GLOBAL MARKETS-Shares pause, guarded stimulus hopes from ECB, Fed
TOKYO, July 31 (Reuters) - Asian shares paused on Tuesday as investors grew cautious ahead of monetary policy meetings by the European Central Bank and the U.S. Federal Reserve, with scepticism countering expectations for more stimulus steps to support fragile global economies.
"With the market at a crossroads between satisfaction and disappointment, investors have little choice other than to sit on the sidelines for now and see what the central banks do," said Kim Soo-young, an analyst at KB Investment & Securities.
COMMODITIES-Up on grain rally; oil, copper off on stimulus worry
NEW YORK, July 30 (Reuters) - Grain markets extended their blistering rally o n M onday as worries about crop damage from the worst U.S. drought in a half century helped pull commodities higher, despite a drop in oil and copper prices.
"Soybeans are shrinking before our eyes," said grains analyst Rich Feltes of RJ O'Brien in Chicago. "Rains over the weekend were less than expected and there are forecasts for dry weather during the three most critical weeks for soybeans."
U.S. bets on producing oil with captured CO2
(John Kemp is a Reuters market analyst. The views expressed are his own)
LONDON, July 30 (Reuters) - The United States can extract billions of barrels of otherwise unrecoverable oil by injecting carbon dioxide (CO2) underground and also needs to bury CO2, produced by its reliance on coal for power and industry, to fight climate change.
Until now, the CO2 used for recovering oil has been specially extracted from underground but the government is working to use the lure of oil extraction to encourage the capture and storage of carbon produced from power stations.
OIL-Brent slips to near $106, economic woes trump lower OPEC output
NEW YORK, July 30 (Reuters) - Brent oil ended down for the first time in five sessions on Monday as worries that expected stimulus from the United States and Europe may fail to lift their economies overshadowed signs of lower OPEC production.
"Speculation over central bank action looks like it has gone too far," said Carsten Fritsch, an oil analyst at Commerzbank in Frankfurt.
Philippines to bid out disputed S.China Sea oil, gas blocks
MANILA, July 31 (Reuters) - The Philippines will offer three areas in the South China Sea for oil and gas exploration on Tuesday, two of them in waters also claimed by China.
Nido Petroleum Ltd of Australia, Spanish energy company Repsol , French gas and power firm GDF Suez and Italy's Eni are among 15 firms that have pre-qualified for the bids, although it is not clear if they will participate.
OPEC oil output falls in July on Iran
LONDON, July 30 (Reuters) - OPEC oil output fell further from its highest in four years in July as U.S. and European sanctions cut supply from Iran to the lowest in more than two decades, a Reuters survey showed on Monday.
Supply from the 12-member Organization of the Petroleum Exporting Countries has averaged 31.18 million barrels per day (bpd) in July, down from 31.63 million bpd in June, the survey of sources at oil companies, OPEC officials and analysts found.
POLL-U.S. crude stocks seen down on lower imports
July 30 (Reuters) - U.S. crude oil stockpiles likely fell last week after a pullback in imports, a preliminary Reuters poll showed on Monday.
Crude inventories are forecast to have fallen by 1.6 million barrels in the week to July 27, according to the survey of five analysts. Four analysts expected a drawdown, while one saw no change.ΕΎ
POLL-Heat, utility switching not enough to boost 2012 US gas prices
NEW YORK, July 30 (Reuters) - A scorching hot U.S. summer and a burst in demand from power utilities switching from coal to cheap gas has not proved enough to bolster significantly analysts' forecasts for natural gas prices.
As prices slid to 10-year lows below $2 per mmBtu in April, many electric utilities opted to switch off coal-fired plants and turn to gas to generate power, boosting consumption by about 7 billion cubic feet per day, or 10 percent.
NATURAL GAS-US natgas futures end up near 7 pct, front at 7-1/2-mth high
NEW YORK, July 30 (Reuters) - U.S. natural gas futures ended up sharply on Monday, with the front contract driven to a 7-1/2 month high by still-warm weather forecasts for the Northeast and Midwest that should force homeowners and businesses to crank up air conditioners.
"We've seen strong demand this summer, and (weather) forecasts continue to come in hotter than expected," said George Ellis, director at BMO Capital Markets in New York.
EURO COAL-Creeps higher despite oil fall
LONDON, July 30 (Reuters) - Physical prompt European coal prices firmed slightly on Monday despite oil's fall to $106 a barrel, more enquiries were seen for Q4 cargoes delivered into Europe but few trades were reported.
"Perhaps people are taking the possible impact of the Colombia rail strike more seriously," one European trader said.
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