GLOBAL MARKETS-Stocks steady ahead of Fed, euro recovers
HONG KONG, Sept 21 (Reuters) - Asian stocks held steady on Wednesday ahead of the conclusion of a two-day U.S. Federal Reserve policy meeting in which Chairman Ben Bernanke is widely expected to announce further steps to stimulate a flagging economic recovery.
The Fed is expected to announce plans to intervene in the bond market to push long-term interest rates -- already near historic lows -- even lower in a move known as Operation Twist.
Japanese Stocks Advance After China Leading Indicator Shows Growth (Bloomberg)
Japanese stocks advanced after a leading Chinese indicator signaled economic growth in Japan’s biggest export market is withstanding a global slowdown. The Nikkei 225 (NKY) Stock Average gained 0.4 percent to 8,759.40 as of 12:45 p.m. in Tokyo, after earlier falling as much as 0.2 percent. The broader Topix index advanced 0.4 percent to 757.83.
China’s Stocks Rise Most in Two Weeks as Indicator Shows Growth (Bloomberg)
China’s stocks rose, sending the benchmark index to its biggest gain in two weeks, after a gauge of economic indicators signaled growth is withstanding Europe’s debt crisis and faltering growth in the U.S. PetroChina Co. led gains by commodity producers after the The Conference Board said its leading indicator index rose 0.6 percent in July, citing a preliminary reading. Dongfang Electric Corp. paced a rally by nuclear power-related companies after the China Securities Journal said the government may resume approvals for nuclear-power projects next year. The Shanghai Composite Index added 1 percent to 2,472.02 at 10:58 a.m., set for the biggest advance since Sept. 7 and erasing a 0.4 percent drop. The measure closed at a 14-month low on Sept. 19. The CSI 300 Index (SHSZ300) rose 0.8 percent to 2,710.81.
Japan Aug crude oil import volume up 1.2 pct
TOKYO, Sept 21 (Reuters) - The volume of Japan's customs-cleared crude oil imports rose 1.2 percent in August from the same month a year earlier, the Ministry of Finance said on Wednesday.
Japan, the world's third-biggest oil consumer, imported 18.376 million kilolitres (3.73 million barrels per day) of crude oil last month, the preliminary data showed.
US crude and oil products stocks rise-API
NEW YORK, Sept 20 (Reuters) - U.S. crude stocks rose last week as imports expanded, while oil product stocks rose modestly as refiners boosted utilization, weekly data from trade group American Petroleum Institute (API) showed on Tuesday.
Crude stocks in the United States rose by 2.6 million barrels in the week to Sept. 16, API said.
Nigeria crude oil output 1.8 mln bpd - NNPC
ACCRA, Sept 20 (Reuters) - Nigeria is producing 1.8 million barrels of crude oil per day, down from a capacity of 2.5 million bpd as the West African nation adheres to its OPEC output restrictions, an official at Nigerian National Petroleum Corporation told Reuters on Tuesday.
OPEC's most recent monthly report says in August Nigeria produced 2.27 million bpd.
Oil downside risk rises as economic outlook darkens
LONDON, Sept 20 (Reuters) - A series of supply squeezes have helped keep oil strong this year but some of them have been short-term factors and could give way to longer-term weakness as the outlook for the world economy and global fuel demand dims.
The uprising against Muammar Gaddafi in Libya, production problems in the UK and Norwegian North Sea, lower supplies from Russia, central Asia, Nigeria and Angola have all cut supplies, especially of high quality, light, low sulphur crude oil.
Oil rises on Fed expectations
NEW YORK, Sept 20 (Reuters) - Oil rose on Tuesday after steep losses in the previous session, as financial markets got a lift from hopes the U.S. Federal Reserve's policy Panel could act to boost the economy.
"I think the news overall for the last week has been somewhat negative for the price of oil, but I think we're getting a little bit of short covering as we get closer to Bernanke's final testimony tomorrow," Richard Ilczyszyn, senior market strategist for MF Global in Chicago.
NYMEX-Natural gas ends down, widening spreads to winter
NEW YORK, Sept 20 (Reuters) - U.S. natural gas futures ended lower on Tuesday, with front-month contracts again pressured by milder autumn weather that has slowed overall demand, while winter months lost less ground.
"There are expectations for some big storage builds in the next couple of weeks, and the weather is cooler, so demand has backed off some," a Houston-based trader said, noting wider spreads to winter months could prompt stronger storage builds.
COMMODITIES-Fed hopes boost oil; gold rises on euro zone woes
NEW YORK, Sept 20 (Reuters) - Most major commodities ended higher on Tuesday, rebounding from losses a day earlier as expectations for more U.S. Federal Reserve stimulus boosted oil while European debt woes had some investors clinging to gold.
"The news overall for the last week has been somewhat negative for the price of oil, but I think we're getting a little bit of short-covering," said Richard Ilczyszyn, senior market strategist for MF Global in Chicago.
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