20120830 1123 Global Markets & Commodities Related News.

GLOBAL MARKETS-Asian shares ease, euro steady ahead Bernanke speech
TOKYO, Aug 30 (Reuters) - Asian shares eased and major currencies stayed range-bound on Thursday as investors avoided betting on direction before a speech by U.S. Federal Reserve Chairman Ben Bernanke, with focus on whether there will be any hint about further U.S. stimulus.
"With risk somewhat bid, the market continues to hunt for positions with the back end of the US Treasury curve still in focus but with little gusto, as all eyes are now on the Bernanke speech on Friday," said Sebastien Galy, strategist at Societe Generale.

White House prepares to sideline IEA on oil release
(John Kemp is a Reuters market analyst. The views expressed are his own)
LONDON, Aug 29 (Reuters) - Disagreements between the White House and staff at the International Energy Agency (IEA) over releasing emergency stocks risk sidelining the agency, and sowing confusion in the market, at a time when policymakers are concerned about the impact of rising oil prices on the global economy and support for sanctions on Iran.

OIL-Oil lower as offshore damage from Isaac seen limited
NEW YORK, Aug 29 (Reuters) - Brent crude prices edged lower in choppy trading on Wednesday, while U.S. oil futures fell on expectations that damage to oil facilities from Hurricane Isaac will be limited and in reaction to data showing a sharp rise in U.S. crude oil stocks.
"It is expected that oil production in the Gulf of Mexico will quickly return to normal," said Carsten Fritsch, an oil analyst at Commerzbank in Frankfurt.

POLL-US natgas storage projected up 61 bcf in weekly EIAs          
NEW YORK, Aug 29 (Reuters) - U.S. natural gas inventories, on average, were forecast to have gained 61 billion cubic feet last week, according to a Reuters poll of industry traders and analysts on Wednesday.
Utilities typically stockpile natural gas from April through October to meet peak winter heating demand.

POLL-Analysts raise oil price forecasts for 2012, 2013
BANGALORE, Aug 29 (Reuters) - Analysts have raised their oil price forecasts for this year and 2013 due to supply concerns and to expectations for a further round of monetary policy stimulus, which could improve prospects for economic growth, a Reuters poll found.
The Reuters monthly oil poll, based on forecasts from 28 analysts, forecast Brent at an average of $109.50 a barrel in 2012, up $1.20 from the figure in the July poll.

U.S. oil industry waits out Isaac, no damage reported
HOUSTON, Aug 29 (Reuters) - Isaac was downgraded to a tropical storm on Wednesday as it continued to batter the U.S. Gulf Coast, causing flooding and power outages but so far no discernible damage to refineries or offshore oil and gas platforms.
Shell plans to begin flyover inspections of its platforms in the central Gulf of Mexico on Thursday and could begin restarting them on Friday.

U.S. crude stocks post surprise rise, oil products mixed-EIA
NEW YORK, Aug 29 (Reuters) - U.S. crude oil stockpiles rose unexpectedly last week as oil imports jumped, while inventories of refined products were mixed as plant utilization remained unchanged, government data showed on Wednesday.
Domestic stocks of crude, excluding oil held in the Strategic Petroleum Reserve, rose by 3.78 million barrels to 364.52 million barrels in the week ended Aug. 24, the Energy Information Administration reported. Analysts polled by Reuters had forecast a drop of 1.5 million barrels.

Widely eyed US energy data seen providing false readings
NEW YORK, Aug 29 (Reuters) - Energy investors have taken bets for years on what they thought was an important indicator of future energy production: the weekly rig count data provided by oil service firms.
A Reuters analysis of the data, and interviews with officials at companies involved in collecting and compiling it, shows that it may sometimes be an arbitrary and misleading gauge subject to revisions.

NATURAL GAS-Warm forecast props up U.S. Sept natgas futures at expiry
NEW YORK, Aug 29 (Reuters) - U.S. natural gas futures ended higher on Wednesday after four straight losing sessions, backed by warm forecasts for late this week and next week, though high supplies and bearish technicals limited buying in the expiring September contract.
"Much of the country looks above normal next week, and that heat supported some liftoff from the lows today," Gelber & Associates analyst Patrick Saunders said in a report, adding the market was getting oversold, which also triggered some buying.