GLOBAL MARKETS-Shares slightly lower, oil eases from 8-week high
HONG KONG, July 20 (Reuters) - Asian shares were a tad weaker but were poised for their biggest weekly gain since January as strong U.S. corporate earnings lifted the S&P 500 to a 2-1/2 month high, although a firm yen kept Japanese shares on the backfoot.
Oil prices eased after hitting an eight-week high overnight as Middle East tension stoked supply concern. While a rally in commodities has seen corn and soybean prices soar to record highs due to a worsening U.S. farm-belt drought.
COMMODITIES-Corn, soy hit record highs; oil jumps on Mideast worry
NEW YORK, July 19 (Reuters) - Corn and soybeans hit all-time highs on Thursday as the worsening drought in the U.S. farm belt stirred fears of a food crisis, while crude oil prices rose to eight-week peaks on worsening tensions in the Middle East.
"Bad data is good when it comes to stimulus hopes," said Phil Flynn, analyst at Price Futures Group in Chicago.
OIL-Oil jumps on Middle East worries, economic hopes
NEW YORK, July 19 (Reuters) - Oil prices rose a seventh straight session on Thursday, reaching an eight-week high, as Middle East tensions reinforced concern about potential supply disruptions while strong corporate earnings lifted investor optimism.
"The complex surged to the upside largely on geopolitical issues related to a renewed clash of rhetoric between Israel and Iran and civil unrest in Syria," Jim Ritterbusch, president at Ritterbusch & Associates, wrote in a note.
NATURAL GAS-US natgas futures end up after light EIA storage build
NEW YORK, July 19 (Reuters) - Front-month U.S. natural gas futures ended higher on Thursday for a second straight day, backed by a government report showing a weekly gas inventory build below market expectations.
"There was a lot of buying following the storage number, but it looks like there's a lot of psychological resistance above $3," said Eric Bickel, analyst at Summit Energy in Kentucky.
EURO COAL-Holds steady in thin trade
LONDON, July 19 (Reuters) - Physical prompt coal prices held steady on Thursday, supported by oil hitting a seven-week high but few trades were reported.
"U.S. and Russian miners have the highest costs and their competition for European market share will provide a price floor, which we think has already been reached, we don't expect an improvement in prices until later this year," said Rudi Vann, coal analyst with Wood Mackenzie.
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