DJI- NEW YORK, Feb 21 (Reuters) - U.S. stocks ended little changed on Tuesday, paring gains after the Dow topped 13,000 for the first time since May 2008, and as higher oil prices damped prospects for the economy.
Greece's securing a bailout to avoid a disorderly default provided some support to stocks, but investors said the news had mostly been priced in to the market.
Fresh highs in oil prices gave investors a reason to sell. U.S. crude futuresrose 2.5 percent to a nine-month high of $105.84 a barrel on Iran supply worries.
The Dow Jones industrial average <.DJI> finished up 15.82 points, or 0.12 percent, at 12,965.69. The Standard & Poor's 500 Index <.SPX> was up 0.98 point, or 0.07 percent, at 1,362.21. The Nasdaq Composite Index <.IXIC> was down 3.21 points, or 0.11 percent, at 2,948.57.
NYMEX- NEW YORK, Feb 21 - U.S. crude futures rose for the fourth straight session on Tuesday and closed at their highest levels in nine months as Iran repeated a threat of pre-emptive strikes against those it considered enemies and after Greece received a second debt bailout.
Iran's top consumers in Asia said they would reduce their purchases of Iranian oil as it was getting more difficult to do business with the Islamic Republic due to U.S. sanctions and an impending ban on Iranian oil by the European Union by July.
Euro zone financial ministers agreed to grant Greece a 130-billion-euro debt ($172 billion) rescue to avert a chaotic default, pushing the euro near a two-week high against the dollar. That helped improve risk appetite for oil and other commodities.
As the day's trading drew to a close, however, the euro ended flat against the dollar as investors weighed the hurdles that Greece must overcome to carry out the tough conditions in the bailout package.
Brent's premium against U.S. crude narrowed to below $16, from as much as $18 last week, on news that Enterprise Productshad begun purging the Seaway pipeline ahead of a reversal that will move crude out of the glutted Midwest and into the U.S. Gulf Coast refinery row. Analysts said that could bring U.S. crude futures closer to benchmark Brent. [ID:nL2E8Dl5M5]
Gasoline futures ended at their highest level since May, lifted by the idling of BP Plc'sCherry Point, Washington, refinery on Friday due to a fire.
Traders will begin weighing inventory forecasts on how U.S. crude and refined product stockpiles shifted last week. Industry and government reports are delayed a day this week due to Monday's Presidents Day holiday.
A preliminary Reuters poll forecast that in the week to Feb. 17 domestic crude stocks fell 400,000 barrels, distillates stocks dropped 1.1 million barrels and gasoline stocks rose 300,000 barrels. Refinery runs were projected to have dipped 0.3 percentage point.
On the New York Mercantile Exchange, crude for March delivery settled at $105.84 a barrel, gaining $2.60, or 2.52 percent. It was the highest settlement since May 4, when front-month NYMEX crude closed at $109.24.
CBOT SOYBEANS, Soybean futures at the Chicago Board of Trade ended firm on export demand for U.S. soybeans, worries about South American production and inter-market spreading against corn, traders said.
Soyoil gained against soymeal on oil/meal spreads.
Traders bought soybeans and sold corn on spreads ahead of USDA's annual Outlook Forum on Thursday and Friday. USDA earlier this month signaled a jump in U.S. corn ending stocks for 2012/13 and a drop in 2012/13 soybean stocks.
Front-month soybeanshit a near five-month high at $12.76 a bushel but closed with modest gains following a choppy session.
FCPO-SINGAPORE, Feb 21 (Reuters) - Malaysian crude palm oil futures ended up on Tuesday after touching an eight-month high the previous day, supported by a Greek bailout deal and stronger demand prospects indicated by Malaysian export trends.
Euro zone finance ministers struck a deal on Tuesday for a second bailout programme for Greece, providing temporary relief and lifting investor sentiment.
Demand prospects for the tropical oil were also looking up as latest data indicated an improvement in the pace of export.
Benchmark May palm oil futures on the Bursa Malaysia Derivatives Exchange gained 0.7 percent to close at 3,268 ringgit ($1,083) per tonne. Prices hit a high of 3,276 ringgit on Monday, the highest since June last year. Trading was active as volumes stood at 28,368 lots of 25 tonnes each, compared to the usual 25,000 lots.
Reuters analyst Wang Tao said a bullish target at 3,322 ringgit has been modified to 3,292 ringgit for palm oil due to a retracement from the Monday high of 3,276 ringgit.
REGIONAL MARKET- Feb 21 (Reuters) - Most Southeast Asian stock markets edged up on Tuesday as a largely priced-in package to bail out Greece gave a small boost, but concerns that the deal may solve the crisis only in the short term kept riskier assets across the region subdued.
