Feb. 22 (Bloomberg) -- Libyan leader Muammar Qaddafi, in comments broadcast on state TV early today, denies reports he has fled the country amid a crackdown on anti-government demonstrators that has left hundreds dead. (Translated excerpt. Source: Bloomberg)
The following is a selection of the most important news affecting the oil market.
Oil Rises to Two-Year High as Libya Unrest Sparks Supply Concern
Oil jumped to the highest in more than two years as violence intensified in Libya, stoking concern crude supplies will be disrupted as violence escalates around the Middle East and North Africa.
TOP MARKET NEWS
Oil Options Highlight Price Risks From Turmoil: Energy Markets
The oil-options market shows traders have never been less certain whether crude will rise or fall as political unrest spreads through the Middle East and Africa.
Qaddafi Says He Hasn’t Fled Libya as Regime Starts to Unwind (2)
Libyan leader Muammar Qaddafi said he hadn’t fled the country as diplomats resigned and soldiers deserted in protest over a crackdown on anti-government demonstrators that has left hundreds dead.
Goldman Sachs Says Brent Oil May Reach $110 a Barrel in Weeks
Brent crude oil futures may trade between $105 and $110 a barrel in coming weeks if uncertainty in Libya continues, according to Goldman Sachs International’s head of commodities research Jeffrey Currie. Prices may reach a record if unrest spreads to larger producers in the Middle East, such as Saudi Arabia, he said.
Woodside Being ‘Proactive’ With Shell About Remaining Stake
Woodside Petroleum Ltd. is being “proactive” with Royal Dutch Shell Plc about its remaining shares in the Australian company after the sale of a 10 percent stake last year, Chief Executive Officer Don Voelte said.
Oil Driller Eni at Risk in Libya as Anti-Qaddafi Unrest Spreads
Eni SpA, the Italian oil producer that’s drilled in Libya during the whole of Muammar Qaddafi’s 41-year rule, is the foreign company with most to lose as the regime threatens to unravel.
BHP to Acquire Chesapeake’s Shale Assets for $4.75 Billion (2)
BHP Billiton Ltd., the world’s biggest mining company, agreed to buy Chesapeake Energy Corp.’s Arkansas shale gas assets for $4.75 billion in cash, more than doubling its U.S. oil and gas reserves.
Asia Fuel Oil, Gasoil Rise, Naphtha Crack Slumps: Oil Products
Asia fuel oil and gasoil swaps rallied to the highest since September 2008. Naphtha’s crack spread slumped to a five-month low, indicating reduced profit from making the petrochemical feedstock.
U.S. Government Buys More From BAE Than Other Foreign Companies
BAE Systems Plc, Europe’s largest defense company, secured $8 billion in contracts with the U.S. government in 2009, topping a list of foreign-based companies that are selling a growing amount of weapons, tools and supplies to U.S. agencies.
OPEC
Iran’s OPEC Governor Sees No Need to Increase World Oil Supply
OPEC is supplying more oil than the world market needs, and the group has no plans to meet in Riyadh, said Iran’s governor to the Organization of Petroleum Exporting Countries, Mohammad Ali Khatibi.
Angola Says Political Tensions Adding ‘Maybe’ $10 to Crude Price
Political tensions in North Africa and the Middle East are adding “maybe” $10 to the price of crude, Angolan Oil Minister Jose Maria Botelho de Vasconcelos said.
Frontline Back in Black on Chinese Oil Demand: Freight Markets
Frontline Ltd., the world’s biggest supertanker operator, may return to profit this quarter after its biggest loss since 2002 as oil demand from China curbs a glut of vessels that sent freight costs to a 13-month low.
Oil Rises to Highest Since 2008 as Libya Unrest Stokes Concern
Oil surged to the highest price in more than two years in London as violence escalated in Libya, stoking concern supplies will be disrupted as turmoil spreads through the Middle East and North Africa.
OPEC, Oil Consumers ‘Learned Lesson’ of 2008, Saudi Prince Says
Oil producers and consumers have “learned the lesson” of 2008 when futures rallied to a record $147 a barrel only to collapse in the following months, a Saudi Arabian energy official said.
