GLOBAL MARKETS-Shares ease on U.S., China growth worries
TOKYO, March 29 (Reuters) - Asian shares eased for a second day in a row on Thursday, as investors limited their risk exposures on concerns about growth prospects in the world's two largest economies, the United States and China.
"With the Chinese stock markets under pressure, the outlook on AUD will unlikely turnaround until we see some confirmation that the Chinese economy is not weakening too much and which should be affirmed by the release of the Chinese PMI (on Sunday)," said analysts at BNP Paribas.
COMMODITIES-Broadly lower; US oil futures down most in a week
NEW YORK, March 28 (Reuters) - Oil futures dropped their most in a week on Wednesday after a surge in U.S. crude stockpiles and on fear about the possible release of strategic oil reserves to cap pump prices.
OIL-Oil falls on rise in crude stocks, reserves talk
NEW YORK, March 28 (Reuters) - Oil prices fell on Wednesday as a big rise in U.S. crude inventories and the prospect the United States and some European nations might tap strategic reserves sent futures into retreat.
"It's a battle of the headlines that makes for a mostly bearish report," said John Kilduff, a partner at Again Capital LLC.
NATURAL GAS-US natgas futures hit 10-year low ahead of April expiry
NEW YORK, March 28 (Reuters) - U.S. natural gas futures ended down Wednesday, with April hitting a 10-year spot low before expiration as record-high supplies, mild weather forecasts and expectations for a sizable inventory build on Thursday undercut prices for the third straight session.
"Prices hit another new low, and I think that's going to continue. There's a lot of gas around, there's not a lot of demand during the (spring) shoulder period," a Pennsylvania-based trader said.
EURO COAL-Rises with power, gas but outlook bearish
LONDON, March 27 (Reuters) - Prices for prompt physical coal deliveries rose on Tuesday as strengthening power and gas prices lifted coal contracts, but analysts said the coal market remained under downward pressure from ample supply and lower demand at the end of winter.
"U.S. exports of thermal coal more than doubled in 2011 from 15.6 million tonnes (mt) to 31.4 mt as natural gas became more competitive for power generation for virtually all of the year," Deutsche Bank said in a research note.
France discussing strategic oil release with UK, US
PARIS, March 28 (Reuters) - France is in talks with the United States and Britain on a possible release of strategic oil stocks to push fuel prices lower, French ministers said on Wed nesday, four weeks before the country's presidential election.
Earlier in March, British sources said London was prepared to cooperate with Washington on a release of strategic oil stocks that was expected within months, in a bid to prevent fuel prices from choking economic growth in what is also a U.S. election year.
Consumers plot emergency oil release as Saudi decries high prices
PARIS/NEW YORK, March 28 (Reuters)- Saudi Arabian Oil Minister Ali al-Naimi mounted his most direct rhetorical attack against high oil prices on We dnesday, but showed no sign of moving to increase supplies even as France joined the United States and Britain in talks for a release of strategic reserves.
Two weeks after Reuters initially reported that Britain and the United States were set to agree on tapping emergency stockpiles, French Energy Minister Eric Besson said the European nation was also in talks with Washington. Le Monde reported that the move could come in a matter of weeks.
Libya's oil contracts to be unsure for months more
LONDON, March 28 (Reuters) - Uncertainty about oil and gas companies' contracts with Libya, soon to be scrutinised and potentially revised, will persist until new leaders take power after June elections, delaying the industry's return to normal in the post-Gaddafi era.
The transitional government has set up a special committee to investigate allegations of widespread corruption in the oil industry before the revolution unseated Muammar Gaddafi. Its determinations could lead to the withdrawal or reworking of now lucrative deals in the OPEC member, which has Africa's largest crude oil reserves.
Saudi minister doesn't promise more oil
--John Kemp is a Reuters market analyst. The views expressed are his own--
LONDON, March 28 (Reuters) - Saudi Oil Minister Ali al-Naimi repeated previous criticisms about how traders and the media misunderstand the oil market and the country's policies, but made no promise of an immediate output increase, in an opinion article for the Financial Times on Wednesday.
Naimi wrote bluntly that "there is no rational reason for high oil prices." Instead he argued "fundamentally the market remains balanced. It is the perceived shortage of oil keeping prices high - not the reality on the ground. There is no lack of supply. There is no demand which cannot be met."
Regulator stalks physical oil markets
--John Kemp is a Reuters market analyst. The views expressed are his own--
LONDON, March 28 (Reuters) - "A foolish consistency is the hobgoblin of little minds, adored by little statesmen and philosophers and divines." So said nineteenth century American essayist Ralph Waldo Emerson.
Even allowing for a little sensible inconsistency, it is hard to reconcile the contrasting approaches to financial and physical oil market regulation set out in recent speeches and articles by CFTC Commissioner Scott O'Malia and Liz Bossley, chief executive of the Consilience Energy Advisory Group.
No comments:
Post a Comment