GLOBAL MARKETS-Shares guarded before China data; Moody's cuts Italy
TOKYO, July 13 (Reuters) - Asian shares marked time with small gains ahead of China's second-quarter gross domestic product figures which could depress risk appetite while a Moody's downgrade of Italy's credit rating threatened to rekindle worries over Europe's debt crisis.
"A dismal print may fuel concerns for a 'hard landing', and market sentiment may weaken further," said David Song, currency analyst at DailyFX.
COMMODITIES-Oil jumps on Iran; corn up on renewed harvest worry
NEW YORK, July 12 (Reuters) - Oil rebounded from early losses to end up on Thursday on news of tighter sanctions against Iran, and corn recouped the prior session's losses after rains over drought-ravaged U.S. fields failed to ease worries about shrunken harvests.
"It was the rally near the close, on the news about the Iran sanctions, that pulled prices up after falling on worries about the global economy," said Matt Smith, analyst at Summit Energy in Louisville, Kentucky.
Long-term oil price expectations converge on $90-95
--John Kemp is a Reuters market analyst. The views expressed are his own--
LONDON, July 12 (Reuters) - In the first six months of 2012, the most remarkable thing about oil prices is not how volatile they have been but how stable.
Spot prices have been whipped around by supply disruptions in the North Sea, Yemen, Syria and Iran, as well as inventory building by Saudi Arabia, frenzied speculation about an imminent air strike on Iran, and the ebb and flow of hopes for the world economy.
OIL-Brent ends above $101 on US Iran sanctions, supply woes
NEW YORK, July 12 (Reuters) - Brent crude futures climbed above $101 a barrel on Thursday, as the U.S. government's announcement that it was tightening sanctions against Iran sparked a rally back from early losses on global economic worries.
"It was the rally near the close, on the news about the Iran sanctions, that pulled prices up after falling on worries about the global economy," said Matt Smith, analyst at Summit Energy in Louisville, Kentucky.
OPEC exports to rise in 4 weeks to July 28-analyst
LONDON, July 12 (Reuters) - Seaborne oil exports from OPEC, excluding Angola and Ecuador, will rise by 230,000 barrels per day (bpd) in the four weeks to July 28, an analyst who estimates future shipments said on Thursday.
Exports will reach 24.00 million bpd on average, compared with 23.77 million bpd in the four weeks to June 30, UK consultancy Oil Movements said in its latest weekly estimate.
Iran fuel oil exports plummet in June-industry data
DUBAI, July 12 (Reuters) - Iran's fuel oil exports fell nearly 50 percent from May to June, according to industry sources, adding to declines earlier this year and to the strain on Tehran's finances as sanctions have hit its oil trade.
Fuel oil exports from the OPEC member, a major supplier to Asia and Middle East, sank to 396,000 tonnes in June from around 777,000 tonnes in May, according to a firm that tracks oil shipments.
India's main Iran oil buyer may cut July imports - sources
NEW DELHI, July 12 (Reuters) - India's biggest buyer of Iranian oil may only import one-fifth of the 3.3 million barrels of crude it had scheduled for July due to insurance and shipping difficulties caused by European Union sanctions on Tehran, industry sources said.
The possible drop in imports by state-owned refiner Mangalore Refinery and Petrochemicals Ltd (MRPL) underscores the problems the EU sanctions, which ban most of the world's major insurance firms from covering shipments of Iranian oil, have created for Iran's major Asian customers China, India and Japan since coming into effect on July 1.
NATURAL GAS-US natgas futures end higher after early selling on EIAs
NEW YORK, July 12 (Reuters) - U.S. natural gas futures, off early after a bearish weekly inventory report, ended slightly higher on Thursday on technical buying and warm U.S. weather forecasts for the next two weeks that should boost air conditioning demand.
"The market fell initially because the (EIA storage) build was above expectations, but when you take a step back, it was really a bullish number," a Houston analyst said, noting the injection came in well below the historical norm for that week.
EURO COAL-S.African prices fall $1-3/T
LONDON, July 12 (Reuters) - South African physical prompt coal prices dropped by $1 to $3 a tonne on Thursday, pulled lower by heavy selling in the swaps market, while buyers stayed on the sidelines.
"A support level is going to be found soon. We're close to it now and I don't think there's much room to fall," one European trader said.
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