REFINERIES Map global refinery outages
Enterprise Products Has Pipeline Leak at Cushing, Filing Shows
Enterprise Products Partners LP had a ruptured pipeline at its Cushing terminal, spraying oil which went into a containment pond, according to a filing with the National Response Center.
Lion Oil Shuts El Dorado Refinery Units on Failure, Filing Says
Lion Oil Co. shut units at its El Dorado refinery in Arkansas following a power failure Feb. 21, according to a filing with the National Response Center.
Record Glut of Oil Refineries Selling at 80% Discount: Real M&A
Oil companies from Chevron Corp. to BP Plc are selling more refineries than at any time in history even as a rebound in demand for gasoline and diesel pushes profits from running the plants to the highest level since 2007.
Valero Houston Refinery to Have Flaring From Planned Maintenance
Valero Energy Corp. said it would have flaring at its Houston refinery from planned maintenance activities, according to a message left on a community hotline.
Asia Fuel Oil Rises for Third Day; Naphtha Gains: Oil Products
Asian fuel oil rose for a third day as the costs of benchmark Dubai crude increased. Naphtha and gasoline climbed to the highest in more than two years.
OPEC Ministers May Comment on Supply This Week: Persian Gulf Oil
OPEC is ready to raise crude supply in line with demand, the United Arab Emirates’ oil minister said ahead of a meeting of oil producers and consumers in Saudi Arabia this week. Ministers from OPEC member countries will have an opportunity to speak during an International Energy Forum gathering in the Saudi capital, Riyadh.
Caltex Australia Profit Climbs 49% on Fuel Sales, Margins (2)
Caltex Australia Ltd., the nation’s biggest oil refiner, said 2010 operating profit increased 49 percent as sales of transport fuels rose to a record and after the margin on processing crude into products widened.
Shell Pernis Refinery Shut Down Several Units on Steam Failure
Royal Dutch Shell Plc shut down several units at its Pernis refinery in Rotterdam because of a failure in the supply of steam, according to a statement on its website today.
Caltex Australia Starts Maintenance at Sydney Oil Refinery Today
Caltex Australia Ltd., the country’s largest oil refiner, said planned maintenance lasting about 40 days starts at its Kurnell plant south of Sydney today.
Cosmo Oil Restarts Sakai Fluid Catalytic Cracker on Feb. 20
Cosmo Oil Co. restarted the 24,000 barrel-a-day fluid catalytic cracker at its Sakai refinery in western Japan on Feb. 20, according to spokesman Katsuhisa Maeda.
OTHER OIL MARKET NEWS
Oil Product Shipping Costs to Japan Are Unchanged
The cost of shipping a gallon of gasoline, jet fuel or other so-called clean petroleum products from the Middle East to Japan was unchanged at 7.47 U.S. cents yesterday, according to data compiled by Bloomberg. The cost is based on a cargo of 55,000 metric tons.
Angola’s Oil Minister Says $80 to $90 Crude Is a ‘Good Price’
Oil at $80 to $90 a barrel is a “good price” and the crude rally is because of spreading unrest in the Middle East, said Angolan Oil Minister Jose Maria Botelho de Vasconcelos.
Persian Gulf Tanker Rates Extend Slump as Ships Exceed Cargoes
The cost of delivering Middle East crude oil to Asia, the world’s busiest route for supertankers, fell for a fourth day as the supply of vessels exceeded available cargoes.
India’s ONGC Awards U.A.E.’s NPCC $227 Million Oil Deal (1)
Oil & Natural Gas Corp., India’s largest state-owned oil explorer, awarded United Arab Emirates- based National Petroleum Construction Co. an oil contract valued at $227 million.
Libya’s Ghanem Can’t Say If Unrest Affecting Oil Production (1)
Shokri Ghanem, chairman of Libya’s National Oil Corp., said he didn’t know if unrest sweeping the North African nation has affected its output of crude.
India’s ONGC Awards UAE’s National Petroleum $227 Million Deal
Oil & Natural Gas Corp., India’s largest state-owned oil explorer, awarded United Arab Emirates- based National Petroleum Construction Co. an oil contract valued at $227 million.
