Monday, May 21, 2012

20120521 1158 Global Market & Commodities Related News.

GLOBAL MARKETS-Markets regain ground but still edgy over Greece
TOKYO, May 21 (Reuters) - Markets recovered some ground on Monday after heavy losses last week, but investors remained wary about the euro zone despite world leaders calling for Greece to stay in the monetary union and for Europe to balance austerity with growth.
"The fate of Greece won't become clear until the election, and markets will be swung around by comments from European leaders in the meantime, all of which makes it extremely difficult for investors to take any positions," said Hirokazu Yuihama, a senior strategist at Daiwa Securities in Tokyo.

COMMODITIES-Wheat, gold make stunning runs in nervous markets
NEW YORK, May 18 (Reuters) - Wheat charged higher on Friday to post its biggest weekly gain in 16 years and gold continued its recovery from four-month lows as commodity markets saw selective buying amid lingering worries about the euro zone.
"Given how critical the situation is in Europe at present, policy makers may well feel the need to come up with something to soothe the markets and the possibility of that might lead to some book squaring ahead of the weekend," Fastmarkets said in a note.  

OIL-Oil slips and posts 3rd weekly loss
NEW YORK, May 18 (Reuters) - Oil prices fell on Friday in tug-of-war trading, posting a 2012 low and a third straight weekly loss as debt problems in Greece and Spain kept concerns about the euro zone economy in focus.
"The problems in Europe, highlighted by the political instability in Greece, remain as the primary factor for today's slide in oil prices," said Kyle Cooper, managing partner at IAF Advisors in Houston.

Saudi non-oil exports rise 31 percent-paper
RIYADH, May 19 (Reuters) - Saudi Arabia's non-oil exports rose 31 percent in 2011 to 176.6 billion riyals ($47.1 billion) compared to 2010, Arab News reported on Saturday citing the Central Department of Statistics.
Petrochemicals and plastics combined accounted for 114.9 billion riyals, Arab News reported, reflecting last year's surging commodities prices which helped state-run producer Saudi Basic Industries Corp (SABIC)  achieve record profits.

Colombia says will increase natgas flow to Venezuela
CARACAS, May 18 (Reuters) - Colombia said on Friday it would send 50 percent more natural gas this year to neighboring Venezuela, which has yet to start producing the fuel commercially despite huge reserves.
Colombia currently exports about 200 million cubic feet (mcf) of natural gas per day to OPEC-member Venezuela, but Energy Minister Mauricio Cardenas said that would rise to 300 mcf in September.

G8, raising pressure on Iran, puts oil stocks on standby
CAMP DAVID, Md., May 19 (Reuters) - Leaders of the Group of Eight major economies raised the pressure on Iran on Saturday, signaling their readiness to tap into emergency oil stockpiles quickly this summer if tougher new sanctions on Tehran threaten to strain supplies.
"We remain united in our grave concern over Iran's nuclear program," the G8 leaders said in a statement summing up the results of their meeting in Camp David in rural Maryland.

China April gasoline exports at 140,000 tonnes &#8211 CCS
BEIJING, May 21 (Reuters) - China's gasoline exports stood at 140,000 tonnes in April and outbound shipments in the first four months declined 36.4 percent from a year earlier to 1.15 million tonnes, data from the China Customs Statistics Information Centre (CCS) showed on Monday.
The world's second-largest oil consumer also exported 80,000 tonnes of diesel last month, while importing 40,000 tonnes of the fuel.

Oman sees oil output rising to 915,000 bpd in 2012
BUBAI, May 20 (Reuters) - Small non-OPEC producer Oman expects to raise its average oil and condensate production to 915,000 barrels per day (bpd) in 2012, up from the 885,000 bpd last year, the oil ministry said on Sunday.
Based on an average price of $102.9 per barrel that Oman sold its oil for last year, the additional 30,000 bpd could increase the sultanate's oil revenues by around $1.13 billion this year, assuming all the additional production is exported.

NATURAL GAS-Warm forecast sends US natgas futures to 3-1/2-mth top
NEW YORK, May 18 (Reuters) - Front-month U.S. natural gas futures rose to a 3-1/2-month high on Friday, as tighter supply-and-demand fundamentals and warmer extended weather forecasts continued to drive gains despite overbought technicals.
"There are expectations for warmer temperatures ahead, and power generation demand has been influencing (slowing) storage injections," Eric Bickel, analyst at Summit Energy, told Reuters, noting that production numbers were also not as strong as earlier in the year.

Euro Coal-Prices dip, Jly S.African trades at $93.10
LONDON, May 18 (Reuters) - European prompt physical coal prices dipped again by $1-2 on Friday, drawing some buying interest although most market participants are increasingly bearish about coal's near-term price outlook.
"There is still U.S. coal being offered but the last thing anybody wants is more coal because who would you sell it to?," one European trader said.

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