Monday, June 18, 2012

20120618 1110 Global Market & Commodities Related News.

GLOBAL MARKETS-Euro, shares jump in relief rally after Greek vote
SINGAPORE, June 18 (Reuters) - The euro jumped to a one-month high and Asian shares rose after Greece's cliffhanger election delivered a slim parliamentary majority to pro-bailout parties, a result seen as crucial to European leaders' efforts to hold the euro together.
"There'll be a definite sense of relief spreading around today," said Masayuki Doshida, senior market analyst at Rakuten Securities. "The question is whether there will be a sustained rebound as there's still so many things to sort out - the euro zone's fiscal problems and Spanish banks."

COMMODITIES-Mostly up on central banks' pledge ahead of Greek vote
NEW YORK, June 15 (Reuters) - Metals and oil prices closed up on Friday after central banks across the world pledged to avert any market disruptions from weekend elections in Greece.
"At this point, it looks like the markets are frozen and waiting for the results of the Greek elections, which are totally unpredictable," said Dominick Chirichella, senior partner at Energy Management Institute in New York.

Oil rises as pro-bailout Greek parties set for majority
SINGAPORE, June 18 (Reuters) - Crude futures rose in early Asian trade as Greece's pro-bailout parties looked set to win a slim majority at weekend elections, easing investor fears of an imminent exit from the euro zone.
"The market is going to digest the Greek elections and once the initial euphoria dies down, we will see the market rebalancing and turning their attention to Italy and Spain," said Jim Ritterbusch, president of trading consultancy Ritterbusch & Associates in Galena, Illinois.

Russia oil firms face heavy fines for gas flaring
MOSCOW, June 16 (Reuters) - Russian oil companies are facing fines of hundreds of millions of dollars or more for polluting the atmosphere with excess amounts of flared gas, the newly appointed resources minister said on Saturday.
Russia, the world's top energy producer, set a target for oil companies not to flare off more than 5 percent of the associated petroleum gas (APG) they produce as a byproduct of crude extraction by 2012.

Rising US crude output may open door to exports-API head
WASHINGTON, June 15 (Reuters) - As U.S. oil production climbs to record levels, the United States should eventually consider easing its restrictions on crude exports, the head of a powerful oil lobbying group said on Friday.
U.S. oil production hit the highest quarterly level in 14 years in the first three months of 2012, the government said last week, as technologies including hydraulic fracturing, or fracking allow drillers access to vast new reserves.

NATURAL GAS - US natgas futures end down after Thursday surge
NEW YORK, June 15 (Reuters) - U.S. natural gas futures ended slightly lower as investors took profits after a 14 percent spike the previous session, but warmer Northeast and Midwest weather forecasts for next week helped limit the downside.
"The GFS (weather model) runs project thick cooling demand over the next two weeks. Again, that layers in some potential for additional upside," Gelber & Associates analyst Pax Saunders said in a report.

EURO COAL-Prices stable, FOBs under pressure
LONDON, June 15 (Reuters) - South African FOB prices were 30-75 cents a tonne higher afternoon, a minimal move upwards, but all FOB coal prices remained under pressure from oversupply and weak spot demand.
"Prices moved very slightly higher in early trading, with power, gas and a fall in the euro but overall it's still looking weak," one European trader said.

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