TOP ENERGY STORIES
Libya Violence Escalates as Qaddafi’s Son Vows Crackdown (1)
Violence in Libya intensified as the government attacked protesters and rebels claimed control of the second-biggest city, Benghazi, after Muammar Qaddafi’s son threatened “rivers of blood” unless the uprising ends.
Oil, Bonds Gain on Libya Turmoil; Asia Stocks, Kiwi Dollar Drop
Oil climbed to the highest level in more than two years and bonds rose, while Asian shares and U.S. stock futures declined as violence intensified in Libya. The New Zealand dollar weakened following an earthquake in Christchurch.
Oil-Price Swings Double as Unrest Spreads Before Saudi Talks (3)
Oil-price swings have doubled this year as unrest spreads through the Middle East, source of one- third of global crude supply, hampering producer and consumer efforts to stabilize the world’s biggest commodity market.
Eni Declines as Libya Unrest Worsens, BP Stops Exploration (3)
Eni SpA, the largest foreign oil producer in Libya, fell the most in 19 months in Milan trading, and BP Plc suspended exploration because of worsening violence in the North African country.
Maersk Orders Up to 30 of Biggest Container Ships on Trade (2)
A.P. Moller-Maersk A/S, the world’s largest container line, agreed to buy as many as 30 of the biggest ships valued at as much as $5.4 billion to counter rising fuel prices and benefit from expanding global trade.
BP’s $7 Billion Reliance Deal in India Advances BRICs Strategy
Robert Dudley’s second $7 billion dollar deal this year signals a shift for BP Plc toward the world’s fastest-growing economies as exploration drilling remains closed in the U.S. after the Macondo oil spill.
Ambani May Add Assets After BP Deal Doubles Reliance Cash (2)
Reliance Industries Ltd., India’s biggest company by market value, may add overseas energy assets after doubling its cash to $14 billion through the sale of stakes in domestic oil blocks to BP Plc, investors said.
BP’s Partner Says Eight Banks Back Australian Solar Project (2)
BP Plc’s partner in a proposed Australian solar power project said BNP Paribas, Banco Santander SA and National Australia Bank Ltd. are among eight banks that have agreed to help finance the venture.
Vietnam’s Petrolimex Seeks to Buy Gasoil in February, March (1)
Vietnam National Petroleum Corp. is seeking to buy 48,000 metric tons of gasoil for loading in February and March, according to a document e-mailed to potential suppliers.
Platts Considers Adding Statfjord Crude to Benchmark Dated Brent
Platts, the energy news and pricing unit of McGraw-Hill Co., is considering adding Statfjord crude to the composition if its benchmark Dated Brent price because of declining production, a company official said.
OTHER MARKETS
Oil, Bonds Gain on Libya Turmoil; Asia Stocks, Kiwi Dollar Drop
Oil climbed to the highest level in more than two years and bonds rose, while Asian shares and U.S. stock futures declined as violence intensified in Libya. The New Zealand dollar weakened following an earthquake in Christchurch.
Dollar, Yen Rise as Mideast Woes Spur Safety Demand; Kiwi Drops
The dollar and yen rose against their major counterparts as concern that tensions in the Middle East and North Africa will worsen boosted demand for the currencies as a refuge.
N.Z. Dollar Slumps to Year’s Low After Christchurch Earthquake
New Zealand’s dollar slid to the lowest this year against the U.S. currency and yen after a magnitude 6.3 earthquake caused multiple deaths and toppled buildings in Christchurch, the Pacific nation’s second-largest city.
Asian Stocks Fall as Political Upheaval Imperils Global Recovery
Asian stocks fell, sending the regional benchmark index to its biggest decline in a month, as concern mounted that instability in the Middle East and North Africa may derail a global recovery.
BRICs Losing for Second Time in Decade as America Takes Over
Stocks in developed countries are rising the most since 1998 while emerging markets slump, a sign the U.S. is returning to its role as the engine of world growth aided by a recovery in Europe.
Farmers Fail to Meet Demand as Corn Stockpiles Drop to 1974 Low
The smallest corn inventories in 37 years are a sign farmers around the globe are failing to produce enough grain to meet rising consumption, even as planting expands and food prices surge.
China Drought to Cut Grain Crop, Driving Imports, Ferrari Says
Drought in north China, the world’s largest wheat grower, may cause significant losses to grain supplies this year, prompting increased imports and tightening global supplies, according to Weather Trends International.
