Monday, March 26, 2012

20120326 1139 Global Market & Commodities Related News.

GLOBAL MARKETS-Asian shares edge up as resource stocks bounce back
SINGAPORE, March 26 (Reuters) - Asian shares edged up on Monday, finding some support after losing ground last week on fears of the impact of an economic slowdown in China, and the euro held near a three-week high.
"There may be some buying back of resource shares after they performed well in New York," said Hiroichi Nishi, equity general manager at SMBC Nikko Securities in Tokyo.

COMMODITIES-Oil gains as sanctions bite, commods rally on weak dlr
NEW YORK, March 23 (Reuters) - Oil prices rose sharply
on Friday on news that Iranian oil exports fell this month amid tightening Western sanctions, while most other commodities rallied on a weaker dollar and spillover support from crude.
"We think that quantitative easing and abnormally low U.S. interest rates have been a huge support for gold prices. It's no surprise that the falling gold price recently has been accompanied by quite a significant rise in U.S. interest rates," Nic Brown, head of commodity research at Natixis, said.

OIL-Oil rises on drop in Iranian crude exports
NEW YORK, March 23 (Reuters) - Oil prices rallied on Friday on news that Iranian oil exports have fallen significantly this month as tightening Western sanctions have caused some buyers to stop or scale back purchases.
"The recent pull backs had not changed the price trend higher and when the (Iran exports) headlines hit the push higher triggered buy stops and the price move also took place on a day with relatively light volume," said Tim Evans, energy analyst at Citi Futures Perspective in New York.

US seeks more interest in Alaska offshore drilling
WASHINGTON, March 24 (Reuters) - The Obama administration on Saturday said it would again gauge interest from the oil and gas industry to explore federal waters off the Alaska coast, another bid to expand domestic energy production as gas prices soar and political pressure grows.
The Interior Department said it would again issue an official request for drilling interest in potential development leases in federal waters in Cook Inlet off the south-central coast of Alaska.

Global oil outages at 1.2 mln bpd in March-survey
LONDON, March 23 (Reuters) -     Global oil supply outages are running at more than a million barrels a day, a Reuters survey has found, helping provide justification for the United States and Britain should they release strategic reserves in a bid to cut oil prices.
Civil unrest, adverse weather and technical glitches disrupted 1.2 million barrels per day (bpd) of global oil output in March on the 90 million bpd world market, according to a Reuters calculation from information provided by companies, government agencies and traders.

NATURAL GAS-US natgas futures end mixed, fronts gain as shorts cover
NEW YORK, March 23 (Reuters) - U.S. natural gas futures ended mixed on Friday after early buying, with front months clinging to slim gains as shorts covered ahead of the weekend following Thursday's sharp slide on a bearish weekly inventory report.  
"Price action looks ripe for a rise from a technical perspective yet the fundamentals are all but shouting for further declines," Gelber & Associates analyst Pax Saunders said in a report.

EURO COAL-Prices stable but outlook more bearish
LONDON, March 23 (Reuters) - Prices of prompt physical coal were little changed for a fifth day, with bids and offers far apart and no fresh trades reported.
"Everybody was hoping for prices to recover and it's been a slow realisation that it isn't happening -- now it's looking a bit more bearish," one utility source said.

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