GLOBAL MARKETS-Markets pause as Greece reality bites, oil worries
TOKYO, Feb 22 (Reuters) - Relief over a bailout for Greece proved fleeting for global markets, with Asian markets losing momentum on Wednesday as investors worried about the realities of Athens restructuring its debt, the fragility other euro zone states and rising oil prices.
"The market lacks a sense of direction today and will be stuck in recent ranges as we are at a level that prompts many investors to take profit," said Yutaka Miura, senior technical analyst at Mizuho Securities.
COMMODITIES-Broad rally after Greek deal, CRB at 2-1/2 mth high
NEW YORK, Feb 21 (Reuters) - Oil closed at nine-month highs on Tuesday and copper notched its biggest gain in six weeks on investor relief that Greece managed to averted a disastrous debt default after months of bitter negotiations.
"These are markets that are still very much categorised by a lack of conviction. In the short term, what we're going to see is more erratic trading, unless we get a series of events or data points that help to allay some of the concerns regarding economic growth," said Gayle Berry, metals analyst at Barclays Capital in London.
Oil rises to 9-mth high on Greece rescue, Iran cuts
NEW YORK, Feb 21 (Reuters) - Oil rose to a nine-month high on Tuesday after Greece received a financial bailout and top Asian consumers moved to cut crude purchases from Iran, following Western sanctions designed to limit the country's nuclear program.
"With the Greece situation now being addressed ... (it) should weaken the dollar against the euro and boost commodities," said Chris Jarvis of Caprock Risk Management in New Hampshire.
POLL-US crude stocks projected down for second week
Feb 21 (Reuters) - U.S. crude oil stockpiles were projected down last week for the second straight time on lower imports when inventory data are released later this week, a preliminary Reuters poll of analysts showed on Tuesday.
On average, the poll called for a crude drop of 400,000 barrels for the week to Feb. 17. Three out of five analysts surveyed predicted a drawdown.
China, India plan Iran oil cuts of 10 pct or more
BEIJING/NEW DELHI, Feb 21 (Reuters) - China, India and Japan are planning cuts of at least 10 percent in Iranian crude imports as tightening U.S. sanctions make it difficult for the top Asian buyers to keep doing business with the OPEC producer.
The countries together buy about 45 percent of Iran's crude exports. The reductions are the first significant evidence of how much crude business Iran could lose in Asia this year as Washington tries to tighten a financial noose around Tehran.
High supplies, weather drive US natural gas futures lower
NEW YORK, Feb 21 (Reuters) - Front-month U.S. natural gas futures ended lower on Tuesday as mild U.S. weather this week and record-high supplies weighed on prices despite the recent decline in drilling that could finally slow record production.
"On the weather front, the six- to 10 day and eight- to 14 day forecasts are still showing above-normal temperatures for the eastern one-third of the U.S. I do not expect the overhang of natgas inventories to dissipate anytime soon," Energy Management Institute's Dominick Chirichella said in a report.
Euro Coal-Prices steady, some utility buying seen
LONDON, Feb 21 (Reuters) - Prompt physical coal prices were unchanged on Tuesday although some European utility buying was seen.
"It looked at the start of the year as if there was a slight oversupply but it could rebalance - now I'm not so sure," one European trader said.
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