GLOBAL MARKETS-Shares down over EU summit scepticism
TOKYO, June 26 (Reuters) - Asian shares were down as investors remained sceptical that a European leaders summit later this week will produce any substantive measures to solve the region's protracted debt crisis.
MSCI's broadest index of Asia-Pacific shares outside Japan
"With EM (emerging market) risks still subject to global/European market developments, investors will likely remain reluctant to make strong directional calls." said Barclays Capital analysts in a research note, adding that they would stay long in U.S. dollars, especially against European currencies.
COMMODITIES-Corn surges, oil falls on weather watch
NEW YORK, June 25 (Reuters) - Grains swept U.S. commodities higher on Monday with corn surging more than 7 percent as soaring temperatures in the Midwest jeopardized crops, while oil slipped as the season's first major storm missed the production-rich Gulf of Mexico.
"It's a classic weather market," said Dale Durchholz, an analyst at Agrivsor LLC in Bloomington, Illinois. "The weather forecasters are talking about triple-digit temperatures (degrees Fahrenheit) on Thursday and Friday, at a time when corn is most vulnerable - you have a crop that is just starting the pollination process."
OIL-Oil steady as U.S. storm fears ease, eyes on Europe
NEW YORK, June 25 (Reuters) - Oil steadied on Monday as short-covering countered easing concerns that Tropical Storm Debby would batter U.S. production platforms in the Gulf of Mexico and fading hopes that a European summit would produce a viable solution to the region's debt crisis.
"Oil continues to be weighed down by negative sentiment for global growth ahead of a two-day summit of EU leaders June 28," said Addison Armstrong, senior director of market research at Tradition Energy in Stamford, Connecticut.
Gulf of Mexico energy ops resume after storm misses
HOUSTON, June 25 (Reuters) - Some of the Gulf of Mexico's biggest oil and gas producers began to restart production and restaff evacuated platforms on Mo nday as Tropical Storm Debby slowly headed for the Florida panhandle, away from energy infrastructure in the basin.
Debby, the first named storm of 2012 to disrupt energy operations in the Gulf, temporarily idled nearly half of its oil output -- nearly double the amount shut on Sunday -- and more than a third of natural gas output as producers shut down operations and evacuated staff at installations in the storm's projected path.
POLL-US crude stocks seen down on lower imports
June 25 (Reuters) - U.S. crude oil stockpiles were forecast to have fallen last week due to a drop in imports, a preliminary Reuters poll showed on Monday.
Averaging the estimates from five analysts, crude inventories were forecast to have fallen by 700,000 barrels in the week to June 22, the survey showed.
Top Argentine oil field hit by protests
BUENOS AIRES, June 25 (Reuters) - Labor protests are still disrupting operations at Argentina's biggest oil field, Cerro Dragon, after four days, owner Pan American Energy said on Monday.
Cerro Dragon lies in the Patagonian province of Chubut and produces about 100,000 barrels of crude per day, or roughly 15 percent of total output in the country. Pan American, or PAE, is controlled by oil major BP Plc .
Saudi Arabia keeps oil tap on for world growth, Russia hurts
LONDON, June 25 (Reuters) - Saudi Arabia is showing no sign of changing its policy of high oil output to support global economic growth, despite a fall in crude prices below $90 a barrel for the first time in 18 months.
Gulf and Western government sources in contact with Saudi officials said the OPEC power can tolerate oil at $90 or below for months, price levels that hurt Iran and Russia as they face off against Riyadh over the conflict in Syria.
U.S. "tight oil" output to double by 2035-EIA
NEW YORK, June 25 (Reuters) - The U.S. government published its first official forecast for booming "tight oil" production on Mo nday, estimating that shale formations such as the Bakken in North Dakota will more than double output in the next two decades.
The projections, one small part of the Energy Information Administration's updated long-term forecasts, shed light on the agency's take on the role of the oil found in low-permeability reservoirs such as shale and chalk formations, the largest new source of U.S. supply since offshore Gulf of Mexico.
EU affirms Iran oil ban, dismisses Greek concerns
LUXEMBOURG, June 25 (Reuters) - EU governments on Monday formally approved an embargo on Iranian oil to start on July 1, dismissing calls by debt-ridden Greece for possible exemptions to help ease its economic crisis.
They also warned Iran that more pressure could be put in place if it continued to defy international demands for limits on its nuclear programme, which they say is geared to developing weapons. The Islamic Republic says its nuclear activity is for electricity production and other peaceful ends only.
India allows use of Iran ships for oil imports
NEW DELHI, June 25 (Reuters) - India has allowed state refiners to import Iranian oil, with Tehran arranging shipping and insurance, from July 1, keeping purchases of over 200,000 barrels per day (bpd) flowing after European sanctions hit insurance for the cargoes, government and industry sources said.
India, one of Iran's biggest crude buyers, has just secured a waiver from U.S. sanctions which target Tehran's nuclear ambitions by cutting imports over 20 percent.
NATURAL GAS-US natgas futures end higher on heat, storm
NEW YORK, June 25 (Reuters) - U.S. natural gas futures ended higher on Monday as the season's first Gulf of Mexico storm disrupted some offshore supplies and warmer weather forecasts for this week raised prospects for more air conditioning demand.
"Although it might seem as though Tropical Storm Debby in the eastern Gulf of Mexico is the key support pushing prices higher in today's trade, we see the temperature forecast ... as the most significant weather development," Tim Evans, analyst at Citi Futures Perspective, said in a report.
EURO COAL-Stable, eyes on output cuts
LONDON, June 25 (Reuters) - Prompt physical coal prices were unchanged on Monday although swaps slipped by around 50 U.S. cents in line with oil's fall but no fresh trades were reported and few bids or offers were seen.
"There is significant stress in the coal market around South China with suppliers either seeing an outright default or having to re-negotiate on price, credit terms and delivery schedules," Barclays Capital said in a research note on Monday.
No comments:
Post a Comment