GLOBAL MARKETS: Dollar, stocks fall on Moody's U.S. credit review
NEW YORK, July 13 (Reuters) - U.S. stock futures and the dollar fell late Wednesday after Moody's Investors Service warned the United States may lose its prized AAA credit rating, reversing a rally on Wall Street.
"They've been threatening to do it for the last 60 days," said Cliff Draughn, president and chief investment officer at Excelsia Investment Advisors in Savannah, Georgia. "What has been beginning to spook Moody's and some other people is that Congress may be dumb enough to actually default on the debt."
OIL: Oil up second day on Bernanke comments, US draw
NEW YORK, July 13 (Reuters) - Oil futures rose for a second day on Wednesday, as U.S. Federal Reserve Chairman Ben Bernanke signaled more stimulus coming if the economy weakens, and U.S. crude inventories fell more than expected last week.
"Bernanke's comments plus the EIA's crude stock draw pulled up crude futures," said Chris Dillman, analyst at Tradition Energy in Stamford, Connecticut.
Mexico's H1 oil output inches up after delays
MEXICO CITY, July 13 (Reuters) - Mexico's oil output rose less than one percent in the first half of the year compared to a year ago as state monopoly Pemex pumped 10,000 barrels held up for the past 6 months due to technical and weather delays.
Pemex produced 2.575 million barrels per day (bpd) in January through June compared to 2.565 million in 2010, the company said on Wednesday.
NATURAL GAS: Heatwave drives natural gas up for fourth day
NEW YORK, July 13 (Reuters) - Front-month U.S. natural gas futures ended higher on Wednesday for a fourth day, as near record temperatures over much of the nation spiked demand despite concerns about record high gas production this year.
"About two-thirds of the country are experiencing much above-normal temperatures, and that's increasing the need for electric power for cooling. With all the heat around, we should also see lower injections which could sustain higher prices," said Tom Saal, senior vice president at INTL Hencorp Futures in Miami.
EURO COAL: Prices rise 25 cents a tonne
LONDON, July 13 (Reuters) - Prompt physical coal prices ticked up 25 cents a tonne on Wednesday in line with crude's gain.
"There are Indian players and really any trader or utility would look at buying at $110 or nearby or a discount of $5 a tonne to API4 but anything higher than that and you will struggle to get a buyer for a July loading cargo," one European trader said.
COMMODITIES: Gold at record high; most commods rise on dlr, Fed
NEW YORK, July 13 (Reuters) - Gold hit record highs on Wednesday on safe-haven buying linked to the European debt crisis and a dollar weakened by hints of more economic stimulus from the Federal Reserve, while supply concerns drove most other commodities higher.
The 19-commodity Reuters-Jefferies CRB index settled up almost 1.5 percent after U.S. government data showing strong fuel demand boosted oil prices, and corn and wheat extended gains posted on Tuesday from lower stockpile estimates.
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