UNITED STATES

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Shale plays and how they weaken natural gas prices

Natural gas prices have remained weak and will continue to do so in 2011 on abundant supplies and weak demand. Bank of America Merill Lynch (BofAML) has downgraded its average price forecast for fourth quarter of 2010 for natural gas prices from $5.60/MMBTU to $4.80/MMBTU. BofAML has sharply lowered its 2011 forecast to average of $5/MMBTu from $6/MMBTu.

Oil edges up after overnight slump

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Global oil prices recovered in Asian trade Wednesday but remained below $72 a barrel ahead of a crucial US oil inventories report due later today. Light sweet crude for October delivery was seen trading at $71.81 a barrel at 11.30 a.m Singapore time while Brent crude was at $72.41 a barrel in London.

Economic worries to carry gold momentum

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Gold prices mixed in early Asian trade Wednesday but likely to advance further as signs of an economic slowdown may prompt investors to boost their holdings of the metal to try to preserve their wealth Spot gold was seen trading at $1231.35 an ounce at 11.30 a.m Singapore time while U.S. gold futures for December delivery fell $1 to $1,232.4 an ounce after rising as high as $1,237.50 on Tuesday.
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US homebuilder CDS widen on weak home sales

The cost of insuring the debt of U.S. homebuilders rose on Tuesday after sales of previously owned homes dropped more steeply than expected in July to their lowers pace in 15 years.
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Existing home sales dive to 15-year low

Sales of previously owned U.S. homes took a record drop in July to their lowest pace in 15 years, suggesting further loss of momentum in the economic recovery.
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U.S. agency steps up probe into Corolla stalling

U.S. auto safety regulators have stepped up an investigation into the risk that up to 1.2 million Toyota Motor Corp Corolla and Matrix vehicles could stall due to defective electronic engine control units.
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Oil falls below $72 after gloomy U.S. data

Oil prices fell below $72 a barrel on Tuesday, down for a fifth day after weak U.S. economic data spread gloom about the ability of top consumer the United States to work through record stocks.
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China to develop own GM food varieties

World's largest cooking oil consumer China said the country needs to step up agricultural innovation, including development of its own GM varieties, in response to climate change and to reduce reliance on foreign technologies.
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Potash cartels and impact on food supply

The hot news now is the BHP Billiton's unsolicited offer to buy Canadian fertiliser company, PotashCorp for $40 bn and PotashCorp taking alternative measures to block the bid. It is not yet clear why fertiliser companies have suddenly become hot favourites for acquisitions and mergers.
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Euro hit by speculative sales

The euro hit a nine-year low against the yen on Tuesday as the loss of key technical support led speculators to short the currency in the hope of forcing stop-loss sales against both the yen and the dollar.
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Oil dips below $73 as dollar gains

Global oil prices dropped below $73 a barrel in Asian trade Tuesday mainly after the dollar gained strength amid weak economic trends. Light sweet crude for October delivery was seen trading at $72.75 a barrel at 11.30 a.m Singapore time while Brent crude for October was at $73.28 a barrel in London.
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Gold extends losses, pin hopes on US data

Gold prices continued its southern journey in Asian trade Tuesday mainly on a strong dollar and weak equities that prompted investor's to sell the yellow metal. Gold for immediate delivery was seen trading at $1220.54 an ounce at 12.00 noon Singapore time while U.S. gold futures for December delivery was at $1,222.4 an ounce on the comex division of Nymex.
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More pain ahead for Toll Bros and other homebuilders

Amid the United States housing market's faltering recovery, investors are bracing for more bad news from Toll Brothers Inc and for housing in general when the biggest luxury builder reports quarterly earnings on Wednesday.
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FDA head says more egg recalls possible

The Food and Drug Administration commissioner on Monday said there may be more recalls of eggs in the salmonella outbreak and the agency did not yet know how the eggs and chickens were contaminated.

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