Monday, December 10, 2012

20121210 1138 Global Markets & Energy Related News.

GLOBAL MARKETS-Asian shares firm as China, U.S. data brighten outlook
SINGAPORE, Dec 10 (Reuters) - Asian shares crept higher as investors took heart from economic data from China and the United States that raised hopes about the outlook for growth in the world's top two economies.

FOREX-Euro stung by euro zone worries; China trade data eyed
SYDNEY, Dec 10 (Reuters) - The euro came under pressure in Asia as the prospect of a recession in Germany and renewed concerns about Italy weighed on sentiment, while strong Chinese data helped support the Australian dollar.
"We're seeing a building of interest rate-cut expectations really start to take off," said Ilya Spivak, currency strategist at DailyFX in Sydney.

U.S. employment ducks Superstorm Sandy's punch
WASHINGTON, Dec 7 (Reuters) - U.S. companies kept up their slow but steady hiring pace in November, defying predictions that Superstorm Sandy would deal a big blow to the labor market.
While the unemployment rate fell to a near four-year low of 7.7 percent, that was only because many Americans gave up the hunt for work, tempering the signal from the stronger-than-expected payrolls growth.

Oil seesaws as US job growth offsets budget deadlock
NEW YORK, Dec 7 (Reuters) - Oil prices were little changed on Friday after data showing U.S. job growth offset statements by U.S. Republican lawmaker John Boehner indicating deadlock in talks to avert a U.S. budget crisis.
"Oil got a boost from the jobs numbers, but the consumer confidence pulled us back some and now traders will have to decide if they want to be short going into the weekend with the situation in the Middle East still so volatile," said Phil Flynn, analyst at Price Futures Group in Chicago.

U.S. energy agency adopts Brent, drops U.S. crude
LONDON, Dec 7 (Reuters) - The U.S. government's energy agency has adopted North Sea Brent crude  as its benchmark for oil forecasts, dropping its domestic benchmark, saying it no longer reflects the price paid for oil by U.S. refineries.
The Energy Information Administration  said in its annual energy outlook it was abandoning West Texas Intermediate, traded on the New York Mercantile Exchange, and switching to Brent on the InterContinental Exchange.

Iraq sees near-record 3.7 mbpd oil output in 2013
VIENNA, Dec 9 (Reuters) - Iraq, the world's fastest growing crude exporter, expects more quick gains next year as foreign companies push production towards the highest level ever, Iraqi Oil Minister Abdul-Kareem Luaibi said on Sunday.
After stagnating for decades due to wars and sanctions, Iraq's oil output began to rise in earnest in 2010 after Baghdad secured service contracts with companies such as BP, Eni, Exxon Mobil  and Royal Dutch Shell.

US natural gas rig count off for 2nd week-Baker Hughes
NEW YORK, Dec 7 (Reuters) - The number of rigs drilling for natural gas in the United States fell this week for the second straight week as relatively soft gas prices continued to pressure producers to scale back dry-gas drilling operations.

Forecast drop in Alaskan oil output brings fiscal challenge
ANCHORAGE, Alaska, Dec 7 (Reuters) - Oil production from Alaska's declining North Slope fields is expected to fall 4.5 percent this fiscal year, posing a growing challenge for the state's finances, Alaska's Department of Revenue said this week.
North Slope output should drop to an average 552,800 barrels per day in the 12 months ending June 30, down from 579,100 bpd in fiscal 2012, the Department said in a semiannual release on its website earlier this week.

China seen raising Saudi oil imports 11 pct in 2013 –trade
BEIJING, Dec 7 (Reuters) - China's crude oil imports from Saudi Arabia are likely to rise about 11 percent next year, faster than this year's growth rate, as refiners lift output in anticipation of an economic recovery and an increase in fuel demand, industry officials said.
China, the world's second-largest crude consumer, is expected to buy about 1.17 million barrels per day (bpd) of Saudi oil next year, 120,000 bpd more than this year's contracted amount. The figures are based on estimates by industry sources with direct knowledge of the supply situation.

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