Monday, November 5, 2012

20121105 1110 Global Market & Energy Related News.

GLOBAL MARKETS-Asian shares ease on caution before U.S. elections
TOKYO, Nov 5 (Reuters) - Asian shares fell, tracking a sell-off in global shares late last week, as investors continued to shed risk ahead of the closely fought U.S. presidential election and looked past a strong U.S. jobs data to fragile economic growth worldwide.
"Investors hate uncertainty, so there will be a sigh of relief when the election is over. Provided there is a clear election result and no change in the divided Congress, then traders and investors will see it as 'business as usual'," said Craig James, chief economist at CommSec.

OIL-Oil falls as U.S. acts to boost East Coast fuel supply
NEW YORK, Nov 2 (Reuters) - Crude oil and gasoline futures fell more than 2 percent on Friday after Washington issued a waiver allowing foreign tankers to bring fuel to the East Coast from U.S. ports, holding out some promise of relief from supply disruptions caused by superstorm Sandy.
"I think economic uncertainty and next week's (U.S.) elections are weighing on oil prices. You also have the statement that the Jones Act is going to be waived for a week, suggesting some supplies are going to return," said analyst Gene McGillian at Tradition Energy in Stamford, Connecticut.

U.S. gasoline prices post biggest fall in nearly 4 years-survey
NEW YORK, Nov 4 (Reuters) - The average U.S. price for a gallon of regular gasoline took its biggest drop since 2008 in the past two weeks, due to lower crude oil prices, a big price drop in pump prices in California and Hurricane Sandy, according to a widely followed survey released on Sunday.
Gasoline prices averaged $3.5454 per gallon on Nov. 2, down 20.75 cents from Oct. 19 when drivers were paying $3.7529 at the pump, Lundberg said.  

U.S. government tries to get fuel to storm-hit Northeast
WASHINGTON, Nov 2 (Reuters) - The U.S. government on Friday sought to ease the fuel crunch paralyzing the storm-struck Northeast saying the military would buy motor fuel and truck it there and allow foreign tankers from the Gulf of Mexico to deliver oil products.
The Department of Homeland Security waived the Jones Act, a law that normally prohibits foreign-flagged vessels from shipping gasoline, diesel and other petroleum products, from the Gulf of Mexico to Northeastern ports. The waiver, effective immediately, requires shipments to leave the Gulf region by Nov. 13 and arrive in the Northeast within a week.

NATURAL GAS - US natgas futures end down 4 pct, forecasts turn milder
NEW YORK, Nov 2 (Reuters) - U.S. natural gas futures ended lower on Friday as widespread power outages from Hurricane Sandy slowed demand and weather forecasts for late next week turned milder despite the outlook for some near-term cold that should stir more heating load.
"It looks like the weather is going to warm up a little late next week. We already have record high storage, and we don't have enough (cold) weather yet to see (inventory) withdrawals," said Steve Mosley at SMC Advisory Services in Arkansas.

EURO COAL-Prices dip with Asia on low demand
LONDON, Nov 2 (Reuters) - Prompt South African coal prices eased below the $81 per tonne mark on Friday amid few signs of demand in an oversupplied market.
One January-loading South African cargo traded today at $80.95 a tonne FOB, down 5 cents from the previous day's deal level as sellers continued to outnumber buyers.

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