OIL-Oil rises as US inventory drop offsets Saudi pledge
NEW YORK, March 21 (Reuters) - Brent crude edged up slightly on Wednesday while U.S. crude rose $1 in light trading as an unexpected drop in U.S. stockpiles outweighed a pledge by top OPEC exporter Saudi Arabia to meet any supply shortfall.
"Crude futures are up on the EIA inventory draw downs but prices are also moving up because yesterday's sell-off appears to have been overdone," Phil Flynn, analyst at PFGBest Research in Chicago, said.
NATURAL GAS-US natgas futures end slightly higher in seesaw trade
NEW YORK, March 21 (Reuters) - U.S. natural gas futures ended slightly higher on Wednesday in seesaw trade, lifted by a late flurry of technical buying despite record-high supplies, mild early spring weather and expectations for a weekly inventory build on Thursday.
"I don't see a lot of upside here. Inventories are well above last year and the weather is certainly not helping (the bulls)," a New England-based trader said.
EURO COAL-Swaps fall, pulling physical down slightly
LONDON, March 21 (Reuters) - Prices of prompt physical coal were largely unchanged for the third day running due to a lack of clear direction and despite a rise in oil prices.
"There's been real apathy today - the same factors are there which have been around for weeks, oversupply, poor demand and nothing much from China," one trader said.
COMMODITIES-Markets defy firm dollar; oil up on supply drop
NEW YORK, March 21 (Reuters) - U.S. oil prices rose on Wednesday as lower crude stockpiles and political tensions over Iran helped the market rebound from the previous day's sell-off.
"Prices are also moving up because yesterday's sell-off appears to have been overdone," said Phil Flynn, crude oil analyst at PFGBest Research in Chicago.
GLOBAL MARKETS-Shares inch up; China, euro zone PMI eyed
TOKYO, March 22 (Reuters) - Asian shares inched up on Thursday but remained in ranges as investors waited for manufacturing data from China and the euro zone due this session for more clues about the state of their economies.
"During Asian hours, key market drivers are Japan's trade data and China's PMI," said Yuji Saito, director of the foreign exchange division at Credit Agricole Bank in Tokyo.
Japan's Iran crude purchases may fall 70 pct in April -media
TOKYO, March 22 (Reuters) - Japan's Iran crude purchases could plunge to below 100,000 barrels per day in April, down around 70 percent from last year's average of 313,480 bpd, the Nikkei business daily said on Thursday, citing unidentified industry sources.
Crude purchases this month are around 180,000 bpd, the report added.
Under pressure from fuel prices, Obama starts energy blitz
BOULDER CITY, Nevada, March 21 (Reuters) - President Barack Obama will direct federal agencies on Thursday to speed approvals of one portion of the controversial Keystone pipeline, in a move designed to ease political pressure on the White House as the industry frets about a glut of oil trapped in the region.
Obama, who is under pressure from voters over rising gasoline prices, used a stop at a solar panel facility in Nevada on Wednesday to accuse Republicans of ignoring renewable fuels that could help wean the United States off foreign oil.
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