Natural gas ends down 6 pct, front hits 28-month low
NEW YORK, Jan 11 (Reuters) - U.S. natural gas futures ended lower on Wednesday for a third straight day, with fairly mild winter weather and record high supplies driving the front-month to its lowest level in more than two years and the biggest three-day slide seen in 14 months. "The withdrawals from storage this winter have been below average, and it that doesn't look like that trend will change based on the (fairly mild) weather outlook and strong production," said Eric Bickel, commodity analyst at Summit Energy in Kentucky.
Euro Coal-Prices fall $1/T with oil, low coal burn
LONDON, Jan 11 (Reuters) - Prompt European physical coal prices slipped by around $1.00 a tonne on Wednesday as utilities sold coal swaps in the face of weak coal burn across most of northern Europe after the warmest winter for 30 years. "There was a lot of utility selling earlier today, everybody's got too much coal and the burn outside of southern Europe has been poor," one European utility source said.
COMMODITIES-Energy leads lower prices
NEW YORK, Jan 11 (Reuters) - U.S. commodities prices ended mixed on Wednesday with energy markets seeing some of the biggest declines as concerns over European debt drove oil prices down and mild weather and a surplus of natural gas sent prices tumbling. "There's no really cold weather on the horizon, so no one's burning any gas, and we're producing like crazy. The only thing to do is keep selling it," a New York-based trader said, adding gas prices could test the $2 level this year.
GLOBAL MARKETS-Shares subdued as Spain auction puts investors on edge
TOKYO, Jan 12 (Reuters) - Asian shares were subdued and the euro hovered near a 16-month low on Thursday as worries about euro zone sovereign funding kept investors risk-averse ahead of a Spanish debt sale that is seen as a key test of confidence. "We see testing times ahead for the market, with uncertainty reverting higher, European currencies remaining under pressure," and safe haven assets such as the U.S. dollar getting fresh support, said analysts at Barclays capital in a research note.
Japan eyes significant cut in Iran crude imports -media
TOKYO, Jan 12 (Reuters) - The Japanese government has started coordinating with the domestic oil industry on significantly cutting crude imports from Iran, aiming to secure a waiver for Japanese banks from U.S. sanctions against Iran over its nuclear programme, the Yomiuri newspaper said on Thursday.
Tokyo is unlikely to ban Iranian oil imports completely as it is difficult to quickly secure alternatives, with Iran accounting for about 9 percent of total imports, and the size of the reduction will be decided based on consultations with the United States, the paper said without citing sources.
Oil union threat may make Nigeria govt negotiate
ABUJA, Jan 12 (Reuters) - The threat of disruption to Nigerian oil output may force President Goodluck Jonathan's government to negotiate with unions as an indefinite, nationwide strike and protests over fuel subsidy cuts enters its fourth day on Thursday.
Tens of thousands have taken to the streets in cities up and down Africa's most populous nation this week to protest against the Jan. 1 removal of the subsidy, which more than doubled the price of petrol to around 150 naira ($0.93) a litre.
Chevron warns on Q4 profit, shares drop
Jan 11 (Reuters) - Chevron Corp warned that fourth-quarter profit would be significantly below the previous quarter, with production still falling short of prior expectations and its refining operations about breaking even.
Shares of the second-largest U.S. oil company fell more than 2 percent in after-hours trading to $105.21, or about $5 below the record high they hit last week.
Chesapeake regains control of Oklahoma well after fire
NEW YORK, Jan 11 (Reuters) - Chesapeake Energy on Wednesday said crews established control of a well 4 miles (6 km) northwest of Sweetwater, Oklahoma, after a drilling rig caught fire late last week from hitting a pocket of natural gas near the surface.
There were no injuries and no threat to the public or to the environment and a complete site evaluation and investigation were underway, a Chesapeake spokesman said. Other exploration work in Oklahoma remained unaffected.
Petroplus reaches temporary agreement with lenders
ZURICH, Jan 11 (Reuters) - Swiss-listed oil refiner Petroplus has reached a temporary agreement with its creditors that will allow it to keep some operations running and pay critical bills, with what could be a more lasting deal expected later this month.
The firm is grappling with overcapacity and a weak economic climate, has seen its access to borrowing dry up, and is now working to stave off bankruptcy.
Canada PM to visit China, seeking higher oil sales
OTTAWA, Jan 11 (Reuters) - Canadian Prime Minister Stephen Harper plans to visit China next month as his government looks to open new markets for oil sands crude in the wake of Washington's decision to delay approval of a major pipeline from Alberta to Texas.
Harper is scheduled to fly to Beijing in the second week of February and aims to deepen economic ties with the Asian powerhouse, the prime minister's office said in a statement on Wednesday after he met with China's ambassador.
Canadian natives warn against pipeline to Pacific
KITAMAAT VILLAGE, British Columbia, Jan 10 (Reuters) - Aboriginal leaders opposed to a C$5.5 billion ($5.4 billion) oil sands pipeline backed by Canada's government warned on Tuesday that the project could devastate fishing and traditional life on the rugged Pacific Coast and called for it to be stopped.
As hearings into Enbridge Inc's proposed Northern Gateway pipeline opened with drumming and native singing, hereditary chiefs and elders of the Haisla First Nation told the regulatory panel their greatest fear was the potential impact of oil spills on their community of 1,500.
Nigerian oil union threatens to shut down crude output
ABUJA/PORT HARCOURT, Jan 11 (Reuters) - Nigerian oil workers threatened on Wednesday to shut down output in Africa's top crude producer, deepening a national strike over a more than doubling of petrol prices.
With the government and unions locked in a showdown which has paralysed Nigeria for three days, the biggest oil union said it was ready to halt oil production, although industry officials doubted it could shut down crude exports completely.
BEYOND THE HEADLINES:
Trafigura sees chance of oil spike above $130
GENEVA, Jan 11 (Reuters) - Oil prices will average between $115-120 a barrel this year, the highest annual level on record, and could briefly spike above $130 if Iran blocks the Strait of Hormuz, the chief economist for trading house Trafigura told Reuters.
Most commodity markets are set to finish this year higher than they started as monetary easing will spur growth in emerging markets, Trafigura's Alan Williamson said, but a thin oil supply buffer means it could surge sooner and faster than the rest of the asset class.
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