GLOBAL MARKETS-Shares rise on higher U.S. market, Europe worries cap
TOKYO, June 13 (Reuters) - Asian shares rose on Wednesday, following gains in European and U.S. markets where bargain hunters bought beaten down stocks, but markets remained vulnerable to the euro zone's debt woes as Spanish yields hit record highs on worries over banks.
"There is nothing substantial in the recovery in sentiment, and it appears only to be supported by hopes Europeans will take more measures to ensure the Spanish aid will work while seeking to buy time for Greece," said Yuji Saito, director of foreign exchange at Credit Agricole Bank in Tokyo.
COMMODITIES-Markets mixed, Europe fears limit moves
NEW YORK, June 12 (Reuters) - The commodities complex was mixed o n T uesday with higher prices in nearly half of the most commonly followed futures markets offset by price drops in the rest due to lingering worries over Europe.
"It's not so much the fundamentals that are driving the prices but the concerns, the fears and the psychological factors," said Eugen Weinberg, commodities analyst at Frankfurt's Commerzbank.
Tumbling oil tests notional price floor
--John Kemp is a Reuters market analyst. The views expressed are his own--
LONDON, June 12 (Reuters) - Following recent falls, oil prices are much closer to the industry's marginal cost, especially in North America, where light sweet crude futures are now valued at only a little over $80 per barrel.
For bullish investors, lower prices promise to provide support by threatening to curb rapid output growth, especially from high-cost tight oil and bitumen projects across the United States and Canada, as well as deepwater exploration, unless the global economy enters another tailspin.
OIL-Brent slips, US crude edges up on spread trade
NEW YORK, June 12 (Reuters) - Brent crude fell and U.S. crude edged up on T uesday in spread trading that reacted to data showing a drawdown in stockpiles at a key U.S. hub as concerns persisted that the euro zone debt crisis will curb demand for oil.
"People are waiting for details on what OPEC will decide on production levels. They are also waiting for weekly U.S. inventory data," said Rich Ilczyszyn, chief market strategist at iiTrader.com in Chicago.
Vietnam to propose oil, gas development with Japan-media
TOKYO, June 13 (Reuters) - Vietnam's state oil and gas group Petrovietnam plans to invite Japanese firms to join it in the joint development of about 20 oil and gas blocks in the South China Sea, the Nikkei business daily said on Wednesday.
Petrovietnam will hold a briefing session for Japanese firms in early July, the unsourced report said. Japanese firms will also be given a chance to invest in infrastructure projects, including oil refineries and coal-fired power plants, totalling $24.8 billion, it said.
POLL-US crude stocks seen down on lower imports
June 12 (Reuters) - U.S. crude oil supplies were forecast to have fallen last week for the second straight time due to lower imports, an expanded Reuters poll of analysts showed on Tuesday.
Commercial crude stocks were projected down 1.4 million barrels for the week ended June 8, with 10 of 11 analysts expecting a draw and the other a build.
Libya oil output recovered to 1.5 mln bpd-minister
VIENNA, June 12 (Reuters) - Libya's oil output has climbed back to 1.5 million barrels per day, Oil Minister Abdulrahman Ben Yazza told reporters on Tuesday, on his arrival for Thursday's OPEC meeting.
Libya was pumping a little under 1.6 million bpd before its civil war.
NATURAL GAS-US natgas futures end up slightly after six-week low
NEW YORK, June 12 (Reuters) - U.S. natural gas futures ended slightly higher on Tuesday on technical buying and short-covering after hitting a six-week low earlier in the day.
"Prices came down pretty hard over the last three weeks, but I think the downside risk from here is relatively low. I'm looking for weather to pick up demand," said Steve Platt, analyst at Archer Financial in Chicago.
EURO COAL-Bids slump but no fresh trades done
LONDON, June 12 (Reuters) - European delivered coal prices slid sharply on Tuesday as oversupply and a halt to spot buying weighed on the market, pushing bid/offer levels to fresh lows although no trades were reported.
"Richards Bay coal only needs to fall another $2 and it will price into Europe, although not for very long," one trader said.
No comments:
Post a Comment