Tuesday, May 22, 2012

20120522 1129 Global Market & Commodities Related News.

GLOBAL MARKETS-Markets extend gains on value hunt, hopes for EU summit
Markets extended gains on Tuesday with investors hunting for bargains after prices reclaimed some ground off 2012 lows, as  hopes grew that Europe would embark on fresh action to tackle its debt crisis while promoting growth. "Last week was quite brutal in terms of the selling ... Was that totally necessary?," said Martin Angel, a dealer at Patersons Securities, adding that BHP, Rio Tinto and gold miners had been hit too hard. "I reckon there's good opportunities to pick them up while they're at these levels."  

COMMODITIES-Oil up strongly on China, G8; natgas tumbles
NEW YORK, May 21 (Reuters) - Oil closed up on Monday, having its first powerful rebound in weeks, and metals and grains edged higher too on China's call for more economic stimulus and the G8's support for Greece to stay in the euro zone.
"The big move down is behind us and there are some upside risks now," said John Davies, head of commodities research at Business Monitor International.

OIL-Oil rises on China calls for growth, Iran
NEW YORK, May 21 (Reuters) - Oil prices rose on Monday after China's premier called for more efforts to stimulate growth and as investors cautiously awaited results of Iran's second round of revived talks with major powers over Tehran's nuclear program.  
"China's central bank has already cut bank reserve requirements to stimulate growth and such comments suggest that even more may be done in the months ahead to ward off a hard landing," Addison Armstrong, a senior director at Tradition Energy, said in a note.

POLL-US crude stocks seen rising for 9th straight week
May 21 (Reuters) - U.S. commercial crude oil supplies were expected to have risen last week for a ninth straight week on higher imports, a preliminary Reuters poll showed on Monday.    
On average, domestic crude oil inventories were forecast up 1 million barrels in the week to May 18, according to the poll of seven analysts, with five out of seven projecting a build in inventories.

Iran plans oil export terminal outside Gulf
DUBAI, May 21 (Reuters) - Iran plans a new oil terminal outside the Strait of Hormuz to protect its exports against potential problems in the Gulf and to boost shipments of Caspian oil, the oil ministry news website said on Monday.
Tehran had threatened to block the vital Gulf oil shipping route during its long standoff with the West over its nuclear programme.

NATURAL GAS-US natgas futures end down 5 pct, longs take profits
NEW YORK, May 21 (Reuters) - U.S. natural gas futures ended down 5 percent o n M onday, retracing some of last week's sharp gains as investors with long positions took profits, but the decline was limited by signs of a tighter market and extended forecasts for warmer weather that could boost electrical demand to power air conditioners.  "The run up last week was partly technical - there were a lot of buy stops set off above $2.50 - but there are a lot of speculative long positions now, and today was a correction to that run up," a Pennsylvania-based trader said.

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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