Gas price fixed at $5.61/mmbtu, diesel cut by Rs 3.37/l

The government on Saturday has fixed new gas price at USD 5.61 per million british thermal unit (MMBTU), increased from USD 4.2 per mmbtu earlier, reports CNBC-TV18. However, it has reduced diesel price in Delhi by Rs 3.37 per litre following sharp fall in crude oil prices in international markets.

This new gas price hike will be effective from November 1, 2014 while the diesel price cut will be effective from today midnight.

Domestic gas pricing has approved by the Cabinet today, said Finance Minister Arun Jaitley (after a cabinet meeting), adding the new gas price hike will be effective prospectively and will be revised on a half-yearly basis.

The Cabinet modified the Rangarajan formula approved by previous UPA government to bring down the increase in rates from USD 8.4 to USD 5.61, Jaitley said.

He further said, henceforth, diesel price will be linked to the market. On the DBT, he said, the government will link direct benefit transfer with Jan-Dhan Yojana and has decided to relaunch DBT scheme.

"We have decided to reduce prices and in Delhi, prices are likely to go down by Rs 3.37 a litre from midnight tonight," said B Ashok, chairman of Indian Oil Corporation , the country's biggest fuel retailer.

Kirit Parikh, former Planning Commission member, said he is delighted with the government's decision to deregulate diesel. "This move is a step in the right direction. Deregulating diesel will have positive effect on fiscal situation," he added.

Lalit Kumar Gupta, managing director and chief executive officer of Essar Oil , too welcomed the government's decision to deregulate diesel.
 
"Deregulation will up competition & benefit end-consumer and for upstream companies, this leaves more money to invest in exploration and production, Gupta added.

Former Oil secretary SC Tripathi said deregulation should improve competition and bring more players into market.

"This is the proper moment to deregulate diesel and excluding Japanese price from the formula is the right move," he added.

According to him, if crude rises, subsidies must go to players on per litre basis.

Meanwhile, the natural gas prices have not been increased since past three years as the oil ministry faced stiff resistance from power and fertiliser ministry.

Energy expert Narendra Taneja said today's gas price hike will boost production without making power or fertiliser too expensive.

However, RS Sharma, the former ONGC CMD, said he is disappointed with new gas price as the quantum of hike is not enough.

According to him, imported gas costs around USD 13-14 per mmbtu, so USD 7 is a better price than USD 5.61 per mmbtu.

Natural gas distribution company  Indraprastha Gas is the first company that decided to hike CNG prices post gas price hike decision. It said CNG prices will be hiked by Rs 4.50 per unit and domestic gas prices will be up by Rs 2.66 per unit."

(With inputs from agencies)

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IFCI's Rs 2000 cr NCD issue to open on October 20

State-run IFCI has come out with its public issue of secured, redeemable, non-convertible debentures of face value of Rs 1000 each for an amount aggregating up to Rs 2000 crore.

State-run NBFC IFCI has come out with its public issue of secured, redeemable, non-convertible debentures of face value of Rs 1000 each for an amount aggregating up to Rs 2000 crore.

The issue is going to open for subscription on October 20 which has scheduled to close on November 21, 2014.

Proceeds from the issue will be utilised towards lending minimum 75 percent of the amount raised and allotted in the issue; and for general corporate purpose: upto 25% of the amount raised and allotted in the issue.

Axis Trustee Services Limited is the book running lead manager and Karvy Computershare Private Limited is a registrar to the issue.

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CFTC - week ending October 14: speculators more bearish on Euro, CAD

Investing.com - Investing.com - The Commodity Futures Trading Commission released its weekly Commitments of Traders report for the week ending October 14 on Friday.

Speculative positioning in the CME currency, commodity and index futures:

				Long		Short
	Net	Prior	Change	Gross	Change	Gross	Change
EUR	-155.3k	-146.2k	-9.1k	60.2k	-1.3k	215.5k	7.8k
GBP	-2.8k	-1.1k	-1.8k	43.1k	-3.4k	46.0k	-1.6k
JPY	-101.1k	-112.6k	11.4k	22.8k	-2.0k	124.0k	-13.4k
CHF	-17.6k	-12.4k	-5.1k	11.1k	-4.4k	28.7k	0.7k
CAD	-16.2k	-7.5k	-8.7k	35.7k	-3.5k	51.9k	5.2k
AUD	-30.3k	-26.5k	-3.8k	14.4k	-17.2k	44.6k	-13.4k
NZD	-2.4k	-0.1k	-2.3k	9.2k	-0.9k	11.6k	1.4k
MXN	-5.8k	-7.6k	1.8k	39.8k	-4.0k	45.6k	-5.8k
S&P	25.9k	41.6k	-15.7k	508.3k	29.0k	482.4k	44.7k
Gold	85.4k	66.4k	19.0k	193.6k	19.5k	108.2k	0.5k
Silver	7.7k	8.9k	-1.2k	58.2k	-0.3k	50.5k	0.9k
Copper	-23.9k	-25.0k	1.1k	55.0k	0.5k	78.8k	-0.6k

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Natural gas falls on forecasts for mild U.S. weather

Natural gas falls on forecasts for mild U.S. weather

Investing.com - Investing.com - Natural gas futures dropped on Friday after updated weather-forecasting models scaled back the intensity of a U.S. cool snap and called for mild temperatures that should curb demand for both heating and air conditioning.

