Bloomberg News

COMMODITIES DAYBOOK: Natural Gas Advances on Inventory Outlook

July 18, 2012

Natural gas climbed to a six-month high on speculation that government data today will show the U.S. supply surplus shrunk for a 15th week. Stockpiles of the fuel rose 33 billion cubic feet last week, according to the median of 16 analyst estimates compiled by Bloomberg. The five- year average gain is 74 billion, Energy Department data show.

WHAT TO WATCH
(ALL TIMES NEW YORK)

4:00 a.m. LME Stockpiles
8:30 a.m. USDA Cotton, Corn, Soy and Wheat Net Export Sales
10:30 a.m. EIA Weekly Natural Gas Inventory Report
2:00 p.m. USDA Cattle, Hogs and Sheep Slaughters
3:00 p.m. USDA Milk Production and Cows
4:00 p.m. North America 2Q Cocoa Grindings

TOP STORIES

Natural Gas Closes at Six-Month High on Outlook for Inventories
Soybeans, Corn Jump on Renewed Concern Drought Will Cut Harvests
Crude Rises Over $90 on Housing Starts, Gasoline Inventories
Wheat Gains for Sixth Session as More U.S. Dry Weather Forecast
Dollar Falls Versus Commodity Currencies as Investors Seek Yield
Orange Juice Has Longest Slump in 10 Weeks; Sugar, Coffee Gain
Plant Closures Send U.S. Nuclear Output to 12-Year Seasonal Low
Gold Falls Most in a Week as Bernanke Damps Stimulus Speculation
Copper Rallies With Stocks as Housing Data Buoys Demand Outlook
Cattle Prices Surge as Ranchers May Cut U.S. Herd; Hogs Advance

ON THE FRONT PAGES
Oil May Head Through Bellingham by Rail: Bellingham Herald Link
YPF Seeks to Obtain Oil Licenses in Bolivia, La Razon Says
China Seeks to Broaden Precious Metals Market Trading: WSJ

ECONOMIC DATA
(ALL TIMES NEW YORK)
1:00 a.m. Japan Leading Index CI
4:00 a.m. Euro-Zone Current Account
4:00 a.m. Italian Industrial Orders and Sales
4:30 a.m. U.K. Retail Sales
8:30 a.m. STCA Canada Wholesale Trade Report
8:30 a.m. U.S. Initial Jobless, Continuing Claims
9:45 a.m. Bloomberg U.S. Weekly Consumer Comfort Index
9:45 a.m. Bloomberg U.S. National Economy Status
10 a.m. Philadelphia Fed Business Outlook Survey
10 a.m. U.S. June Existing Home Sales
10 a.m. Conference Board U.S. Leading Economic Index

TV HIGHLIGHTS
(ALL TIMES NEW YORK)
6:00 a.m. Ellen Zentner, Nomura Securities International Inc.
6:45 a.m. Jonathan J. Miller, Miller Samuel Inc., on housing
7:00 a.m. Paul Miller, FBR Capital Markets, on bank earnings
7:30 a.m. Nicholas P. Heymann, analyst at William Blair & Co.
9:00 a.m. Thomas J. Lee, chief strategist at JPMorgan Chase
10:00 a.m. Charles Bradley Hintz, Sanford C Bernstein & Co.
3:00 p.m. John J. Koraleski, CEO of Union Pacific Corp.
3:08 p.m. Tom Porcelli, chief economist at RBC Capital Markets

MARKETS (6:01 p.m. NY TIME):
                                   Last     Chg    %Chg
WTI Crude Oil                    $89.87     +0.65   +0.73
Gasoline                          $2.8834   +3.84   +1.35
Natural Gas                       $2.973    +0.177  +6.33
Copper                          $347.30     +2.00   +0.58
Gold                          $1,570.80    -18.70   -1.18
Wheat                             $9.0325   +1.825  +2.06
U.S. Dollar Index                 83.068     0.036   0.04
MSCI All-Country Index           312.58     +2.1    +0.68

To contact the reporter on this story: Lynn Doan in San Francisco at ldoan6@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net


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