GLOBAL MARKETS-Shares flat, euro pressured on EU summit cynicism
TOKYO, June 27 (Reuters) - Asian shares were flat and the euro pressured as investors seemed convinced a European summit this week will fail to take concrete action to solve the euro debt crisis, with Germany staunchly opposed to sharing the region's debt burden.
"Investors are waiting for the conclusion of the EU summit, even though they aren't expecting anything concrete to come out of it," said Yoshihiro Ito, chief strategist at Okasan Online Securities, adding that there were few factors other than exchanges rates to influence trading this session.
COMMODITIES-Brent jumps on Norway strike; corn rides heat wave
NEW YORK, June 26 (Reuters) - Brent oil prices jumped more than 2 percent on Tuesday due to an oil workers strike in Norway and to tensions in the Middle East, while fear of crop destruction from a drought in America's grain belt drove corn up for a second day.
"It's difficult to become too bullish given the uncertainty still in Europe," said Tom Pawlicki, an analyst at trading platform EOXLive.com, who regularly comments on U.S. crude.
OIL-Oil rises to $93, Norway strike cuts North Sea output
NEW YORK, June 26 (Reuters) - Brent oil futures jumped 2 percent to top $93 a barrel on Tuesday, widening its premium against U.S. crude as a growing strike by oil workers in Norway tightened North Sea supplies.
"Brent crude is up due to the ongoing strike by Norwegian oil workers that has shut some production," said Gene McGillian, analyst at Tradition Energy in Stamford, Connecticut.
POLL-Lower US crude stocks seen as imports slow
June 26 (Reuters) - U.S. crude oil stockpiles were forecast to have fallen last week due to a drop in imports, an extended Reuters poll of analysts showed on Tuesday.
The average estimate from 12 analysts polled ahead of the weekly inventory reports, put crude stocks down by 500,000 barrels in the week to June 22.
Oil companies resume US Gulf output after Debby
HOUSTON, June 26 (Reuters) - Oil and gas producers in the Gulf of Mexico continued to restart operations on Tuesday as Tropical Storm Debby, the first named storm of 2012 to disrupt the basin's energy operations, weakened and made landfall in Florida.
U.S. regulators said more than half of the Gulf's output that was shut for the storm had been restored by midday, reflecting rapid ramp-ups after Debby had moved east of the basin's energy infrastructure.
World oil supply up but spare capacity tight-EIA
WASHINGTON, June 26 (Reuters) - World oil inventories have risen over the past two months, aided by increased output from Iraq and Libya, but spare production capacity remains tight, the U.S. government said on Tue sday.
Global fuels output exceeded consumption by an average of 1 million barrels per day in May and June, helping to push oil inventories higher and prices lower, the Energy Information Administration said in a report, obtained by Reuters ahead of its publication.
Oil supply surge could risk price collapse
WASHINGTON, June 26 (Reuters) - Global oil supplies are growing so fast that they could outstrip demand and lead to a collapse in world prices, a former energy executive who is now a Harvard research fellow said on Tuesday.
"Most analyses today are still marked by this obsession with oil running out," Leonardo Maugeri, formerly a senior manager at Italy-based oil and gas giant Eni SpA , said at a discussion at the Center for Strategic and International Studies think tank in Washington.
NATURAL GAS-Heat helps drive US natgas futures up for 4th day
NEW YORK, June 26 (Reuters) - U.S. natural gas futures ended higher on Tuesday for a fourth session, with the front month notching a five-month high as warm U.S. weather forecasts for the next two weeks were seen forcing more homeowners and businesses to crank up air conditioners.
"The storm (Debby) was not a huge deal. There's no other reason we're up other than (the heat)," a Chicago-based trader said.
EURO COAL-Prices rise $1-2, ARA trades at $90/T
LONDON, June 26 (Reuters) - Prompt European physical coal prices rose by $1-2 U.S. dollars a tonne on Tuesday as the market continued to look for clear direction.
"Fundamentally it's looking very slightly stronger but nobody wants to sell at the moment because there are just too many variables which could move prices in the next few months," one European trader said.
No comments:
Post a Comment