20110811 1130 Global Commodities Related News.

GLOBAL MARKETS: Asia stocks down but fall limited by US futures
SINGAPORE, Aug 11 (Reuters) - Asian stocks fell 1-2 percent on Thursday as the fallout from Wall Street's 4 percent drop overnight was limited by a rise in U.S. stock futures, while gold climbed above $1,800 an ounce to a new record, reflecting fears over Europe's worsening financial crisis.
"The market is in a bit of heat-seeking missile mode looking for vulnerabilities around the world, and Europe is obviously in its sights at this point in time," said Grant Turley, senior strategist at ANZ in Sydney.

OIL: Oil falls more than $1 on bleak economic outlook
SINGAPORE, Aug 11 (Reuters) - Oil fell more than $1 in early trade on Thursday, reversing the previous session's gains, on worries that the debt crisis in Europe is spilling in to France amid a weaker economic outlook in the United States.  
A storm of market questions on the financial solidity of a major French bank and talk of an impending downgrade of France's credit rating, all denied by authorities, rattled financial markets

S&P controversy fuels demands for ratings reforms
WASHINGTON, Aug 10 (Reuters) - Concerns about S&P's downgrading of the U.S. credit rating and the resulting global stock sell-off are sparking urgent calls for investigations and reinvigorating ongoing efforts to reform the ratings agencies, which have been under fire since the Enron scandal of 2001.
Representative Maxine Waters, a California Democrat, on Wednesday called for the House Financial Services Committee to hold a hearing on the implications of the S&P downgrade.

Oil falls more than $1 on bleak economic outlook
SINGAPORE, Aug 11 (Reuters) - Oil fell more than $1 in early trade on Thursday, reversing the previous session's gains, on worries that the debt crisis in Europe is spilling in to France amid a weaker economic outlook in the United States.  
Brent crude  fell as low as $105.00 a barrel and traded $1.24 lower at $105.44 by 0023 GMT. U.S. light crude  slumped as low as $81.14 and traded down $1.25 a barrel at $81.64.

US crude and products post surprise draw on week-EIA
NEW YORK, Aug 10 (Reuters) - U.S. crude and oil products stocks posted surprise drawdowns last week as crude imports fell slightly and refinery utilization increased, U.S. Energy Information Administration data showed on Wednesday.
Crude stocks fell 5.23 million barrels to 349.75 million barrels in the week to Aug. 5. Analysts polled by Reuters had projected a 1.5 million barrel build on average.

New Russia oil export duty expected Oct 1 -source
MOSCOW, Aug 10 (Reuters) - Russia is likely to introduce planned cuts in the oil export duty regime on Oct 1, a source close to the government body responsible for the tariff told Reuters, a move it hopes will boost investment in local fields.
The source added that the world's largest oil producer is expected to make a final decision on the details of the duty at the end of this month.

NATURAL GAS: NYMEX - Natgas ends up slightly on warm forecast, technicals
NEW YORK, Aug 10 (Reuters) - U.S. natural gas futures mostly ended slightly higher on Wednesday, underpinned by more technical buying after a three-week slide and warmer extended forecasts for the Northeast and Midwest that should stir more demand.
"I think shorts are losing interest now and getting out, looking for something else, but the market is still mostly range bound," a Houston-based trader said.

EURO COAL: Prices rise, supported by oil
LONDON, Aug 10 (Reuters) - Prompt physical coal prices rose modestly on Wednesday in light trade tracking firmer sentiment on oil.
"Things have moved up a touch today on the back of oil rebounding," a coal trader in Europe said.

COMMODITIES: Gold passes $1,800 on France jitters, oil up too
NEW YORK, Aug 10 (Reuters) - Safe-haven buying lifted gold above $1,800 per ounce for the first time and oil rebounded from six month lows on Wedesday as confidence in the U.S. and euro zone economies eroded fast, while the outlook for Chinese commodities demand brightened.
"The skies would appear to be clear for these safe havens like gold," said Andrew Wilkinson, senior market analyst at Interactive Brokers Group, Greenwich, Conn. With the debt woes spilling over into the world's biggest economics, "we don't know where this thing is going to stop anymore."