GLOBAL MARKETS-Shares steady as Q1 ends; eyes on Europe, China
TOKYO, March 30 (Reuters) - Asian shares steadied on Friday as investors eyed key events that could dictate market trends in coming months, and as the first quarter drew to a close after a stellar performance from equities.
"Europe is the biggest risk factor in the second quarter, with elections in Greece and France potentially fuelling doubts about commitments to fiscal reforms if those opposed to austeriy measures win," said Daisuke Karakama, market economist for Mizuho Corporate Bank in Tokyo.
COMMODITIES-Markets tumble for 2nd day; CRB down most since Dec
NEW YORK, March 29 (Reuters) - Commodities tumbled on T hursday, with a benchmark index for the sector posting its biggest daily decline in 3-1/2 months, as oil futures sank on talk that France, Britain and the United States were mulling release of strategic crude reserves to cool high fuel prices at the pump.
OIL-Oil falls, talk of SPR release encourages profit-taking
NEW YORK, March 29 (Reuters) - Oil prices fell for a third straight session o n T hursday, snapping key technical support after growing talk of a release of strategic petroleum reserves (SPR) by consumer nations spurred profit-taking.
"I think part of it is today's economic data," said Richard Ilczyszyn, chief market strategist and founder of iitrader.com LLC in Chicago. "I think traders are very sensitive to booking profits to have that 1 to 2 percent gain for the month."
Nine oil companies bid for Uruguay offshore blocks
MONTEVIDEO, March 29 (Reuters) - Nine energy companies have submitted 19 bids to explore for oil off the coast of energy-poor Uruguay, the state energy company said on Thursday.
The discovery of massive deep-water reserves off Brazil's Atlantic coast has encouraged neighboring Uruguay to look for energy resources along its own coastline in hopes of reducing its dependence on imports.
Obama likely to find oil market can handle Iran sanctions
WASHINGTON, March 29 (Reuters) - U.S. President Barack Obama is likely to determine by Friday that there will be enough oil in the world market to allow countries to cut imports from Iran, taking another step toward sanctioning those nations that do not, analysts and a congressional aide said.
Obama is required by a sanctions law he signed in December to determine by March 30, and every six months after, whether the price and supply of non-Iranian oil are sufficient to allow consumers to "significantly" cut their purchases from Iran.
US bill would ban export of some refined oil products
WASHINGTON, March 29 (Reuters) - U.S. Democrats on Thursday unveiled a bill that would ban the export of refined fuels derived from oil produced on federal lands, the latest legislative volley in response to surging fuel prices.
The legislation would only affect new federal oil and gas leases, but it was introduced just as the United States becomes a net exporter of gasoline and refined fuels, the first time in decades.
West wants Saudi not to neutralise oil release
LONDON, March 29 (Reuters) - Oil consuming nations may seek reassurance from Saudi Arabia that it will not cut oil production and neutralise the impact on oil prices if consumer countries release emergency reserves, diplomats and industry sources said.
The issue may be raised by a U.S. delegation, led by U.S. Secretary of State Hillary Clinton, which is in Riyadh this weekend to discuss Syria with Gulf states. Clinton will see Saudi King Abdullah and Foreign Minister Saud al-Faisal.
NATURAL GAS-US natgas plumbs 10-year low on glut, mild weather
NEW YORK, March 29 (Reuters) - U.S. natural gas futures tumbled o n T hursday, with the front-month contract ending at a 10-year low as mild weather and bearish inventory and production data undercut prices.
"Prices moved a bit lower (on the production data), but we were already trading down after the record injection this week," said Teri Viswanath, analyst at BNP Paribas in New York.
EURO COAL-Prices firm on tense market watching N.Sea gas leak
LONDON, March 29 (Reuters) - Coal trading in Europe was thin on Thursday, with reports of only one trade, as the market held back to observe the events around a gas leak in the North Sea and while mild weather and substantial stocks kept demand low.
"An event like that would impact the entire European energy sector, including coal prices," one trader said.
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