GLOBAL MARKETS-Asian shares down on EU deadlock, awaiting US reaction
TOKYO, June 29 (Reuters) - Asian shares and the euro were pressured on Friday as European leaders argued over how to ease borrowing strains in Italy and Spain and stop the euro zone debt crisis spreading, with investors fearful of U.S. reaction to the deadlock.
"Investors are waiting for further developments overnight in Europe and the reaction in Wall Street before making their bets," said Cho Byung-hyun, an analyst at Tong Yang Securities.
COMMODITIES-Down on bets EU summit will fail; oil loses 3 pct
NEW YORK, June 28 (Reuters) - Oil prices fell by up to 3 percent on Thursday and copper and gold prices slumped too as traders and investors expect an ongoing summit of European leaders to do little to resolve the region's debt crisis.
"Nobody in the world has a solution to Europe, and if they did, they would have stepped forward by now," said Adam Sarhan, chief executive at Sarhan Capital, a New York-based financial advisory that regularly comments on commodity markets.
High prices result in soaring oil reserves
--John Kemp is a Reuters market analyst. The views expressed are his own--
LONDON, June 28 (Reuters) - For all that Malthusians worry about oil running out, and analysts cite the rising costs of exploration and production, the oil industry has been adding reserves faster than they are being consumed since 2005, as high prices spur an investment boom across the industry.
Contrary to the alarming predictions made a few years ago, and still periodically revived by peak oilers, there is no sense in which oil is running out.
OIL-Oil heads for worst quarter since 2008 crisis
NEW YORK, June 28 (Reuters) - Crude oil futures fell as much as 3 percent on Thursday, and are on track for the worst quarterly performance since the 2008 financial debacle, on worries that an EU summit will not find durable solutions to the euro zone crisis, stifling global growth prospects.
"It's the euro zone problems, the strength of the dollar and the weak equities," said Stephen Schork, president of the Schork Group in Villanova, Pennsylvania, commenting on the reasons for the day's price drop.
US April oil demand down 1.77 pct from year ago-EIA
WASHINGTON, June 28 (Reuters) - U.S. oil consumption in April was weaker than expected, the U.S. government said on Thursday, but after months of declines there are signs oil demand may finally be leveling off.
The Energy Information Administration said in its Petroleum Supply Monthly report that oil demand for the world's top consumer dropped to 18.283 million barrels per day, which was 470,000 bpd lower than previously estimated.
Nigerian crude export steady above 2 mln bpd in Aug
LONDON, June 28 (Reuters) - Nigeria is expected to export 2.03 million barrels of crude oil per day in August, steady from July, the provisional loading programmes showed on Thursday.
The volume excludes Oyo grade and condensate. Nigeria and Angola are Africa's two largest oil producers and OPEC members. Their oil exports have so far seen no signs of a cut-back for August as the oil market watches out for potential coordinated reductions to OPEC exports amid a sharp fall in prices since May.
NATURAL GAS-US natgas futures end down 3 pct on EIA stocks data
NEW YORK, June 28 (Reuters) - U.S. natural gas futures reversed course and ended lower on Thursday for the first time in six sessions, pressured by a government report showing a weekly inventory build slightly above market expectations.
"The market moved up too far, too fast, and given the EIA build, it looks like we may have lost some coal switching on the way up due to the elevated prices," a New York analyst said.
EURO COAL-S.African tightness boosts prices by $1/T
LONDON, June 27 (Reuters) - Prompt South African FOB physical coal prices rose by around $1.00 on Wednesday as traders bought to cover short positions amid tight supply for July and August cargoes.
"Supply is extremely tight for July, you can't find anything from South Africa, nobody is willing to sell and August is looking like it'll be just as tight," one European trader said.
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