GLOBAL MARKETS-Asian shares gain after euro ruling lifts mood
SINGAPORE, Sept 8 (Reuters) - Asian stocks rose on Thursday, as investors took heart from a German court ruling that staved off an immediate worsening of the euro zone crisis and looked towards an announcement later from U.S. President Barack Obama on a new job-creation package.
"Buybacks and short-covering will continue, but the upside is heavy until we can confirm the strength of the U.S. economy and see an improvement in Europe," said Kenichi Hirano, operating officer at Tachibana Securities in Tokyo.
Oil jumps $3 to 5-week high on storm concerns, Europe
NEW YORK, Sept 7 (Reuters) - Oil rose by more than $3 to a five-week high on Wednesday, boosted by production outages in the Gulf of Mexico and tracking a surge in equity markets after a ruling by Germany's top court soothed euro zone fears.
"This is going to make it difficult to get people back on rigs -- it looks like we could have an extended period of having production offline" said Phil Flynn, analyst at PFGBest Research in Chicago.
POLL-US crude stocks seen lower due to bad weather
NEW YORK/BANGALORE, Sept 7 (Reuters) - U.S. crude stockpiles are expected to have dropped last week after Tropical Storm Lee forced production shut-ins in the Gulf of Mexico, an extended Reuters poll showed on Wednesday.
Of 13 analysts polled ahead of the weekly inventory reports, only two expected a rise in crude stocks, with the average forecast calling for a drop of 1.9 million barrels in the week to Sept. 2.
US cuts world oil demand growth on economy
WASHINGTON, Sept 7 (Reuters) - Global oil demand will grow less than previously projected next year as the economy staggers, the U.S. government forecast on Wednesday.
World consumption will rise by 1.39 million barrels per day or around 1.6 percent next year, the Energy Information Administration said, some 250,000 bpd less than it forecast a month ago. This year's growth forecast was unchanged at 1.37 million bpd.
US gasoline demand down in Irene's wake-MasterCard
NEW YORK, Sept 7 (Reuters) - U.S. retail gasoline demand fell precipitously last week as Hurricane Irene brought East Coast driving to a halt, MasterCard said in its weekly SpendingPulse report on Wednesday.
Average demand fell 4.2 percent year-on-year last week, before the Labor Day holiday weekend, as Irene damaged road infrastructure when it pummeled the Eastern Seaboard states.
First roiled by tropical weather, natgas finishes flat
NEW YORK, Sept 7 (Reuters) - U.S. natural gas futures settled almost flat on Wednesday after trading above $4 as traders brushed off the formation of another tropical storm in the Atlantic and more tropical weather brewing in the Gulf of Mexico and focused on slack seasonal demand ahead.
"The tropical disturbances and oil and equity market rally triggered nervousness in the market," said Gene McGillian, energy analyst with Tradition Energy in Stamford, Connecticut.
Euro Coal-China buying picks up, prices stable
LONDON, Sept 7 (Reuters) - European prompt physical coal fell by around 50 cents a tonne on Wednesday for the third day running but prices have remained in the same $5 a tonne range seen for most of this year, traders and European utilities said.
"There's been fairly steady buying but only by one or two parties but there are more offers than bids," one European utility source said.
COMMODITIES-Oil leaps on weather; gold down on eurozone bets
NEW YORK, Sept 7 (Reuters) - Oil prices rose their most in a month on Wednesday on weather-related disruptions to U.S. output, and gold took its steepest dive in two weeks as investors ditched safe havens and bought stocks.
"The equity market correlation (to oil) is running about 85 percent over the past two months," said John Kilduff, partner at Again Capital, an energy-based fund in New York.
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