GLOBAL MARKETS: Oil off highs, euro slips on euro zone debt fears
SINGAPORE, May 25 (Reuters) - The euro and oil prices slipped on Wednesday as a rally the previous day fizzled on nagging fears about Europe's spreading debt crisis and the potential for a further reduction of positions in risky assets.
The euro was down 0.3 percent after it recovered from a two-month low hit on Monday on a strong recovery in oil prices and better-than-expected German business confidence data.
OIL: Oil rises 2 pct as Goldman boosts price forecast
NEW YORK, May 24 (Reuters) - Oil rose 2 percent on Tuesday in choppy trading after Goldman Sachs raised its price forecasts for Brent crude, saying demand from economic growth will eat into stockpiles and OPEC spare capacity.
"Data showing U.S. home sales rose in April was supportive to the market, in addition to the buying encouragement prompted by the Goldman Sachs forecast for higher Brent crude prices," said Joe Posillico, broker at MF Global in New York.
Japan April crude oil import volume down 14.0 pct
TOKYO, May 25 (Reuters) - The volume of Japan's customs-cleared crude oil imports fell 14.0 percent in April from the same month a year earlier, the Ministry of Finance said on Wednesday.
Economic activity in Japan has been hurt by a magnitude 9.0 quake and tsunami on March 11 that devastated the northeast coast, damaging roads, ports and other infrastructure and disrupting supply chains.
US crude stocks fall, gasoline stocks rise - API
NEW YORK, May 24 (Reuters) - U.S. crude oil stocks last week fell less than expected while gasoline stocks rose far more than analysts had forecast, the American Petroleum Institute said in its weekly report on Tuesday.
Domestic crude stocks fell 860,000 barrels in the week to May 20, the report showed, compared with expectations for a 1.3 million-barrel draw in a Reuters poll of analysts.
NATURAL GAS: Natural gas ends near flat after seesaw session
NEW YORK, May 24 (Reuters) - U.S. natural gas futures ended near unchanged on Tuesday after a seesaw session, as warm weather this week, firm cash prices and recent drilling rig declines offset early technical selling after a two-day run up.
"I'm not sure why paper (futures) tried to sell off - maybe a little back filling after the run up - but the South is warming up, and (Henry) Hub cash was trading above the screen again," a Houston-based trader said, adding there was a lot of storage to be filled which should support physical prices.
EURO COAL: ARA prices stable despite oil rise
LONDON, May 24 (Reuters) - Coal prices were little changed on Tuesday despite oil's $2 rise, as oversupply and lack of prompt demand weighed on DES ARA and FOB physical values.
Coal prices ought to soften by at least another $5 in the immediate term due to a temporary oversupply in Europe and weak demand in Asia, utilities, traders and producers said.
COMMODITIES: Oil, metals off highs as dlr recovers; grains dive
NEW YORK, May 24 (Reuters) - Commodities pared gains on Tuesday as the dollar recovered from early weakness, taking energy and metals prices off their highs and extending May's sharp swings in commodities.
"The forthcoming end of QE (quantitative easing) is taking some froth out of the commodity markets and there are some economic clouds around," said Simon Wardell, oil analyst at Global Insight.
No comments:
Post a Comment