GLOBAL MARKETS-Shares ease as Greek uncertainty saps risk appetite
TOKYO, May 16 (Reuters) - Asian shares fell on Wednesday after Greece failed to form a government, setting the stage for a June election that could raise the risk of Athens abandoning the euro and deepening the euro zone's debt crisis.
"The direct costs of Greek euro exit would be huge for Greece, but manageable for the rest of the euro area. Our concern is contagion," said Michala Marcussen at Societe Generale.
COMMODITIES-Markets mixed; crop prices up strongly
NEW YORK, May 15 (Reuters) - Commodities were mixed on T uesday after five days of broad declines, with agricultural markets recovering the most and oil and metals still weak, as German economic growth data offered some solace to investors still jittery about the euro zone.
"Today it's very much about the macro environment, about political uncertainty in the euro zone," said Gayle Berry, a commodities analyst with Barclays Capital in London.
OIL-Brent rise boosts premium to slumping U.S. crude
NEW YORK, May 15 (Reuters) - Brent oil edged higher on Tuesday, snapping three days of declines and lifting its premium to slumping U.S. crude back above $18 a barrel, as supportive German economic growth helped counter political turmoil in Greece.
"The German GDP gave the market a little hope and recent problems at the North Sea Buzzard field and Europe's refineries due back from seasonal maintenance have provided Brent with support," said Andy Lebow, senior vice president for energy futures at Jeffries Bache LLC.
Brent crude to stay well supported on rising demand
SINGAPORE, May 15 (Reuters) - Tight global oil supply outside the United States and healthy demand, particularly in Asia ahead of summer, will help keep Brent crude prices well supported, a senior trading executive at Southeast Asia's biggest bank said.
Prices have surged more than 17 percent so far this year due to supply concerns triggered by mounting Western sanctions on Iran over its nuclear programme. The U.S. and its allies suspect Iran is developing nuclear weapons, which Tehran denies.
NATURAL GAS-Low storage estimates boost US natgas futures
NEW YORK, May 15 (Reuters) - U.S. natural gas futures ended higher on Tuesday as supportive supply and demand fundamentals and expectations for another light weekly inventory build on Thursday underpinned prices despite fairly mild weather this week.
"Fundamentals have improved enough to support the lower end of the trading range ($2.20-$2.25) and as long as we see some degree of the inventory surplus narrowing the range low should hold," EMI's Dominick Chirichella said in a report.
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