On the New York Mercantile Exchange, natural gas futures for delivery in November were down 0.86% at $3.764 per million British thermal units during U.S. trading. The commodity hit a session low of $3.716, and a high of $3.817.

The November contract settled down 0.11% on Thursday to end at $3.796 per million British thermal units.

Natural gas futures were likely to find support at $3.716 per million British thermal units, the session low, and resistance at $3.955, Tuesday's high.

Mild temperatures sent natural gas prices falling on Friday.

"Reinforcing cool surges will sweep through the Great Lakes Region and Northeast into early next week, with lows dropping into the 30s and 40s, locally below freezing to drive moderate demand for early season heating," Natgasweather.com reported in its Friday midday update.

"However, the rest of the U.S. will be relatively comfortable as high pressure expands to cover many northern U.S. regions by late in the week, providing several days where only light national heating or cooling demand will be needed."

Thursday's supply report pressured prices lower as well.

The Energy Information Administration reported earlier that working natural gas storage in the U.S. rose by 94 billion cubic feet in the week ending Oct. 10, outpacing market calls for a build of 91 billion cubic feet, which sent prices edging lower.

Elsewhere on the NYMEX, light sweet crude oil futures for delivery in November were up 0.08% at $82.77 a barrel, while heating oil for November delivery were up 0.96% at $2.4941 per gallon.

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U.S. stocks mixed after choppy session; Dow down 0.15%

Investing.com - Investing.com - U.S. stocks finished Thursday mixed as investors applauded upbeat U.S. data and earnings though concerns economies elsewhere may be cooling allowed for choppy trading.

At the close of U.S. trading, the Dow 30 fell 0.15%, the S&P 500 index rose 0.01%, while the NASDAQ Composite index rose 0.03%.

The Volatility S&P 500 index, which measures the outlook for market volatility, was down 2.44% at 25.61.

Upbeat U.S. data released earlier Thursday drew applause on Wall Street.

The U.S. Department of Labor reported earlier that the number of individuals filing for initial jobless benefits in the week ending Oct. 11 fell by 23,000 to 264,000 from the previous week's total of 287,000.

Analysts had expected jobless claims to rise by 3,000 to 290,000 last week.

Elsewhere on Thursday, data revealed that U.S. industrial production climbed 1.0% last month, beating expectations for a 0.4% rise. The August figure was revised to a 0.2% slip from a previously estimated 0.1% downtick.

In addition, the Federal Reserve of Philadelphia said its manufacturing index fell to 20.7 this month from a reading of 22.5 in September. Analysts had expected the index to decline to 20.0 in October.

Stocks also saw support after U.S. President Barack Obama said on Wednesday that the country's Center for Disease Control and Prevention would send rapid response teams to any new suspected Ebola cases in the U.S.

Mr. Obama's comments came after the infection of a second Texas healthcare worker.

Upbeat earnings from Goldman Sachs Group Inc (NYSE:GS) and other financials buoyed stocks as well, though concerns a cooling global economy may drag on U.S. recovery allowed for choppy trading, especially after China's consumer price index fell to near five-year lows.

Official data released on Wednesday showed that Chinese inflation for September slowed to 1.6% on-year from 2.0% in August, below expectations for a reading of 1.7%.

The weaker-than-expected data underlined concerns about China's economy and sparked speculation policymakers in Beijing will have to introduce fresh stimulus to meet the government's 7.5% growth target.

Leading Dow Jones Industrial Average performers included UnitedHealth Group Incorporated (NYSE:UNH), up 3.95%, Nike Inc (NYSE:NKE), up 2.18%, and Chevron Corporation (NYSE:CVX), up 1.60%.

The Dow Jones Industrial Average's worst performers included Goldman Sachs Group Inc (NYSE:GS), down 2.78% on profit taking, Merck & Company Inc (NYSE:MRK), down 2.46%, and Pfizer Inc (NYSE:PFE), down 1.86%.

European indices, meanwhile, ended the day largely lower.

