Thursday, July 26, 2012

20120726 1117 Global Markets & Commodities Related News.

GLOBAL MARKETS-Shares, euro regain footing on hopes for stimulus, rescue fund
TOKYO, July 26 (Reuters) - Asian shares and the euro steadied  after bouncing from recent lows as hopes grew for more U.S. stimulus to support growth and new European policy measures to keep the euro zone's debt crisis from deepening further, but sentiment was fragile.
"We are getting ever closer to the point where central banks will pull the trigger and ease," said Sebastian Galy, strategist at Societe General. "The outcome of this potential easing should be to stabilise sentiment."

COMMODITIES-Oil up on fears over Syria; grains jump after 2-day drop
NEW YORK, July 25 (Reuters) - Oil rose on Wednesday on fear about Syria's threat to use chemical weapons, and U.S. grains rebounded strongly from a two-day selloff on renewed worries about drought-ravaged crops.
"The geopolitical risk is out there, with worries about Syria and chemical weapons if they got into the wrong hands, and there is positive sentiment about the Fed and (potential) stimulus," said Gene McGillian, analyst at Tradition Energy in Stamford, Connecticut.

Oil defies gravity for now on QE hopes, geopolitics
--Robert Campbell is a Reuters market analyst. The views expressed are his own--
NEW YORK, July 25 (Reuters) - After an almost unambiguously bad U.S. weekly inventory report, it is clear that the bulk of support for oil prices is not coming from any global physical market fundamentals.
Very short term logistical disruptions in the North Sea and the Baltic have helped skew Brent futures higher, but the overall news flow on global oil supplies has been neutral to bearish.

OIL-Brent hits $104 on Mideast fear, hopes for Fed action
NEW YORK, July 25 (Reuters) - Crude oil futures made a strong comeback on Wednesday, with Brent closing above $104, recovering from session lows on fears that Middle East turmoil could worsen and rising hopes for more U.S. Fed stimulus.
"The geopolitical risk is out there, with worries about Syria and chemical weapons if they got into the wrong hands, and there is positive sentiment about the Fed and (potential) stimulus," said Gene McGillian, analyst at Tradition Energy in Stamford, Connecticut.

Shell ups China presence with CNOOC tie-up
LONDON, July 25 (Reuters) - Oil major Shell  sealed an exploration tie-up with China's state-run oil firm CNOOC  on Wednesday in a move which will help secure longer term growth from projects in the world's energy-hungry second largest economy.
Shell said it agreed two partnership deals with CNOOC, one to explore for oil and gas in the Yinggehai basin in the South China Sea, and one to look for hydrocarbons off the coast of Gabon.

Big oil on the back foot in changing energy world
LONDON, July 25 (Reuters) - It happens every time. Oil prices fall and the industry turns cannibal: big energy companies hunt out bargains among overstretched producers and promising explorers. It's the season for takeovers and asset deals again.
Only this time, there are no easy pickings for the U.S. and European heavyweights such as Exxon , BP , Shell  and Chevron . The oil "majors", which report second quarter results in the next few days, have rarely looked so threatened.

POLL-US natgas storage projected up 26 bcf in weekly EIAs        
NEW YORK, July 25 (Reuters) - U.S. natural gas inventories, on average, were forecast to have risen 26 billion cubic feet last week, according to a Reuters poll of industry traders and analysts on Wednesday.
There were 24 participants in the Reuters poll, with injection estimates ranging from 19 bcf to 31 bcf. Storage rose by an adjusted 48 bcf in the same week last year. The five-year average build for the week is 61 bcf. The median build in the survey was 27 bcf.

NATURAL GAS-US natural gas futures end down, first loss in 6 sessions
NEW YORK, July 25 (Reuters) - U.S. natural gas futures ended lower on Wednesday, pressured by profit taking after five straight session gains and ahead of the front-month August contract expiration on Friday.
"The physical (cash) market has been very strong because of all the heat, but we were bound to see some length get out, particularly with (August) expiration coming up on Friday," a Texas-based trader said.

EURO COAL-Prices creep up 25 cents
LONDON, July 25 (Reuters) - Physical prompt coal prices moved slightly higher on Wednesday but remained below $90.00 a tonne. "Everybody is being hurt by China, everybody - and anybody who says they're not is lying," a Pacific-based producer said.

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