GLOBAL MARKETS-Asia stocks slip as euro zone fears focus on Spain
SINGAPORE, June 19 (Reuters) - Asian shares slipped as a post-Greek election relief rally quickly ran out of steam, with rising Spanish and Italian bond yields signalling that European leaders still have much to do to contain the euro zone debt crisis.
"Spanish yields have shot through the highs from November, and even the short end is now looking shaky," said Jens Nordvig, global head of FX strategy at Nomura in New York. "Europe is facing much greater challenges than the risk of a Greek exit."
COMMODITIES-Oil, metals dip as Greece euphoria fades; corn jumps
NEW YORK, June 18 (Reuters) - Oil closed down and metals prices mostly fell as investors looked beyond the victory of pro-bailout parties in Greece's elections to wider problems in Europe, while U.S. grains markets rallied on drought worries.
"In the short term, it's hard to see how there's going to be a convincing rally with all of the ongoing macro problems" over Europe, said Wiktor Bielski, a London-based analyst for Russian commodities brokerage VTB Capital.
Saudi keeps traders guessing on oil downside
--Robert Campbell is a Reuters market analyst. The views expressed are his own--
NEW YORK, June 18 (Reuters) - Saudi Arabia has cleared up any doubts about its unhappiness with oil prices above $100 a barrel but last week's OPEC meeting has done nothing to dispel speculation that the kingdom may be willing to see crude go much lower for a while.
Crude's collapse from near $130 a barrel earlier this year has been brought about by a slowing world economy and determination on the part of Saudi Arabia to force the world to sit up and take notice when it flexes its supply muscles.
Oil-Oil falls on euro zone worry, fading stimulus hope
NEW YORK, June 18 (Reuters) - Brent crude prices fell to 16-month lows as pressure from the broad euro zone debt crisis and fading expectations for coordinated central bank action erased gains derived initially from the pro-bailout election result in Greece.
"The selloff after the initial rally was because last week's strength was on the news that central banks would have a coordinated response to the Greece election and now the hope for more stimulus or liquidity has faded," said Phil Flynn, an analyst at Price Futures Group in Chicago.
POLL-U.S. crude stocks seen down on lower imports
June 18 (Reuters) - U.S. crude oil stockpiles likely fell last week for a third straight week due to lower imports, a preliminary Reuters poll showed on Monday.
Crude inventories are forecast to have fallen by 1 million barrels in the week to June 15, according to the survey of six analysts.
Oil market shrugs at imminent Iran tanker insurance ban
June 18 (Reuters) - In less than two weeks, Iran's biggest oil buyers will lose access to the London-based insurance market that protects 95 percent of the world's tanker shipments against oil spills or catastrophic collisions.
Barring an unexpected last-minute deal to relax European Union sanctions, Europe's Protection and Indemnity (P&I) clubs will be unable to insure vessels carrying Iranian crude from July 1, an unforeseen but ultimately critical side effect of EU sanctions to punish Iran for its nuclear program.
NATURAL GAS-US natgas futures end up 7 pct on weather, storage
NEW YORK, June 18 (Reuters) - U.S. natural gas futures ended sharply higher, lifted by forecasts for hot weather in the Northeast and Midwest that should boost cooling demand and also by expectations for another supportive weekly inventory report.
"We have hot weather coming up, so there's some short covering, and people suspect that coal-to-gas switching will continue to slow storage builds, but if prices near $3 we're going to see a lot less switching," a New York analyst said.
EURO COAL-Prices dip 75c on euro zone fears
LONDON, June 18 (Reuters) - Prompt physical coal prices fell by around 75 U.S. cents a tonne in line with weaker oil as a pro-bailout vote in Greece failed to ease euro zone fears.
"Demand is not the issue, although it has been weak in Europe, India and China have been strong year-on-year," one producer said.
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