Wednesday, November 7, 2012

20121107 1144 Global Markets & Energy Related News.

GLOBAL MARKETS-Asian shares steady, counting starts in US election
TOKYO, Nov 7 (Reuters) - Asian shares were capped while the safe-haven yen gained as investors remained guarded against the risk of an indecisive outcome in the close-fought U.S. presidential election, with early counting as yet showing no clear winner.
"Markets see the lack of clarity in the key state of Ohio as heightening the risk of an inconclusive election result, spurring selling of the euro against the yen, or buying of the yen in general on risk aversion," said Yuji Saito, director of foreign exchange at Credit Agricole in Tokyo.

OIL-Oil up with Wall Street as U.S. goes to the polls
NEW YORK, Nov 6 (Reuters) - Oil rose 3 percent on Tuesday, rallying a second straight session and receiving a lift from gains on Wall Street as investors awaited U.S. election results.
"The market was oversold (last week)," said Christopher Bellew, a broker at Jefferies Bache. "It has been a very long move downwards from $115 down to about $105, so it's quite likely that we are going to continue upwards."

POLL-Stronger US economy to push up natgas prices 35 pct in 2013
NEW YORK, Nov 6 (Reuters) - Rescued from 10-year lows by record summer heat and strong utility demand, U.S. natural gas prices should rise 35 percent next year as production growth tapers off and economic activity increases, according to a Reuters poll of analysts.
U.S. consumers and businesses that rely on natural gas caught a break earlier this year when record high domestic production and inventories stoked by a mild winter and a boom in shale gas production pushed prices to decade lows below $2 per million British thermal units.

POLL-US crude inventories seen up, products down due to Sandy
Nov 6 (Reuters) - U.S. crude oil inventories are forecast to have risen last week while product stocks were seen falling after disruptions to pipelines, imports and refineries caused by Hurricane Sandy upended trade, an expanded Reuters poll of analysts showed on Tuesday.
Sandy ravaged the Northeast fuel production and distribution network, with some refineries shutting and others cutting runs, reducing demand for crude. Pipeline and port closures, which limit imports, cut supplies of refined fuel to the region, potentially causing stockpiles to be drawn down.

NATURAL GAS - Cold snap drives U.S. natgas futures higher
NEW YORK, Nov 6 (Reuters) - U.S. natural gas futures ended higher on Tuesday, backed by expectations for a fairly light weekly inventory build and by chilly weather this week that has stirred more heating demand despite concerns about record-high supplies.
"Temperatures are pretty cold this week, and there's a storm headed up the East Coast, not as big as Sandy, but it could bring some snow and wind and knock down power lines again," said Gelber & Associates market analyst Aaron Calder.

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