Cameron Urges Egypt Army to Co-Opt Opposition, End Emergency (2)
U.K. Prime Minister David Cameron urged Egypt’s military rulers to bring opposition leaders into the government and end a state of emergency to demonstrate their desire to move toward democracy after the ousting of President Hosni Mubarak.
Cameron Urges Mideast Rulers to Heed Democracy Call, Boost Trade
David Cameron will push Middle Eastern leaders today to listen to the demands of their people for change, arguing that opening up the region to democracy will improve business and trade.
SPORTS
INDIA DAYBOOK: Reliance Industries, Ranbaxy, Castrol Earnings
BP Plc, Europe’s second-biggest oil company, agreed to pay Reliance Industries Ltd. $7.2 billion for stakes in 23 blocks in India, expanding operations in Asia’s third-biggest economy.
Australia Must Improve After Opening Cup Victory, Ponting Says
Australia captain Ricky Ponting said his team needs to raise its game after opening its bid for a fourth straight Cricket World Cup title with a 91-run victory over Zimbabwe.
Railway Plans First Bond in Pounds for World Cup: Russia Credit
Russia’s state-owned railway, the biggest corporate issuer of ruble bonds, is turning to the sterling market for the first time to access new investors as the country increases spending before the soccer World Cup.
ENERGY PRICES
Last Chg %Chg Exch Contrac
---- ---- ---- ---- ------- WTI Crude ($/Bbl) 94.20 +8.00 +9.3 Nymex Marc Brent Crude ($/Bbl) 108.51 +2.77 +2.6 Ice Marc Gasoil ($/Ton) 905.00 +23.75 +2.7 Ice Apri Gasoline (c/Gal) 267.81 +12.68 +5.0 Nymex Marc Natural gas ($/MMBtu) 3.96 +0.09 +2.3 Nymex Marc Dated Brent ($/Bbl) 107.94 +0.54 +0.5 OTC 21 Day Heating Oil 285.59 +14.30 +5.3 Nymex Marc
Other markets:
Last %Chg
----- ----- Dollar Index 78.05 +0.5 Gold ($/Oz) 1,388.60 +0.3 MSCI World Index 1,352.51 -0.4
The following is a selection of the most important news affecting the oil market.
Oil Rises to Two-Year High as Libya Unrest Sparks Supply Concern
Oil jumped to the highest in more than two years as violence intensified in Libya, stoking concern crude supplies will be disrupted as violence escalates around the Middle East and North Africa.
TOP MARKET NEWS
Oil Options Highlight Price Risks From Turmoil: Energy Markets
The oil-options market shows traders have never been less certain whether crude will rise or fall as political unrest spreads through the Middle East and Africa.
Qaddafi Says He Hasn’t Fled Libya as Regime Starts to Unwind (2)
Libyan leader Muammar Qaddafi said he hadn’t fled the country as diplomats resigned and soldiers deserted in protest over a crackdown on anti-government demonstrators that has left hundreds dead.
Goldman Sachs Says Brent Oil May Reach $110 a Barrel in Weeks
Brent crude oil futures may trade between $105 and $110 a barrel in coming weeks if uncertainty in Libya continues, according to Goldman Sachs International’s head of commodities research Jeffrey Currie. Prices may reach a record if unrest spreads to larger producers in the Middle East, such as Saudi Arabia, he said.
Woodside Being ‘Proactive’ With Shell About Remaining Stake
Woodside Petroleum Ltd. is being “proactive” with Royal Dutch Shell Plc about its remaining shares in the Australian company after the sale of a 10 percent stake last year, Chief Executive Officer Don Voelte said.
Oil Driller Eni at Risk in Libya as Anti-Qaddafi Unrest Spreads
Eni SpA, the Italian oil producer that’s drilled in Libya during the whole of Muammar Qaddafi’s 41-year rule, is the foreign company with most to lose as the regime threatens to unravel.
BHP to Acquire Chesapeake’s Shale Assets for $4.75 Billion (2)
BHP Billiton Ltd., the world’s biggest mining company, agreed to buy Chesapeake Energy Corp.’s Arkansas shale gas assets for $4.75 billion in cash, more than doubling its U.S. oil and gas reserves.
