Thursday, May 17, 2012

20120517 1343 Global Market & Commodities Related News.

GLOBAL MARKETS-Shares steady after sell-off, Greece fears weigh
TOKYO, May 17 (Reuters) - Asian shares steadied on Thursday from the previous day's sell-off, but investors found no reason to bet on risk amid deepening turmoil in Greece and fears of contagion to other stressed euro zone economies.
"Unless these are remedied, pressure will mount on others to leave. In our opinion, the costs associated with an exit are high for all parties and are likely too high in the current fragile environment."

COMMODITIES-Major markets drop on Greek woes, ag prices up
NEW YORK, May 16 (Reuters) - Major commodity markets including oil and copper ended lower on Wednesday, pressured by concerns over Greece's financial situation.  
Losses were tempered by big gains in natural gas and agricultural markets, which rose on their own fundamentals.
The European Central bank said on Wednesday that it had stopped providing liquidity to some Greek banks, further fueling worries over Greece's place in the euro zone.

Italy Iran oil imports edge up, Libya top supplier
MILAN, May 16 (Reuters) - Italy raised crude oil imports from Iran by about 6 percent in March from February ahead of the planned new sanctions against Tehran, while total crude import fell amid weak demand for refined oil products, according to oil industry body Unione Petrolifera (UP).  
Italy, which relies on Iran to cover 10.4 percent of its   crude oil import needs, raised oil purchases from the Islamic   Republic to 425,200 tonnes in March from 401,600 tonnes in February, the UP data showed on Wednesday.

China W.Africa crude imports remain above 1 mbpd
LONDON, May 16 (Reuters) - China's imports of West African crude oil were expected to dip in June from May, but the volume was significantly higher than a year ago, Reuters survey of West African flows showed on Wednesday.
China has been building strategic oil reserves (SPR) since last year and is reducing imports from Iran this year due to difficulty hiring and insuring tankers ahead of the EU embargo on Iranian oil.

Oil price still serious risk to global recovery-IEA
PARIS, May 16 (Reuters) - Oil prices remain a threat to the fragile global economic recovery despite a recent fall, the International Energy Agency's chief economist said on Wednesday, adding the IEA remained ready to release emergency oil stocks if needed.
North Sea Brent crude oil  reached a peak of more than $128 in March before declining around $15 gradually over the last two months as tensions in the Middle East have eased and oil supplies have increased.

OIL-Oil falls as equities dip on Greek, euro zone woes
NEW YORK, May 16 (Reuters) - Crude oil futures tumbled on W ednesday, pressured along with U.S. equities as banking troubles in Greece sparked risk aversion across markets worried about euro zone debt.
"The S&P 500 turned negative, deepening the weakness in the stock market on concerns about Greece and that has speeded up the pace of oil's slide today," said Mark Anderle, trader at TAC Energy in Dallas.

NATURAL GAS-US natgas futures end up 5 pct, hit 2-1/2-month high
NEW YORK, May 16 (Reuters) - U.S. natural gas futures ended higher on Wednesday for a second day, with supportive supply and demand fundamentals and expectations for another light weekly inventory build driving the front-month contract to a 2-1/2-month high.
"The current rally has been driven by a combination of increases in consumption (mostly from coal to gas switching) and some production cuts. This has resulted in this year's injection season underperforming versus last year and the five year average," EMI's Dominick Chirichella said in a report.

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