After the close of European trade, the DJ Euro Stoxx 50 fell 0.38%, France's CAC 40 fell 0.54%, while Germany's DAX rose 0.13%. Meanwhile, in the U.K. the FTSE 100 fell 0.25%.

On Friday, the U.S. is to round up the week with reports on building permits and housing starts, as well as a preliminary report on consumer sentiment.

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NYMEX crude oil gains in early Asia on rebound off ample U.S. supplies

Investing.com - Investing.com - Crude oil prices rebounded smartly in early Asia on Friday as investors pulled back from recent bearish sentiment on supply.

On the New York Mercantile Exchange, West Texas Intermediate Crude Oil for delivery in November traded at $83.06 a barrel, up 0.47%, after hitting an overnight session low of $79.86 a barrel and a high of $81.79 a barrel.

November Brent oil, which expired at settlement Thursday, settled up 0.8% at $84.47 a barrel on ICE Futures Europe Thursday. December futures rose 2% to $85.82 a barrel.

Overnight, crude futures slid after data revealed U.S. inventories rose more than markets were expecting last week, while soft Chinese inflation figures softened the commodity as well by stoking concerns that global supply far outstrips demand.

The U.S. Energy Information Administration reported early that U.S. crude stockpiles rose by 8.92 million barrels last week, exceeding market forecasts for a gain of 2.78 million barrels.

The numbers softened oil prices by fueling concerns that the world is awash in crude while demand remains soft, especially in Asia, where China's consumer price index fell to near five-year lows.

Official data released on Wednesday showed that Chinese inflation for September slowed to 1.6% on-year from 2.0% in August, below expectations for a
reading of 1.7%.

The weaker-than-expected data underlined concerns about China's economy and sparked speculation policymakers in Beijing will have to introduce fresh stimulus to meet the government's 7.5% growth target.

Oil prices found some support in U.S. data.The U.S. Department of Labor reported earlier that the number of individuals filing for initial jobless benefits in the week ending Oct. 11 fell by 23,000 to 264,000 from the previous week's total of 287,000.

Analysts had expected jobless claims to rise by 3,000 to 290,000 last week, and the upbeat report cushioned oil's losses by fueling hopes that the U.S. economy continues to recover despite potholes here and there.

The numbers offset U.S. retail sales and wholesale pricing reports released on Wednesday, which fueled lingering concerns that the U.S. economy may be
battling stronger headwinds than once anticipated and will consume less fuel and energy going forward.

Elsewhere, data revealed that U.S. industrial production climbed 1.0% last month, beating expectations for a 0.4% rise, which gave oil some support.

The August figure was revised to a 0.2% slip from a previously estimated 0.1% downtick.

In addition, the Federal Reserve of Philadelphia said its manufacturing index fell to 20.7 this month from 22.5 in September, less than market expectations for a decline to 20.0.

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U.S. stocks plunge on data, come off earlier lows; Dow down 1.06%

Investing.com - Investing.com - U.S. stocks plunged on Wednesday in wake of disappointing U.S. retail sales and wholesale pricing data, though bottom fishing brought equities indices up from earlier lows later in the session.

At the close of U.S. trading, the Dow 30 fell 1.06%, the S&P 500 index fell 0.81%, while the NASDAQ Composite index fell 0.28%.

The Volatility S&P 500 index, which measures the outlook for market volatility, was down 14.57% at 26.11.

The Census Bureau reported earlier that U.S. retail sales fell 0.3% last month, exceeding forecasts for a 0.1% decline, after expanding 0.6% in August.

Core retail sales, which exclude motor vehicles and parts, dropped 0.2% in September, defying expectations for a 0.3% gain, after rising 0.3% the previous month.

A separate report showed that U.S. producer price inflation slipped 0.1% in September, disappointing expectations for a 0.1% rise, after a flat reading in August.

September's year-on-year PPI rose 1.6%, missing expectations for a 1.8% gain.

Elsewhere, the Federal Reserve of New York reported that its manufacturing index tumbled to a six-month low of 6.2 in October from 27.5 in September. Analysts had expected the index to tick down to 25.5 this month.

Reports a second healthcare worker at a Dallas hospital has tested positive for Ebola and had flown a day before reporting symptoms also sent investors ditching equities as did news Wal-Mart cut its forward earnings guidance.

Leading Dow Jones Industrial Average performers included Johnson & Johnson (NYSE:JNJ), up 1.24%, Dupont Fabros Technology Inc (NYSE:DFT), up 0.83%, and General Electric Company (NYSE:GE), up 0.77%.

The Dow Jones Industrial Average's worst performers included J P Morgan Chase & Co (NYSE:JPM), down 4.29%, Wal-Mart Stores Inc (NYSE:WMT), down 3.56%, and Merck & Company Inc (NYSE:MRK), down 2.85%.