Asia Fuel Oil, Gasoil Rise, Naphtha Crack Slumps: Oil Products
Asia fuel oil and gasoil swaps rallied to the highest since September 2008. Naphtha’s crack spread slumped to a five-month low, indicating reduced profit from making the petrochemical feedstock.
U.S. Government Buys More From BAE Than Other Foreign Companies
BAE Systems Plc, Europe’s largest defense company, secured $8 billion in contracts with the U.S. government in 2009, topping a list of foreign-based companies that are selling a growing amount of weapons, tools and supplies to U.S. agencies.
OPEC
Iran’s OPEC Governor Sees No Need to Increase World Oil Supply
OPEC is supplying more oil than the world market needs, and the group has no plans to meet in Riyadh, said Iran’s governor to the Organization of Petroleum Exporting Countries, Mohammad Ali Khatibi.
Angola Says Political Tensions Adding ‘Maybe’ $10 to Crude Price
Political tensions in North Africa and the Middle East are adding “maybe” $10 to the price of crude, Angolan Oil Minister Jose Maria Botelho de Vasconcelos said.
Frontline Back in Black on Chinese Oil Demand: Freight Markets
Frontline Ltd., the world’s biggest supertanker operator, may return to profit this quarter after its biggest loss since 2002 as oil demand from China curbs a glut of vessels that sent freight costs to a 13-month low.
Oil Rises to Highest Since 2008 as Libya Unrest Stokes Concern
Oil surged to the highest price in more than two years in London as violence escalated in Libya, stoking concern supplies will be disrupted as turmoil spreads through the Middle East and North Africa.
OPEC, Oil Consumers ‘Learned Lesson’ of 2008, Saudi Prince Says
Oil producers and consumers have “learned the lesson” of 2008 when futures rallied to a record $147 a barrel only to collapse in the following months, a Saudi Arabian energy official said.
REFINERIES Map global refinery outages
Enterprise Products Has Pipeline Leak at Cushing, Filing Shows
Enterprise Products Partners LP had a ruptured pipeline at its Cushing terminal, spraying oil which went into a containment pond, according to a filing with the National Response Center.
Lion Oil Shuts El Dorado Refinery Units on Failure, Filing Says
Lion Oil Co. shut units at its El Dorado refinery in Arkansas following a power failure Feb. 21, according to a filing with the National Response Center.
Record Glut of Oil Refineries Selling at 80% Discount: Real M&A
Oil companies from Chevron Corp. to BP Plc are selling more refineries than at any time in history even as a rebound in demand for gasoline and diesel pushes profits from running the plants to the highest level since 2007.
Valero Houston Refinery to Have Flaring From Planned Maintenance
Valero Energy Corp. said it would have flaring at its Houston refinery from planned maintenance activities, according to a message left on a community hotline.
Asia Fuel Oil Rises for Third Day; Naphtha Gains: Oil Products
Asian fuel oil rose for a third day as the costs of benchmark Dubai crude increased. Naphtha and gasoline climbed to the highest in more than two years.
OPEC Ministers May Comment on Supply This Week: Persian Gulf Oil
OPEC is ready to raise crude supply in line with demand, the United Arab Emirates’ oil minister said ahead of a meeting of oil producers and consumers in Saudi Arabia this week. Ministers from OPEC member countries will have an opportunity to speak during an International Energy Forum gathering in the Saudi capital, Riyadh.
Caltex Australia Profit Climbs 49% on Fuel Sales, Margins (2)
Caltex Australia Ltd., the nation’s biggest oil refiner, said 2010 operating profit increased 49 percent as sales of transport fuels rose to a record and after the margin on processing crude into products widened.
Shell Pernis Refinery Shut Down Several Units on Steam Failure
Royal Dutch Shell Plc shut down several units at its Pernis refinery in Rotterdam because of a failure in the supply of steam, according to a statement on its website today.
Caltex Australia Starts Maintenance at Sydney Oil Refinery Today
Caltex Australia Ltd., the country’s largest oil refiner, said planned maintenance lasting about 40 days starts at its Kurnell plant south of Sydney today.
