GLOBAL MARKETS-Shares edge up, euro vulnerable on divided EU summit
TOKYO, June 28 (Reuters) - Asian shares rose on encouraging U.S. economic data, but prices could falter with markets tense ahead of a European summit deeply divided on how to tackle the protracted euro zone debt crisis and stop it spreading further.
"This triumph of optimism is conditional on Europe delivering something and the Italian bond auction not being a disaster," said Sebastien Galy, strategist at Societe Generale.
COMMODITIES-Broad rally on US data; Norway strike lifts oil
NEW YORK, June 27 (Reuters) - Commodity markets rallied broadly o n W ednesday as destructive crop weather, encouraging U.S. economic data and an oil workers' strike in Norway lifted prices despite worries about the euro zone crisis.
"You just have some positioning ahead of this EU Summit," Matthew Zeman, head of trading at Kingsview Financial in Chicago, said in reference to the broad commodities rally.
OIL - Oil tops $93 on Norway strike, drop in US crude stocks
NEW YORK, June 27 (Reuters) - Crude oil futures rose on W ednesday as tighter North Sea supplies and strong U.S. economic data put on the back burner concerns that a European summit would do little to solve the region's debt crisis.
"U.S. crude drew support from the stronger-than-expected durable goods orders and firmer S&P 500 that called attention away from worries about the apparent lack of agreement among European leaders ahead of the June 28-29 summit," said Tim Evans, energy analyst at Citi Futures Perspective in New York.
US crude stocks fall slightly; fuel stocks mixed
U.S. crude oil stocks fell slightly last week on a dip in crude imports and increased refining rates, while fuel stockpiles were mixed as gasoline inventories rose and distillates fell, government data showed on Wednesday.
Domestic stocks of crude, excluding oil held in the Strategic Petroleum Reserve, fell 133,000 barrels to 387.17 million barrels in the week to June 22, the Energy Information Administration reported.
US should be open to crude oil exports-EIA head
WASHINGTON, June 27 (Reuters) - The United States should be open to exporting domestically produced crude oil, the head of the Energy Information Administration said on Wednesday, arguing that such exports could actually benefit the U.S. economy.
Adam Sieminski, the former Deutsche Bank economist who was sworn in as EIA administrator earlier this month, said selling U.S. oil abroad could help provide a market for light sweet crude produced from shale formations in places like North Dakota, since the Gulf coast refining hub is more suited to process heavier crudes.
Japan's May Iran crude imports slide ahead of sanctions
TOKYO, June 28 (Reuters) - Japan's crude imports from Iran almost halved in May from a year ago as refiners in the world's third-largest economy lifted less oil in advance of an EU ban on insurance for shipments from the Middle Eastern country that goes into effect on Sunday.
Customs-cleared imports of oil from Iran fell 46.5 percent in May from a year earlier to 106,162 barrels per day (523,233 kilolitres), data from Japan's Ministry of Finance showed on Thursday. They fell 7.4 percent from 118,450 bpd in April.
Iran acknowledges oil exports down 20-30 pct
MOSCOW, June 27 (Reuters) - Iran acknowledged for the first time on Wednesday that its oil exports have fallen sharply, down 20-30 percent from normal volumes of 2.2 million barrels daily.
A National Iranian Oil Company official in Moscow denied exports had been hit by sanctions against Iran's nuclear programme, saying that oilfields were under maintenance and crude production was being diverted for refining.
EU's oil refiners face carbon double-whammy
LONDON, June 27 (Reuters) - European oil refiners could be doubly disadvantaged by EU plans to make them pay for some of their carbon emissions from January 2013 due to rising competition from cheap foreign imports and non-European-owned refiners inside the EU.
Struggling EU refiners are already worried that moves to make them pay for carbon emission credits from Jan. 1, 2013 will put them at an operational cost disadvantage to refineries outside the EU.
NATURAL GAS - US July gas futures off highs but expire with gains
NEW YORK, June 27 (Reuters) - U.S. natural gas futures ended higher on Wednesday for a fifth straight session, with warm U.S. forecasts for the next two weeks driving July to a 5-1/2 month high before profit-taking brought the contract off the intraday high ahead of expiration.
"The market rallied hard today, then sold off into the close on some profit taking. I think prices got a little overbought at higher levels," a New England-based trader said.
EURO COAL-S.African tightness boosts prices by $1/T
LONDON, June 27 (Reuters) - Prompt South African FOB physical coal prices rose by around $1.00 on Wednesday as traders bought to cover short positions amid tight supply for July and August cargoes. Supply is extremely tight for July, you can't find anything from South Africa, nobody is willing to sell and August is looking like it'll be just as tight," one European trader said.
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