Thursday, May 24, 2012

20120524 1140 Global Market & Commodities Related News.

GLOBAL MARKETS-Asia shares edge up but vulnerable on Greece risks
TOKYO, May 24 (Reuters) - Asian shares were steady but remained vulnerable on Thursday amid signs European leaders were unable to deliver meaningful measures to resolve the region's deepening debt crisis.
"Uncertainty is back and little sign of eased selling by foreign investors does not bode well for the market," Ham Sung-sik, an analyst at Daishin Securities said of Korean shares.

COMMODITIES-Markets plummet; CRB down 2 pct to near 20-mth low
NEW YORK, May 23 (Reuters) - A selloff across commodity markets accelerated o n W ednesday, as mounting fears that Greece will exit the euro zone drove investors to buy U.S. dollars, pushing a benchmark raw materials index to its lowest since September, 2010.
"This is panic selling," Matthew Zeman, head of trading at Kingsview Financial in Chicago, said as the 19-commodity CRB index, a global benchmark, extended the 20-month lows of the previous session. "Everyone is just dumping risk assets right and left."

OIL-Brent crude gains more than $1
SINGAPORE, May 24 (Reuters) - Brent crude oil  gained more than $1 per barrel on Thursday, as traders covered short positions after recent falls on worries over the health of the euro zone and signs of progress in talks with Iran on its nuclear programme.  
Brent crude futures for July rose $1.10 to $106.66 a barrel by 0137 GMT. U.S. crude was up 84 cents to $90.74 a barrel.

US crude stocks seen rising for 9th straight week
May 22 (Reuters) - U.S. commercial crude oil supplies likely rose for a ninth straight time last week on higher imports, an expanded Reuters poll of analysts showed on Tuesday.    
On average, domestic crude oil inventories were forecast up 1 million barrels in the week to May 18, with 10 out of 14 projecting a build in inventories.

NATURAL GAS-US natural gas futures end up for second day
NEW YORK, May 23 (Reuters) - U.S. natural gas futures ended higher on Wednesday for a second straight day, as tighter supply-demand fundamentals and forecasts for warm weather offset early selling on the milder outlook for late next week.
"We're in an uptrend, but the market seems hesitant to break above $2.75 until we see the storage report tomorrow. I think we need another supportive number (light weekly build) to go any higher," said Steve Mosley at SMC Advisory Services in Arkansas.

EURO COAL-Sentiment bearish despite higher ARA trade
LONDON, May 23 (Reuters) - Prices for European delivered coal traded 50 cents higher late on Tuesday after earlier falling by $1.00 on growing bearish sentiment and uncertainty over the real extent of China's rejection of cargoes bought at higher levels.
"Whether they're outright defaulting and refusing to take cargoes or they want a price cut to take them, that's still non-performance," one European trader said.
"But we haven't been offered distressed or heavily-discounted cargoes by anybody yet, so where are they?" he added.

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