Wednesday, November 28, 2012

20121128 1128 Global Markets & Energy Related News.

GLOBAL MARKETS-Asian shares fall as focus shifts to US budget talks
TOKYO, Nov 28 (Reuters) - Asian shares ended a seven-day winning streak  as investor concern rose over whether U.S. lawmakers were putting the world's largest economy at risk of a recession by failing to make headway in their budget talks.
"The uncertainty brought by this approach makes European assets, including the EUR, vulnerable to global growth risks. For that reason, we think the European muddle through amplifies the market's response to the fiscal cliff discussion in the US."

Obama promotes tax agenda, U.S. Congress in stand-off
WASHINGTON, Nov 27 - President Barack Obama on Tuesday launched a public relations push for his bid to raise taxes on wealthy Americans, but U.S. lawmakers remained deadlocked over dramatic, year-end tax increases and spending cuts known as the "fiscal cliff."
At the White House, small business leaders emerged from a one-hour meeting with Obama to voice support for his goal of extending low tax rates for the middle class beyond the end of the year, while letting rates rise for wealthier taxpayers.

FOREX-Euro moves lower on US fiscal fears, Greece debt doubts
TOKYO, Nov 28 (Reuters) - The euro moved away from the previous session's one-month high against the dollar in early Asian trading as investors' relief about a new debt target for Greece turned to unease about the looming U.S. fiscal crisis.
"The muddle through approach in Europe may amplify the outcome of the U.S. fiscal cliff discussions," strategists at Barclays wrote in a note to clients on Wednesday.

OIL - Oil dips on U.S. budget worries, gasoline rises
NEW YORK, Nov 27 (Reuters) - Oil prices fell on Tuesday, weighed down for a second straight day by concerns about key U.S. budget talks, while gasoline futures got a boost from low inventory levels.
"The euro zone still has growth issues even if we accept the Greek deal as enough to sustain financial stability and keep Greece in the European Union," said Tim Evans, an energy analyst for Citi Futures Perspective.

CNOOC, Nexen pull and resubmit US deal application
CALGARY, Alberta, Nov 27 -China's state-owned CNOOC Ltd and its Canadian takeover target Nexen Inc said on Tuesday they withdrew and resubmitted their application for U.S. approval of their $15.1 billion deal, as Canada gets close to a crucial decision on whether to approve the transaction.
The energy companies said discussions with the Committee on Foreign Investment in the United States are still going on, "with a view to completing the CFIUS review process as expeditiously as possible." They did not provide a reason for the move.

Libya oil ministry proposes shake-up of key industry
Nov 27 - Libya's oil ministry is proposing to separate the OPEC member’s exploration and production activities from refining, shaking up the running of its key industry by creating two separate bodies that would be headquartered in Tripoli and Benghazi.
In a move that could be seen as appeasing calls for more authority in the oil-rich east, new Oil Minister Abdelbari al-Arusi said the ministry was proposing to set up a body dealing with Libya's oil refining and petrochemicals in Benghazi.

Iran agrees to transit of Turkmen gas -Shana
DUBAI, Nov 27 - Iran has agreed to allow Turkmenistan to pump its gas across northern Iran to Turkey and Armenia, the director of Iran's state gas company, Javad Oji, was quoted by Iran's oil ministry news website as saying.
Iran's Fars news agency reported Iranian Oil Minister Rostam Qasemi when he arrived in Turkmenistan for talks on Tuesday as saying that he also planned to discuss increasing the volume of gas Iran imports from Turkmenistan.

BP sells Turkish LPG assets to Russia's Oteko
ISTANBUL, Nov 27 - British oil major BP's Turkish unit said it had sold its liquefied petroleum gas assets and Petgaz business in Turkey to Russia's Oteko Group, which transports crude oil and oil products within Russia.
The sale was part of BP's plan to exit its liquefied petroleum gas bottle- and tank-filling businesses worldwide after reviewing the operations last year.

Enbridge rations capacity on U.S. oil pipelines for December
Nov 26 - Enbridge Inc said on Monday it will ration capacity on several of its U.S. Midwest oil pipelines in December after nominations from its shippers exceeded capacity.
Enbridge, whose pipelines carry most Canadian crude exports to the United States, said its Line 5 is apportioned by 12 percent; Line 14 by 4 percent; Line 6B by 14 percent; Lines 6A and 62 in aggregate by 10 percent; Lines 4 and 67 in aggregate ex-Kerrobert and Hardisty by 13 percent, respectively; and Line 4 ex-Edmonton by 10 percent.

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