Thursday, October 11, 2012

20121011 1102 Global Markets & Energy Related News.

GLOBAL MARKETS-Asian shares weak on growth woes, euro on backfoot
HONG KONG, Oct 11 (Reuters) - Asian shares tracked Wall Street lower as weak forecasts from U.S. corporate bellwethers underscored concern over global demand, particularly from China, and kept oil and other commodity prices under pressure.
"With U.S. stocks falling, and IMF and World Bank raising alarms about the Chinese growth slowdown, market sentiment is against risk - and growth-sensitive or high-yielding currencies are prone to downside risks," said Yuji Saito, director of foreign exchange at Credit Agricole in Tokyo.

U.S. heating oil futures ripe for short squeeze
By Robert Campbell
NEW YORK, Oct 10 (Reuters) - Get ready for another oil products price spike: U.S. heating oil looks like a juicy target. Inventories are at record low levels and infrastructure constraints that impede relief are getting worse.
The fuel is a niche product with a shrinking customer base but because the New York Harbor heating oil futures contract is the basis of diesel prices throughout the Americas, any surge in prices will be felt well beyond the U.S. East Coast.

OIL-Oil falls as economic worries, stock market pressure
NEW YORK, Oct 10 (Reuters) - Oil prices fell in volatile trade on Wednesday as ongoing concerns about the economy and a weak kick off to the earnings season weighed on stock markets.
"Although (U.S. crude) managed to further yesterday's Middle East driven price spike early in the session, it subsequently succumbed to a triple digit slide in the (Dow Jones industrials) that sent off further caution flags regarding global economic recovery," Jim Ritterbusch, president at Ritterbusch & Associates, said in a note.

POLL-US crude stocks seen rising on higher imports last week
Oct 10 (Reuters) - U.S. crude oil inventories were expected to have risen last week on additional imports, after two straight weeks of declines, an expanded Reuters poll of analysts showed on Wednesday.
The poll of 12 analysts' forecast weekly U.S. stockpiles data would show crude inventories up 800,000 barrels for week ended Oct. 5. Nine analysts predicted a build in stockpiles in the data, delayed by one day this week because of the Columbus Day holiday on Monday.

NATURAL GAS-US natural gas futures end mixed, fronts gain
NEW YORK, Oct 10 (Reuters) - Front-month U.S. natural gas futures ended higher on Wednesday for a third straight day, with chilly U.S. weather this week stirring demand, but milder Northeast and Midwest weather forecasts for next week helped limit the upside.
"I think we're seeing a lot of defensive buying (or hedging) by end users before winter, and there's been a lot of fresh buying from speculators, but we're looking for a pullback," Gelber & Associates analyst Aaron Calder said, adding he expected milder weather to pressure prices.

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