Wednesday, May 9, 2012

20120509 1107 Global Market & Commodities Related News.

GLOBAL MARKETS-Markets retreat on Greece bailout uncertainty
TOKYO, May 9 (Reuters) - Asian shares fell and the euro stayed pressured on Wednesday, as Greece struggled to form a government two days after elections, raising the risk that a hard-won bailout could be nullified.  
"The market as a whole will be in risk-aversion mode due to the problems in Greece," said Masayuki Doshida, a senior market analyst at Rakuten Securities, about the Nikkei.    

COMMODITIES-Down again on Europe fears; oil, metals sink
NEW YORK, May 8 (Reuters) - Commodities fell across the board o n T uesday, with oil notching its biggest five-day loss since October and copper posting its biggest slide in a month as post-election worries in Greece and France sparked broad risk aversion across financial markets.
"As Europe's political, financial and social cohesion crumbles, it will have the attendant effect on demand" for commodities, said Michael Fitzpatrick, editor of industry newsletter Energy Overview in New York.

Brazil oil output falls in March for second month
RIO DE JANEIRO, May 8 (Reuters) - Brazilian output of oil and natural gas fell 5 percent in March from February, the second straight month-on-month decline and the lowest monthly average in seven months, Brazil's oil regulator, the ANP, said in a statement.
Declines came as state-led oil company Petrobras  shut platforms for maintenance and Chevron and its partners stopped output in the Frade field to explore the source of oil leaks.

US trims natgas output growth view, lifts demand
NEW YORK, May 8 (Reuters) - The U.S. Energy Information Administration o n T uesday trimmed its estimate for domestic natural gas production growth in 2012, but sharply raised its expectation for demand gains this year.
In its May Short-Term Energy Outlook, the EIA said it expected marketed natural gas production in 2012 to rise by 2.9 billion cubic feet per day, or 4.4 percent, to 69.14 bcfd, still a record high but slightly below its April outlook that had output this year at 69.22 bcfd.

Reliance cuts India gas reserves less than expected
MUMBAI, May 8 (Reuters) - India's Reliance Industries  cut estimates for proven gas reserves in its I ndian blocks by 7 percent to 3.67 trillion cubic feet (tcf), less than the market had speculated on the basis of reports from the company's partners and newspapers.
The figures, released by Reliance in its 2011/12 annual report on Tuesday, could ease concerns over the size of the reserves.

Bangladesh to raise fuel price again-FinMin
DHAKA, May 8 (Reuters) - Bangladesh plans to raise fuel prices for a fourth time in a year to reduce the subsidy burden on the government and to limit losses of the state oil corporation, Finance Minister Abul Maal Abdul Muhith told Reuters on Tuesday.
Bangladesh needs to increase fuel prices to reduce losses incurred by the state-run Bangladesh Petroleum Corporation (BPC), to adjust the home rate with prices in the international market," he said in an interview.

India's April Iran oil imports plunge 34 pct vs March-trade
NEW DELHI, May 8 (Reuters) - India's crude oil imports from Iran declined by about 34 percent in April compared with March, deeper than expected and the first evidence of New Delhi implementing cuts in supplies from the sanctions-hit nation under annual deals that began last month.
State-run buyers are at the forefront of reductions, leaving privately-owned Essar the biggest Indian client of Iran, tanker discharge data showed, just as the U.S. praised steps taken by India's refiners to back Washington's pressure on Tehran.

OIL-Oil slips as Europe, Greece fan demand worries
NEW YORK, May 8 (Reuters) - Oil prices fell on Tuesday for a fifth day running as Greece's post-election uncertainty added to signs of economic slowdown on both sides of the Atlantic and fanned concerns about anemic demand for petroleum as supply increases.
"Failure to take out Monday's lows caused the shorts that had piled in the market to turn," said Gene McGillian, analyst, Tradition Energy in Stamford, Connecticut.

NATURAL GAS-US natgas futures reverse, end up on late buying binge
NEW YORK, May 8 (Reuters) - U.S. natural gas futures reversed course and ended higher o n T uesday, driven by a late flurry of buying amid signs the market may be tightening despite early weakness as moderate weather this week slowed demand.
"People are expecting another bullish weekly inventory report on Thursday, and there was also talk of some late fund buying. The market is slowly turning around and moving out of the downtrend," Energy Management Institute's Dominick Chirichella told Reuters.

EURO COAL-Fresh lows draw out trader buying
LONDON, May 8 (Reuters) - European and South African coal prices dipped by around $1.00 to fresh lows on Tuesday, a move which drew out buying by traders rather than end-users.
"There is clearly now upside room for coal demand in Europe but if dark spreads (profit for generating using coal) weren't so in the money against sparks (profit for generating from gas) we could have seen an even worse picture for coal than the one we're currently experiencing," said Marcus Garvey, analyst with Credit Suisse.

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