Crude oil futures prices 8/13/2012 : Crude oil futures traded higher in Asian trading on Monday on talk Iran may be stepping up its nuclear program, which sent investors buying on possible supply concerns and ignoring otherwise bearish Japanese growth data.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in September traded at USD93.25 a barrel on Monday, up 0.40%, off from a session high of USD93.36 and up from an earlier session low of USD93.17.
Fears that Tehran is stepping up its plans to develop nuclear weapons prompted Israeli to test missile alert systems earlier.
Concerns that the standoff between Israel and its western allies against Iran will reheat and spark supply concerns brought in the buyers on Monday, with investors shrugging off soft economic indicators.
Earlier Monday, Japan reported its gross domestic product grew less than expected in the second quarter, expanding 0.3% according to preliminary figures, below market forecasts for 0.6% and well below the first quarter's rate of 1.2%.
Last week, China reported earlier that its trade surplus narrowed unexpectedly in July, dropping to USD25.1 billion from a USD31.7 billion surplus.
Economists were expecting a USD35.1 billion surplus.
China, also reported it was importing less oil.
Beijing's General Administration of Customs reported the country's net crude imports hit 21.6 million metric tons during July, or 5.1 million barrels a day, the lowest since December 2011.
Meanwhile in Europe, the European Central Bank on Thursday trimmed its forecast for economic growth to 0.6% in 2013, down from 1% previously.
The ECB also forecast a 0.3% contraction in growth this year, slightly worse than its previous forecast for a 0.2% contraction.
On the ICE Futures Exchange, Brent oil futures for September delivery were up 0.42% and trading at USD111.58 a barrel, up USD18.33from its U.S. counterpart.
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14 Ağustos 2012 Salı
Crude oil futures prices 8/13/2012
Brent oil futures prices august 14 2012
Brent oil futures prices august 14 2012 : Brent oil futures on Tuesday were little changed near Monday's three-month high, balancing robust U.S. retail sales, tighter North Sea crude supplies and speculation about economic stimulus against weak euro zone GDP data.
U.S. crude futures held firm after data showing July retail sales rose for the first time in four months and producer prices climbed at the fastest pace in five months, both supportive signals for oil.
"I think the strength of the retail sales numbers and a good opening of the stock market is pushing up (oil) demand expectations," said Carl Larry, president of Oil Outlooks LLC in New York.
Brent for September delivery was up 13 cents at $113.73 a barrel, wavering on either side of unchanged after hitting a session high of $114.30.
Benchmark London crude was up nearly $8 month to date, pushing the contract above 71 on the 14-day Relative Strength Index, a technical signal that the contract is overbought.
September Brent is set to expire on Thursday, keeping investors cautious.
U.S. September crude gained 76 cents to $93.49, having hit a session high of $93.92.
Hopes that U.S. Federal Reserve Chairman Ben Bernanke would announce in a speech next month would renew bond purchases for a third round of quantitative easing to support the economy kept oil futures supported.
"Investors are building in expectations of a QE3 ahead of the Jackson Hole speech by Bernanke," said Harry Tchilinguirian, an oil analyst at BNP Paribas in London.
China is also expected to step up its response to a slowing growth rate after two rounds of interest rate cuts. Stimulus could come in the form of more infrastructure projects, that are seen raising demand for base metals and energy.
Oil investors also were keeping a watch over tensions in the Middle East that could affect supplies.
They were also gearing for weekly U.S. inventory data, the first set of which will come from the industry group American Petroleum Institute after the oil markets close.
A preliminary Reuters poll forecast that U.S. crude oil inventories fell 1.6 million barrels in the week to Aug. 10, declining for a third straight week on lower imports. D:nL2E8JD9ED] The more closely watched weekly report from the U.S. Energy Information Administration will be released Wednesday morning. (Additional reporting by Robert Gibbons and Janet McGurty in New York,
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Why Gold prices down august 14 2012
Why Gold prices down august 14 2012 : Gold prices fell about 0.5 percent on Tuesday as healthy US retail sales data prompted bullion investors to scale back their bets based on expectations of imminent stimulus from the Federal Reserve.
Platinum group metal prices rose on supply worries due to a work stoppage at one of the top platinum producers in South Africa. Better economic sentiment amid gains in US equities also underpinned buying in PGMs, used by the auto industry.
Bullion dropped as much as 1 percent after data showed US retail sales rose in July for the first time in four months. Demand climbed broadly for everything from cars to electronics, a sign consumers could drive faster economic growth in the third quarter.
"Better economic figures may make the Fed postpone or do away with additional stimulus. Technically, we failed to break above $1,625 decisively, and profit-taking is probable as the $1,600 area may give way to $1,575 support," said George Gero, vice president of RBC Capital Markets.
Spot gold was down 0.4 percent at $1,603 an ounce by 12:30 p.m. EDT (1630 GMT), having hit a low at $1,594.10.
US COMEX gold futures for December delivery fell $7.10 an ounce to $1,605.50. Silver was essentially flat at $27.79 an ounce.
Trading volume was above 100,000 lots at noon EDT, and looked set to reach the highest level in about two weeks.
Some traders said turnover was unusually high in the minutes immediately after the release of the US retail sales data, as gold prices had dropped around $20 when the euro also tumbled.
Positive signals on the US economy could cut the chances of another round of gold-friendly stimulus measures such as quantitative easing -- printing money to buy bonds. Expectations of such measures have supported prices in recent months.