Cosmo Oil Restarts Sakai Fluid Catalytic Cracker on Feb. 20
Cosmo Oil Co. restarted the 24,000 barrel-a-day fluid catalytic cracker at its Sakai refinery in western Japan on Feb. 20, according to spokesman Katsuhisa Maeda.
OTHER OIL MARKET NEWS
Oil Product Shipping Costs to Japan Are Unchanged
The cost of shipping a gallon of gasoline, jet fuel or other so-called clean petroleum products from the Middle East to Japan was unchanged at 7.47 U.S. cents yesterday, according to data compiled by Bloomberg. The cost is based on a cargo of 55,000 metric tons.
Angola’s Oil Minister Says $80 to $90 Crude Is a ‘Good Price’
Oil at $80 to $90 a barrel is a “good price” and the crude rally is because of spreading unrest in the Middle East, said Angolan Oil Minister Jose Maria Botelho de Vasconcelos.
Persian Gulf Tanker Rates Extend Slump as Ships Exceed Cargoes
The cost of delivering Middle East crude oil to Asia, the world’s busiest route for supertankers, fell for a fourth day as the supply of vessels exceeded available cargoes.
India’s ONGC Awards U.A.E.’s NPCC $227 Million Oil Deal (1)
Oil & Natural Gas Corp., India’s largest state-owned oil explorer, awarded United Arab Emirates- based National Petroleum Construction Co. an oil contract valued at $227 million.
Libya’s Ghanem Can’t Say If Unrest Affecting Oil Production (1)
Shokri Ghanem, chairman of Libya’s National Oil Corp., said he didn’t know if unrest sweeping the North African nation has affected its output of crude.
India’s ONGC Awards UAE’s National Petroleum $227 Million Deal
Oil & Natural Gas Corp., India’s largest state-owned oil explorer, awarded United Arab Emirates- based National Petroleum Construction Co. an oil contract valued at $227 million.
TOP ENERGY STORIES
Libya Violence Escalates as Qaddafi’s Son Vows Crackdown (1)
Violence in Libya intensified as the government attacked protesters and rebels claimed control of the second-biggest city, Benghazi, after Muammar Qaddafi’s son threatened “rivers of blood” unless the uprising ends.
Oil, Bonds Gain on Libya Turmoil; Asia Stocks, Kiwi Dollar Drop
Oil climbed to the highest level in more than two years and bonds rose, while Asian shares and U.S. stock futures declined as violence intensified in Libya. The New Zealand dollar weakened following an earthquake in Christchurch.
Oil-Price Swings Double as Unrest Spreads Before Saudi Talks (3)
Oil-price swings have doubled this year as unrest spreads through the Middle East, source of one- third of global crude supply, hampering producer and consumer efforts to stabilize the world’s biggest commodity market.
Eni Declines as Libya Unrest Worsens, BP Stops Exploration (3)
Eni SpA, the largest foreign oil producer in Libya, fell the most in 19 months in Milan trading, and BP Plc suspended exploration because of worsening violence in the North African country.
Maersk Orders Up to 30 of Biggest Container Ships on Trade (2)
A.P. Moller-Maersk A/S, the world’s largest container line, agreed to buy as many as 30 of the biggest ships valued at as much as $5.4 billion to counter rising fuel prices and benefit from expanding global trade.
BP’s $7 Billion Reliance Deal in India Advances BRICs Strategy
Robert Dudley’s second $7 billion dollar deal this year signals a shift for BP Plc toward the world’s fastest-growing economies as exploration drilling remains closed in the U.S. after the Macondo oil spill.
Ambani May Add Assets After BP Deal Doubles Reliance Cash (2)
Reliance Industries Ltd., India’s biggest company by market value, may add overseas energy assets after doubling its cash to $14 billion through the sale of stakes in domestic oil blocks to BP Plc, investors said.
BP’s Partner Says Eight Banks Back Australian Solar Project (2)
BP Plc’s partner in a proposed Australian solar power project said BNP Paribas, Banco Santander SA and National Australia Bank Ltd. are among eight banks that have agreed to help finance the venture.
Vietnam’s Petrolimex Seeks to Buy Gasoil in February, March (1)
Vietnam National Petroleum Corp. is seeking to buy 48,000 metric tons of gasoil for loading in February and March, according to a document e-mailed to potential suppliers.
