20120716 1106 Global Market & Commodities Related News.

GLOBAL MARKETS-Shares extend rally on China relief, Bernanke next focus
TOKYO, July 16 (Reuters) - Asian shares extended their rally as fears of an economic hard landing in China subsided, with last week's softer growth data within expectations and Premier Wen Jiabao on Sunday raising the prospects of more policy stimulus if needed.
"Expectations have been beaten down quite a bit, displayed by the strong rebound triggered by China's in-line growth data, so there likely won't be any large scale disappointments from sluggish earnings this week," said Jeon Jong-kyu, an analyst at Samsung Securities, about the Korean equities market.

COMMODITIES-Markets boosted by China's Q2 growth; oil up 3rd day
NEW YORK, July 13 (Reuters) - Most commodity prices rose on Friday, with oil up a third straight day and copper hitting a one-week high, on investor relief that the economy China, a major raw materials consumer, did not slow more than expected in the second quarter.
"The headline GDP print of 7.6 percent was far from jaw-dropping stuff," said Tim Waterer, senior trader at CMC Markets, in a report. "However, it was a case of small mercies for the market, with risk assets able to claw back some ground."

Oil market balance emboldens Iran's opponents
--Robert Campbell is a Reuters market analyst. The views expressed are his own--
NEW YORK, July 13 (Reuters) - Western diplomats can hardly believe their luck. Sanctions against Iran's oil exports are proving more effective than hoped yet the impact on the price of crude has so far been minimal.
It was not supposed to be this way. A decade of Iranian intransigence over its disputed nuclear program had finally eroded Western patience. Sanctions were supposed to be a painful, but necessary step.

North Sea oil exports hit new 2012 low in August
LONDON, July 13 (Reuters) - North Sea oil exports for 12 key grades are expected to fall to a new 2012 low in August due to extensive maintenance works at maturing oilfields, loading schedules collected by Reuters showed on Friday.
The premium on the prompt Brent futures contract to the second month soared to the highest in about four months due to the tight supply in the North Sea.

OIL-Oil up third day on China GDP, North Sea problems
NEW YORK, July 13 (Reuters) - Oil prices rose for a third day on Friday after China reported GDP data in line with expectations and slightly above the government's target, soothing concerns about slowing growth in the world's second largest economy.
"The headline GDP print of 7.6 percent was far from jaw-dropping stuff," said Tim Waterer, senior trader at CMC Markets, in a report. "However, it was a case of small mercies for the market, with risk assets able to claw back some ground."

NATURAL GAS-US natgas futures end flat ahead of weekend
NEW YORK, July 13 (Reuters) - Front-month U.S. natural gas futures ended unchanged on Friday in light, choppy trade, with still-warm U.S. weather forecasts for the next two weeks underpinning prices despite lingering concern about record-high supplies.
"We held yesterday's gain, but the market may be overvalued here. At these prices, coal-to-gas switching is questionable, and we may see a little less cooling demand in the next two weeks which could mean higher storage injections," Energy Management Institute's Dominick Chirichella told Reuters.

EURO COAL-Sept DES ARA trades at $87.50/T, up $1
LONDON, July 13 (Reuters) - Physical prompt coal prices were bid slightly higher on Friday after five days of consecutive falls and few trades were reported.
"There have been some people who bought at over $90 on the June rally who've now been selling at $84. Meanwhile, nothing much has changed," one European trader said.