20121122 1104 Global Markets & Energy Related News.

GLOBAL MARKETS-Falling yen lifts Japan stocks; eyes on China data
TOKYO, Nov 22 (Reuters) - The yen fell to a 7-1/2-month low versus the dollar, lifting Japan's Nikkei share average to a six-month high, on mounting expectations of aggressive policy action under a likely new government.
"The dollar/yen continues its break higher and the Korean won is the star in this move. Post Japanese elections, the reality of trying to pass a new BOJ law and the risk for the JGB market are likely to tamper the hype, until then we can still move higher," Societe Generale analysts said in a note.

FOREX-Yen stays under a cloud, China data eyed
SYDNEY, Nov 22 (Reuters) - The yen languished near eight-month lows versus the dollar as investors gave it a wide berth on expectations of more policy action in Japan, while revived hopes of a Greek loan deal saw the euro stage a dramatic turnaround.
"Markets remain firmly focused on the prospects for a more aggressive post-election BoJ monetary policy stance, implying that the yen is likely to remain vulnerable in the near term," BNP Paribas strategists wrote in a client note.

OIL - Oil ends up as pre-holiday covering offsets Gaza truce
NEW YORK, Nov 21 (Reuters) - Oil ended higher after thin, volatile trading on Wednesday, as late-day short-covering ahead of a U.S. holiday offset earlier relief over a ceasefire that ended eight days of fighting in the Gaza strip.
"I'm seeing the market's pulse become fainter and fainter," said Tim Evans, energy analyst for Citi Futures Perspective in New York. "I think some traders are just getting an early start on the Thanksgiving holiday rather than putting on risk or even reacting to the headlines."

Exxon warning adds to Nigeria oil output problems
ABUJA/GENEVA, Nov 21 (Reuters) - ExxonMobil  on Wednesday became the fourth oil major in a month to warn customers over delays to Nigerian oil and gas exports, adding to a raft of problems for Africa's biggest energy producer caused by oil spills, theft and flooding.
Royal Dutch Shell  lifted on Wednesday its force majeure on Nigeria's benchmark Bonny Light crude oil exports, easing some of the supply concerns.

S.Sudan, Sudan trade accusations in setback to peace deal
JUBA/KHARTOUM, Nov 21 (Reuters) - Sudan and South Sudan accused one another of incursions in disputed border zones on Wednesday, jeopardising plans to secure the boundary and resume cross-border oil flows vital to their economies.
The two former civil war foes agreed in September to end hostilities and restart oil exports from the south through Sudan after coming close to war again in April, the worst violence since the south became independent in July 2011.

US crude oil, product inventories fell last week-EIA
NEW YORK, Nov 21 (Reuters) - U.S. crude oil and refined product inventories fell last week as plants processed more crude and imports dropped, data from the U.S. Energy Information Administration showed on Wednesday.
Total U.S. crude oil inventories fell 1.47 million barrels in the week to Nov. 16 to 374.47 million barrels, after analysts polled by Reuters had forecast a build of 900,000 barrels.

S.Korea Oct crude imports slip 2 pct y/y
SEOUL, Nov 21 (Reuters) - South Korea imported 81.2 million barrels of crude oil in October, down 2 percent from a year ago, and resumed its imports of Iranian crude as scheduled, data from state-run Korea National Oil Corp showed on Wednesday.
Of the total, South Korea imported 5.78 million barrels of Iranian crude last month, the data showed. Its imports from Iran during the first 10 months of the year stood at 44.55 million barrels, down 40 percent on the year, KNOC said.

US regulator warns Black Elk Energy on safety after rig fire
HOUSTON, Nov 21 (Reuters) - The U.S. Bureau of Safety and Environmental Enforcement (BSEE) on Wednesday told Black Elk Energy that it must take immediate steps to improve safety at its offshore platforms after last week's deadly rig explosion off the Louisiana coast, which killed one worker and left another missing.
"Black Elk has repeatedly failed to operate in a manner that is consistent with federal regulations," BSEE Director James Watson said in a statement. Houston-based Black Elk must submit a performance improvement plan to the BSEE by Dec. 15, the offshore regulator said. Black Elk had no immediate comment.

US natgas rig count up for second week
NEW YORK, Nov 21 (Reuters) - The number of rigs drilling for natural gas in the United States climbed this week for the third time in four weeks, stirring concerns that recent gains in gas prices to 2012 highs might be tempting some producers to bring on more supply.
The gas-directed rig count rose by 11 to 428, after posting a 13-year low a fortnight ago, data from Houston-based oil services firm Baker Hughes showed. The oil rig count fell 2 to 1,388.

Australian LNG projects threatened by cheap U.S. gas - SocGen
LONDON, Nov 21 (Reuters) - Several liquefied natural gas (LNG) export project face being shelved if they do not adapt to rising cheap competition, French bank Societe Generale said on Wednesday.
The bank said that the prospects of new exporters emerging in the LNG market in the next few years would put make it more difficult for current costly projects, mainly in Australia, to compete.

Weaker Brazil real may prompt Petrobras fuel rise -CEO
BRASILIA, Nov 21 (Reuters) - Further weakening of Brazil's currency against the dollar could raise pressure on the government to allow state-led oil company Petrobras  to increase fuel prices, Chief Executive Maria das Graças Foster said on Wednesday.
Brazil's currency  slipped to its weakest level in 3-1/2 years on Wednesday, shedding 0.7 percent to 2.0944 reais to the dollar. So far this year, currency losses amount to 11 percent.