Platts Considers Adding Statfjord Crude to Benchmark Dated Brent
Platts, the energy news and pricing unit of McGraw-Hill Co., is considering adding Statfjord crude to the composition if its benchmark Dated Brent price because of declining production, a company official said.
OTHER MARKETS
Oil, Bonds Gain on Libya Turmoil; Asia Stocks, Kiwi Dollar Drop
Oil climbed to the highest level in more than two years and bonds rose, while Asian shares and U.S. stock futures declined as violence intensified in Libya. The New Zealand dollar weakened following an earthquake in Christchurch.
Dollar, Yen Rise as Mideast Woes Spur Safety Demand; Kiwi Drops
The dollar and yen rose against their major counterparts as concern that tensions in the Middle East and North Africa will worsen boosted demand for the currencies as a refuge.
N.Z. Dollar Slumps to Year’s Low After Christchurch Earthquake
New Zealand’s dollar slid to the lowest this year against the U.S. currency and yen after a magnitude 6.3 earthquake caused multiple deaths and toppled buildings in Christchurch, the Pacific nation’s second-largest city.
Asian Stocks Fall as Political Upheaval Imperils Global Recovery
Asian stocks fell, sending the regional benchmark index to its biggest decline in a month, as concern mounted that instability in the Middle East and North Africa may derail a global recovery.
BRICs Losing for Second Time in Decade as America Takes Over
Stocks in developed countries are rising the most since 1998 while emerging markets slump, a sign the U.S. is returning to its role as the engine of world growth aided by a recovery in Europe.
Farmers Fail to Meet Demand as Corn Stockpiles Drop to 1974 Low
The smallest corn inventories in 37 years are a sign farmers around the globe are failing to produce enough grain to meet rising consumption, even as planting expands and food prices surge.
China Drought to Cut Grain Crop, Driving Imports, Ferrari Says
Drought in north China, the world’s largest wheat grower, may cause significant losses to grain supplies this year, prompting increased imports and tightening global supplies, according to Weather Trends International.
Cameron Urges Egypt Army to Co-Opt Opposition, End Emergency (2)
U.K. Prime Minister David Cameron urged Egypt’s military rulers to bring opposition leaders into the government and end a state of emergency to demonstrate their desire to move toward democracy after the ousting of President Hosni Mubarak.
Cameron Urges Mideast Rulers to Heed Democracy Call, Boost Trade
David Cameron will push Middle Eastern leaders today to listen to the demands of their people for change, arguing that opening up the region to democracy will improve business and trade.
SPORTS
INDIA DAYBOOK: Reliance Industries, Ranbaxy, Castrol Earnings
BP Plc, Europe’s second-biggest oil company, agreed to pay Reliance Industries Ltd. $7.2 billion for stakes in 23 blocks in India, expanding operations in Asia’s third-biggest economy.
Australia Must Improve After Opening Cup Victory, Ponting Says
Australia captain Ricky Ponting said his team needs to raise its game after opening its bid for a fourth straight Cricket World Cup title with a 91-run victory over Zimbabwe.
Railway Plans First Bond in Pounds for World Cup: Russia Credit
Russia’s state-owned railway, the biggest corporate issuer of ruble bonds, is turning to the sterling market for the first time to access new investors as the country increases spending before the soccer World Cup.
ENERGY PRICES
Last Chg %Chg Exch Contrac
---- ---- ---- ---- ------- WTI Crude ($/Bbl) 94.20 +8.00 +9.3 Nymex Marc Brent Crude ($/Bbl) 108.51 +2.77 +2.6 Ice Marc Gasoil ($/Ton) 905.00 +23.75 +2.7 Ice Apri Gasoline (c/Gal) 267.81 +12.68 +5.0 Nymex Marc Natural gas ($/MMBtu) 3.96 +0.09 +2.3 Nymex Marc Dated Brent ($/Bbl) 107.94 +0.54 +0.5 OTC 21 Day Heating Oil 285.59 +14.30 +5.3 Nymex Marc
Other markets:
Last %Chg
----- ----- Dollar Index 78.05 +0.5 Gold ($/Oz) 1,388.60 +0.3 MSCI World Index 1,352.51 -0.4
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