"Whether the US retail numbers diminish the chance of QE3 could be the short-term focus now, and has the potential to create a bit of headwind," said Ole Hansen, vice president at Saxo Bank.
SUPPLY CONCERNS BOOST PLATINUM
Platinum group metals outperformed gold after the world's third-largest platinum producer, Lonmin , shut its South African operations following violence caused by a feud between rival unions. Nine people were killed at its main mine.
South Africa produces about three-quarters of the world's platinum.
Platinum rose 1.2 percent to $1,396.24 an ounce and spot palladium gained 1.2 percent to $576.22 an ounce. Platinum's unusual discount to gold held above $200 an ounce as demand worries continued. Platinum is down nearly 1 percent this month and off almost 20 percent from a February high.
Source Reuters
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Wheat Soybeans and corn futures august 14 2012
Wheat Soybeans and corn futures august 14 2012 : US wheat futures fell for a third session on Tuesday, erasing early strength and setting a one-month low after Egypt bought Russian and Ukrainian wheat at an international tender and sent a signal that US grain was overpriced, traders said. Soybeans and corn pared early gains as wheat slipped and were nearly unchanged in choppy trading.
At the Chicago Board of Trade as of 11:25 a.m. CDT (1625 GMT), September wheat was down 11 cents, or 1.3 percent, at $8.45-3/4 per bushel. Benchmark December corn was up 1 cent at $7.93-1/4 per bushel and November soybeans were down 2-1/2 cents at $15.98-1/4 a bushel.
Front-month CBOT wheat broke chart support at $8.50 and dipped to $8.41, the lowest spot price since July 13. Wheat futures fell after Egypt, the world's largest wheat buyer, bought 120,000 tonnes of wheat from Russia and Ukraine on Tuesday, three days after buying 120,000 tonnes of Russian wheat at its previous tender.
The purchases eased concerns that drought might spur Russia to restrict grain exports. Russia's wheat harvest may fall by 20 percent in the 2012/13 season to around 45.5 million tonnes, largely because of a drought that has parched fields in leading growing regions.
But the head of Russia's Grain Union last week said Russia will have enough grain for export and domestic consumption at least until the end of 2012.
"The government does indeed have exportable supplies, and Russia is a competitor. I don't think the trade was prepared for that," said Mike Zuzolo of Global Commodity Analytics in Lafayette, Indiana. "So wheat is the leader to the downside."
The Egyptian purchases also indicated that US wheat was not competitive on the world market. "It just points out that maybe we are too pricey at the moment," said Jack Scoville, a broker and vice president for the Price Futures Group in Chicago.
"We are figuring we have to lower our prices," he said. "Plus, the Canadian crops are coming in, as well as our spring wheat crops. People seem to be more laid-back about the overall supply situation."
US CORN, SOY RATINGS STABILIZE
Improved weather in the US Midwest and stabilizing US crop ratings kept a lid on the soybean and corn markets.
Soybeans were flat despite a monthly industry report on the US soybean crush that came in above trade expectations, indicating higher-than-expected domestic soy usage. The National Oilseed Processors Association reported the monthly US soybean crush for July at 137.380 million bushels, above an average of trade estimates for 132.5 million.
Weather forecasts for the Midwest, which produces 75 percent of the crops, called for cooler temperatures and scattered rains, which could improve yield prospects for late-planted soybeans.
"While these rains have been too light to end the drought in most of the central and western Midwest, northern Delta, and central Plains, they have significantly slowed declines in crop condition ratings for both corn and soybeans," said Don Keeney, senior agricultural meteorologist for MDA EarthSat Weather/CropCast.
The US Department of Agriculture late Monday said 30 percent of the US soybean crop was rated in good to excellent condition, up 1 percentage point from the previous week.
Weekly corn ratings were unchanged, with 23 percent of the crop rated good to excellent, breaking a string of nine straight weeks where condition ratings dropped due to the scorching temperatures and dry soils. Still, ratings for both remained the lowest since 1988.
Grain markets have surged since June as the worst drought in half a century in the United States has withered corn and soy crops, and supply concerns remain intense despite a pullback in prices since Friday when operators decided to book profits after closely watched US government crop estimates.
CBOT December corn has fallen nearly 7 percent off its all-time high of $8.49 a bushel set on Friday.
The G20 group of countries could hold an emergency meeting next month depending on the gravity of the food price situation, France said on Monday, as it seeks to put into practice pledges made last year to curb volatility in food markets.
Source ; Reuters
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Canadian natural gas prices august 14 2012
Canadian natural gas prices august 14 2012 : Canadian spot natural gas prices fell to their lowest level in seven weeks on Tuesday as forecasters called for mild temperatures in major market regions, spelling a drop in demand.
Spot gas at the AECO storage hub in southeastern Alberta fell 4 Canadian cents to average C$2.02 a gigajoule, the lowest since June 26. Deals were done between C$2.01 and C$2.05.
Toronto temperatures are forecast to be below average for most of the next six days, Environment Canada said. Southern Alberta temperatures are expected to be cooler than usual through Thursday, then climb for the next four days.
Alberta's main pipeline system ran at 16.2 bcf, close to operator TransCanada Corp's target line pack.
Producers delivered 9.5 bcf into the system and a net 203 mmcf was injected into storage facilities in the province.
Export prices were a bit higher. Spot gas at Niagara, for shipment into the U.S. Northeast, rose 1 cent to average $3.01 per mmBtu.
Spot gas at Huntingdon-Sumas on the British Columbia-Washington border averaged $2.58 per mmBtu, up 2 cents.
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