GLOBAL MARKETS: Stocks at 1-month low, euro edges up
NEW YORK, May 17 (Reuters) - World stocks fell to a one-month low on Tuesday on Europe's debt crisis and data that spurred new doubts about the global economic recovery, while a late pick-up in the euro brought commodities off early lows.
"Today's market largely reflects the intensifying concerns that the global economy is slowing or worse," said Hugh Johnson, chief investment officer of Hugh Johnson Advisors LLC in Albany, New York.
OIL: Crude bounces from 12-week low after U.S. data
TOKYO, May 18 (Reuters) - U.S. crude futures bounced back on Wednesday after ending at a 12-week low following industry data that showed a surprise drop in U.S. product inventories.
U.S. crude stocks rose 2.7 million barrels last week, gasoline stocks fell 676,000 barrels and distillates dropped 2.8 million barrels, American Petroleum Institute data showed after Tuesday's settlement.
NATURAL GAS: ARA prices dip in line with oil's reversal
LONDON, May 17 (Reuters) - European coal prices were around $1.00 a tonne lower on Tuesday as the market tracked oil's earlier gains and later reversal and in the absence of clear fundamental direction.
"Coal is mostly just following oil, there's been very little physical buying and players in coal swaps aren't taking big positions," one major European swaps trader said.
EUROCOAL: ARA prices dip 50 cents on oil fall, dollar
LONDON, May 16 (Reuters) - European coal prices softened by around 50 cents a tonne on Monday in line with oil's slight fall and the stronger dollar but few trades were reported.
"Demand is weak in Europe but the full impact of weak demand and increasing arrivals of coal cargoes has yet to be felt or reflected in prices," one major European utility said.
COMMODITIES: Grains surge again as oil, gasoline slip
NEW YORK, May 17 (Reuters) - Grains markets kept up a feverish rally on Tuesday on weather concerns while crude oil fell again after weak U.S. economic data fed worries about oil demand in the world's top energy consumer.
"I do think this grains rally has legs, and we could see money coming out of other sectors to keep it going," said Sterling Smith, analyst at Country Hedging Inc. in St. Paul, Minnesota.
U.S. oil prices climb more than $1 on products drop
HOUSTON, 17 May (Reuters) - U.S. crude oil futures jumped more than $1 a barrel after Tuesday's settlement as the industry group American Petroleum Institute reported drops in national gasoline and distillate stockpiles last week.
June delivery crude hit $98.00 a barrel, up $1.09 a barrel. on the New York Mercantile Exchange's Globex trading platform.
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