Friday, February 10, 2012

20120210 1116 Global Market & Commodities Related News.

GLOBAL MARKETS-Investors cautious despite Greece deal
TOKYO, Feb 10 (Reuters) - The euro and shares eased on Friday as investors kept a cautious view over Greece's debt restructuring prospect, after Athens struck a deal on fiscal reforms, paving the way for securing a crucial financial aid.
"There is a bit of a sense of achievement over the Greece issue and given that the market has been risk-positive, it may be time for some correction to set in," said Hiroshi Maeba, managing director of foreign exchange trading at Nomura Securities in Tokyo.

COMMODITIES-Oil, copper jump as Greece debt deal boosts risk
NEW YORK, Feb 9 (Reuters) - Crude oil and copper extended their rallies to hit multi-month highs on Thursday after a debt restructuring deal clinched by Greece gave investors better hope of managing the euro zone crisis.
"Keeping oil prices higher are the evolving geopolitical situation in and around the Middle East ... in particular Iran. The bitter cold winter weather that has hit major portions of Europe driving up demand for heating fuels as well as more signs that a Greek deal may be close to finally getting done," said Dominick Chirichella, senior partner at the Energy Management Institute in New York.

Brent rises for 8th day after Greek bailout deal
NEW YORK, Feb 9 (Reuters) - Brent crude oil rose on Thursday for the eighth straight day, ending at a six-month high, after Greek leaders agreed to austerity measures to secure a second bailout and avoid an unruly default.
"Keeping oil prices higher are the evolving geopolitical situation in and around the Middle East ... in particular Iran, the bitter cold winter weather that has hit major portions of Europe driving up demand for heating fuels, as well as more signs that a Greek deal may be close to finally getting done," said Dominick Chirichella, senior partner at the Energy Management Institute in New York.

US natgas futures end higher despite light stock draw
NEW YORK, Feb 9 (Reuters) - U.S. natural gas futures shrugged off a smaller-than-expected draw down in inventory to end higher on Thursday amid reports that a major natural gas producer had cut some output due to low gas prices.
"Cutting back on output will have an impact, but it could take six to nine months before we stop growing production. It looks like a challenged market right through 2012," said Roger Read, managing director at Morgan Keegan in Houston.

Euro Coal-Prices slip again, ice blocks Danube river
LONDON, Feb 9 (Reuters) - Freezing weather continued to drive up gas and power prices but coal values fell again because utilities have more coal than they need and stockpiles are close to full, utilities and traders said.
"What's interesting is there are quite a few offers of March delivery cargoes and you have to wonder why - were these sold previously and somebody's backed out or was everybody assuming China would come back in early February and buy?" one major utility source said.

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