Thursday, June 30, 2011

20110630 1207 Global Market & Commodities Related News.

GLOBAL MARKETS: Greek vote boosts markets; commodities rise
NEW YORK, June 29 (Reuters) - World stocks rose for the third straight day and oil prices jumped on Wednesday after Greece's parliament approved the first of two austerity measures aimed at preventing the country from going bankrupt. "Certainly the fear that Greece is going to default now  has subsided," said Ken Polcari, managing director of ICAP Equities in New York. "Although it is still not a done deal -- but the fact is, it is certainly moving along, so that is obviously positive."

OIL: Oil jumps 3 pct on U.S. stock draws, Greek vote
NEW YORK, June 29 (Reuters) - Oil jumped as much as 3 percent on Wednesday, ending at the highest level in a week,  as sharp drawdowns in U.S. crude and gasoline stocks fed a rally spawned when Greece passed an austerity plan to avoid a sovereign debt default. "The oil market has been wrong-footed by the crude withdrawal, which is  at least twice as big as people had expected," said Addison Armstrong, market research senior director at Tradition Energy in Stamford, Connecticut.

NATURAL GAS: Natural gas ends lower, weather limits loss
NEW YORK, June 29 (Reuters) - U.S. natural gas futures ended lower on Wednesday, as technical selling after three straight  session gains was partly offset by warm U.S. weather forecasts for the next week that should translate into stronger demand. "I think this was just a little back filling after yesterday's strong settle (July expiration), but there's still plenty of heat around," a Texas-based trader said.

COMMODITIES: Rally enters day 2 on Greece vote, US fuel demand
NEW YORK, June 29 (Reuters) - Commodities rallied for a second day on Wednesday, as the dollar fell after Greece cleared a critical hurdle to its debt bailout and U.S. fuel demand rose, emboldening investors who fled the sector just days ago. "The oil market has been wrong-footed by the crude withdrawal, which is at least twice as big as people had expected," said Addison Armstrong, market research senior director at Tradition Energy in Stamford, Connecticut.

Qatar keeps August crude supply to Asia steady-source
TOKYO, June 30 (Reuters) - Qatar, one of OPEC's smallest producers, has notified at least one Asian buyer that it will supply Marine and Land crude at full contracted volumes for August, unchanged from July levels, a trade source said on Thursday.
It has been supplying both grades at full contracted volumes since August 2009.

US 2010 oil refining capacity highest in 29 years-EIA
WASHINGTON, June 29 (Reuters) - U.S. oil refining capacity increased to its highest level in nearly three decades during 2010, but refining operations remain well below historical highs seen in the 1990s, the Energy Information Administration said Wednesday.
There were 148 refineries operating in the U.S. at the beginning of 2011 with a capacity to produce 17.7 million barrels of petroleum products a day, up 0.9 percent, or 152,000 barrels per day, from the pervious year, the EIA said.

Europe oil stocks sale begins, market confused
HAMBURG/LONDON, June 29 (Reuters) - Sales of emergency oil stocks began in Europe on Wednesday, as part of a plan by consuming nations to cool prices, but traders complained about confusing signals from different countries and industry lobbies warning of price spikes.
The West's energy watchdog, the International Energy Agency, shocked energy markets last week by announcing the release of 60 million barrels of oil and products to compensate for the loss of Libyan crude. The aim was to prevent high oil prices from hitting a fragile economic recovery.

US oil demand drops in April, first since Nov 2009
WASHINGTON, June 29 (Reuters) - U.S. oil demand in April was weaker than previously projected, with monthly oil consumption posting its first year-over-year drop since November 2009, the U.S. government said on Wednesday.
April petroleum demand fell to 18.613 million barrels per day, down 1.57 percent from a year earlier, the Energy Information Administration said in its petroleum supply report.

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