Euro zone finance ministers sealed a $172 billion second bailout for debt-laden Greece on Tuesday that will resolve its immediate financing needs.
In Singapore, a 2.3 percent gain by property developer CapitaLand Ltdand 1.6 percent rise for United Overseas Bank Ltd drove the overall index.
In Kuala Lumpur, Maxis Bhdjumped 2.9 percent after it obtained the Securities Commission's approval for the proposed issuance of a 2.45 billion Malaysian ringgit ($811.06million) sukuk.
Greece's securing a bailout to avoid a disorderly default provided some support to stocks, but investors said the news had mostly been priced in to the market.
Fresh highs in oil prices gave investors a reason to sell. U.S. crude futures
The Dow Jones industrial average <.DJI> finished up 15.82 points, or 0.12 percent, at 12,965.69. The Standard & Poor's 500 Index <.SPX> was up 0.98 point, or 0.07 percent, at 1,362.21. The Nasdaq Composite Index <.IXIC> was down 3.21 points, or 0.11 percent, at 2,948.57.
NYMEX- NEW YORK, Feb 21 - U.S. crude futures rose for the fourth straight session on Tuesday and closed at their highest levels in nine months as Iran repeated a threat of pre-emptive strikes against those it considered enemies and after Greece received a second debt bailout.
Iran's top consumers in Asia said they would reduce their purchases of Iranian oil as it was getting more difficult to do business with the Islamic Republic due to U.S. sanctions and an impending ban on Iranian oil by the European Union by July.
Euro zone financial ministers agreed to grant Greece a 130-billion-euro debt ($172 billion) rescue to avert a chaotic default, pushing the euro near a two-week high against the dollar. That helped improve risk appetite for oil and other commodities.
As the day's trading drew to a close, however, the euro ended flat against the dollar as investors weighed the hurdles that Greece must overcome to carry out the tough conditions in the bailout package.
Brent's premium against U.S. crude narrowed to below $16, from as much as $18 last week, on news that Enterprise Products
Gasoline futures ended at their highest level since May, lifted by the idling of BP Plc's
Traders will begin weighing inventory forecasts on how U.S. crude and refined product stockpiles shifted last week. Industry and government reports are delayed a day this week due to Monday's Presidents Day holiday.
A preliminary Reuters poll forecast that in the week to Feb. 17 domestic crude stocks fell 400,000 barrels, distillates stocks dropped 1.1 million barrels and gasoline stocks rose 300,000 barrels. Refinery runs were projected to have dipped 0.3 percentage point.
On the New York Mercantile Exchange, crude for March delivery settled at $105.84 a barrel, gaining $2.60, or 2.52 percent. It was the highest settlement since May 4, when front-month NYMEX crude closed at $109.24.
CBOT SOYBEANS, Soybean futures at the Chicago Board of Trade ended firm on export demand for U.S. soybeans, worries about South American production and inter-market spreading against corn, traders said.
Soyoil gained against soymeal on oil/meal spreads.
Traders bought soybeans and sold corn on spreads ahead of USDA's annual Outlook Forum on Thursday and Friday. USDA earlier this month signaled a jump in U.S. corn ending stocks for 2012/13 and a drop in 2012/13 soybean stocks.
Front-month soybeans
FCPO-SINGAPORE, Feb 21 (Reuters) - Malaysian crude palm oil futures ended up on Tuesday after touching an eight-month high the previous day, supported by a Greek bailout deal and stronger demand prospects indicated by Malaysian export trends.
Euro zone finance ministers struck a deal on Tuesday for a second bailout programme for Greece, providing temporary relief and lifting investor sentiment.
Demand prospects for the tropical oil were also looking up as latest data indicated an improvement in the pace of export.
Benchmark May palm oil futures on the Bursa Malaysia Derivatives Exchange gained 0.7 percent to close at 3,268 ringgit ($1,083) per tonne. Prices hit a high of 3,276 ringgit on Monday, the highest since June last year. Trading was active as volumes stood at 28,368 lots of 25 tonnes each, compared to the usual 25,000 lots.
Reuters analyst Wang Tao said a bullish target at 3,322 ringgit has been modified to 3,292 ringgit for palm oil due to a retracement from the Monday high of 3,276 ringgit.
REGIONAL MARKET- Feb 21 (Reuters) - Most Southeast Asian stock markets edged up on Tuesday as a largely priced-in package to bail out Greece gave a small boost, but concerns that the deal may solve the crisis only in the short term kept riskier assets across the region subdued.
Euro zone finance ministers sealed a $172 billion second bailout for debt-laden Greece on Tuesday that will resolve its immediate financing needs.
In Singapore, a 2.3 percent gain by property developer CapitaLand Ltd
In Kuala Lumpur, Maxis Bhd
