas ends higher for second day as shorts cover
NEW YORK, Oct 11 (Reuters) - U.S. natural gas futures mostly ended higher on Tuesday for a second day, driven by short covering, particularly in front month contracts, despite mild weather and ongoing concerns about growing supplies.
"People have been short this market but may be covering now. They're counting the days and know that winter isn't far off," a Midwest-based trader said.

EURO COAL-Prices stable, China, S.Korea buy capes
LONDON, Oct 11 (Reuters) - Prompt physical coal prices were barely changed on Tuesday, with     volatility in other markets, due to worries over the health of Europe's economy, having no impact on coal prices.
"Very little happened in the market today, all the action has been elsewhere and coal has just ticked along," one European trader said.

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