NEW YORK, May 11 (Reuters) - OPEC and the U.S. government
on Tuesday raised their estimates for world oil demand growth
in 2010, predicting an expansion in fuel consumption as world
economies emerge from the worst slowdown since World War II.
In a monthly report, OPEC forecast world oil demand would
rise by 950,000 barrels per day (bpd) this year, up 50,000 bpd
from its previous estimate. The U.S. Energy Information Agency
forecast that global demand would grow by 1.57 million bpd, a
110,000 bpd increase from its month-ago estimate.
Wednesday, May 12, 2010
Trader's Highlight
DJI-NEW YORK, May 11 (Reuters) - The Dow and the S&P 500 fell in a volatile session on Tuesday as fears that a $1 trillion bailout for Europe won't solve the region's deep-seated problems blunted an improving U.S. economic picture.
In a session marked by little news and low volume compared with recent days, investors dumped stocks in afternoon trading as worries about Europe's ability to contain Greece's fiscal problems crept back into the market.
The Dow Jones industrial average <.DJI> dropped 36.88 points, or 0.34 percent, to 10,748.26. The Standard & Poor's 500 Index <.SPX> fell 3.94 points, or 0.34 percent, to 1,155.79. But the Nasdaq Composite Index <.IXIC> gained 0.64 points, or 0.03 percent, to 2,375.31.
NYMEX-NEW YORK, May 11 (Reuters) - U.S. crude oil futures rose in choppy trading on Tuesday, with refined products supportive and as OPEC raised its forecast for demand growth.
The bounce came even as the euro weakened and Monday's equities rally on the rescue package to stabilize the euro faded.
On the New York Mercantile Exchange at 10:47 a.m. EDT (1447 GMT), June crude was up 48 cents, or 0.63 percent, at $77.28 a barrel, trading from $75.36 to $77.56.
CBOT-CHICAGO, May 11 (Reuters) - Chicago Board of Trade grains and soy complex close on Tuesday.
CBOT-SOYBEANS - July up 5 cents at $9.66 per bushel; new-crop November up 2-3/4 at $9.37-1/2. Late round of fund buying boosted futures as did short-covering and spillover support from gains in corn.
CBOT-SOYOIL - July down 0.07 cent at 38.32 cents per lb. Light fund selling weighed.
FCPO-JAKARTA, May 11 (Reuters) - Malaysia palm oil futures fell to the lowest in nearly three weeks on Tuesday on a stronger ringgit and slow demand that prompted investors to unwind positions, but expectations of low inventories offered support to prices.
The benchmark July palm oil contract on Bursa Malaysia Derivatives fell 0.95 percent, or 24 ringgit, to 2,505 ringgit ($804.1) a tonne. That contract was the lowest since April 22.
Other contracts fell between 0.95 percent to 1.25 percent. Overall volume traded was 10,402 lots of 25 tonnes each, above the average daily volume of 10,000 lots.
REGIONAL EQUITIES-COLOMBO/BANGKOK, May 11 (Reuters) - Philippine shares hit a one-week high on Tuesday after the country's presidential election, while other Southeast Asian markets ended mostly lower amid questions about a $1 trillion euro-zone debt-crisis package.
The Manila market welcomed the emergence of Benigno Aquino as a clear leader in vote counting and looked forward to a period of political stability plus efforts to tackle a large budget deficit.
Singapore <.FTSTI> and Thailand <.SETI> fell 0.9 percent and Indonesia <.JKSE> fell 1.3 percent on doubts about how Greece and other debt-laden euro-zone countries will reduce their budget deficits.
In Singapore, banking shares led the fall with United Overseas Bank losing 2.5 percent and DBS 1.6 percent.
Malaysia <.KLSE>, bucking the trend, rose 0.5 percent with a rise of over 2.5 percent in Genting Group.
In a session marked by little news and low volume compared with recent days, investors dumped stocks in afternoon trading as worries about Europe's ability to contain Greece's fiscal problems crept back into the market.
The Dow Jones industrial average <.DJI> dropped 36.88 points, or 0.34 percent, to 10,748.26. The Standard & Poor's 500 Index <.SPX> fell 3.94 points, or 0.34 percent, to 1,155.79. But the Nasdaq Composite Index <.IXIC> gained 0.64 points, or 0.03 percent, to 2,375.31.
NYMEX-NEW YORK, May 11 (Reuters) - U.S. crude oil futures rose in choppy trading on Tuesday, with refined products supportive and as OPEC raised its forecast for demand growth.
The bounce came even as the euro weakened and Monday's equities rally on the rescue package to stabilize the euro faded.
On the New York Mercantile Exchange at 10:47 a.m. EDT (1447 GMT), June crude
CBOT-CHICAGO, May 11 (Reuters) - Chicago Board of Trade grains and soy complex close on Tuesday.
CBOT-SOYBEANS - July
CBOT-SOYOIL - July
FCPO-JAKARTA, May 11 (Reuters) - Malaysia palm oil futures fell to the lowest in nearly three weeks on Tuesday on a stronger ringgit and slow demand that prompted investors to unwind positions, but expectations of low inventories offered support to prices.
The benchmark July palm oil contract
Other contracts fell between 0.95 percent to 1.25 percent. Overall volume traded was 10,402 lots of 25 tonnes each, above the average daily volume of 10,000 lots.
REGIONAL EQUITIES-COLOMBO/BANGKOK, May 11 (Reuters) - Philippine shares hit a one-week high on Tuesday after the country's presidential election, while other Southeast Asian markets ended mostly lower amid questions about a $1 trillion euro-zone debt-crisis package.
The Manila market welcomed the emergence of Benigno Aquino as a clear leader in vote counting and looked forward to a period of political stability plus efforts to tackle a large budget deficit.
Singapore <.FTSTI> and Thailand <.SETI> fell 0.9 percent and Indonesia <.JKSE> fell 1.3 percent on doubts about how Greece and other debt-laden euro-zone countries will reduce their budget deficits.
In Singapore, banking shares led the fall with United Overseas Bank
Malaysia <.KLSE>, bucking the trend, rose 0.5 percent with a rise of over 2.5 percent in Genting Group
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