European indices, meanwhile, ended the day lower.

After the close of European trade, the DJ Euro Stoxx 50 fell 3.58%, France's CAC 40 fell 3.63%, while Germany's DAX fell 2.87%. Meanwhile, in the U.K. the FTSE 100 fell 2.83%.

On Thursday, the U.S. is to release the weekly report on initial jobless claims as well as data on industrial production and manufacturing activity in the Philadelphia region.

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Dollar drops on disappointing U.S. retail sales, wholesale pricing data

Investing.com - Investing.com - The dollar weakened against most major currencies on Wednesday after disappointing U.S. retail sales and wholesale pricing reports sent investors rethinking the pace at which the Federal Reserve may raise interest rates.

In U.S. trading on Wednesday, EUR/USD was up 0.92% at 1.2774.

The Census Bureau reported earlier that U.S. retail sales fell 0.3% last month, exceeding forecasts for a 0.1% decline, after expanding 0.6% in August.

Core retail sales, which exclude motor vehicles and parts, dropped 0.2% in September, defying expectations for a 0.3% gain, after rising 0.3% the previous month.

A separate report showed that U.S. producer price inflation slipped 0.1% in September, disappointing expectations for a 0.1% rise, after a flat reading in August.

September's year-on-year PPI rose 1.6%, missing expectations for a 1.8% gain.

Elsewhere, the Federal Reserve of New York reported that its manufacturing index tumbled to a six-month low of 6.2 in October from 27.5 in September. Analysts had expected the index to tick down to 25.5 this month.

Wednesday's data sent investors rethinking how fast the Federal Reserve will move to tighten policy in 2015, which battered the dollar and gave investors room to overlook Tuesday's soft data out of Europe.

The ZEW Centre for Economic Research reported Tuesday that its German economic sentiment index fell to -3.6 this month from September's 6.9 reading. Analysts had expected the index to come in at 1.0 in October.

The index of euro zone economic sentiment plunged to 4.1 in September from 14.2 in August, well below expectations for a decline to 7.1.

A separate report showed that euro zone industrial production contracted 1.8% in August from July, outpacing expectations for a 1.6% decline. July's figure was revised to a 0.9% rise from a previously estimated 1.0% increase.

Year-on-year, industrial production fell 1.9% in August, surpassing expectations for a 0.9% decline and after rising at a rate of 1.6% the previous month.

The dollar was down against the yen, with USD/JPY down 0.89% at 106.11, and down against the Swiss franc, with USD/CHF down 1.02% at 0.9440.

The greenback was down against the pound, with GBP/USD up 0.17% at 1.5930.

Data released earlier revealed that the U.K. claimant count declined less than expected in August, although the unemployment rate fell to the lowest level since October 2008.

The U.K. Office for National Statistics said that the claimant count fell by 18,600 last month, missing expectations for a decline of 35,000 people. The August figure was revised to a drop of 33,200 people from a previously reported decline of 37,200.

The report also showed that the rate of unemployment declined to 6.0% in the three months to August, compared to expectations for a reading of 6.1% and down from 6.2% in the three months to July.

The dollar was down against its cousins in Canada, Australia and New Zealand, with USD/CAD down 0.17% at 1.1278, AUD/USD up 0.84% at 0.8786 and NZD/USD up 1.61% at 0.7968.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.76% at 85.25.

On Thursday, the U.S. is to release the weekly report on initial jobless claims as well as data on industrial production and manufacturing activity in the Philadelphia region.

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Gold prices ease in Asia as dollar mostly steady, holiday demand eyed

Investing.com - Investing.com - Gold prices continued weakness into Asia on Wednesday as the dollar held mostly steady and holiday demand failed to lift the precious metal.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at $1,230.50 a troy ounce, down 0.18%, after hitting an overnight session low of $1,231.30 and off a high of $1,238.50.

Overnight, gold futures held steady but came off earlier highs after soft European data weakened the euro and sent investors snapping up greenback positions.

Soft European data gave the dollar a boost on Tuesday, though gold stayed in positive territory on demand from investors seeking safe-haven to digest turbulence in equities markets.

The ZEW Centre for Economic Research reported earlier that its German economic sentiment index fell to -3.6 this month from September's 6.9 reading. Analysts had expected the index to come in at 1.0 in October.

The index of euro zone economic sentiment plunged to 4.1 in September from 14.2 in August, well below expectations for a decline to 7.1.

A separate report showed that eurozone industrial production contracted 1.8% in August from July, outpacing expectations for a 1.6% decline. July's figure was revised to a 0.9% rise from a previously estimated 1.0% increase.

Year-on-year, industrial production fell 1.9% in August, surpassing expectations for a 0.9% decline and after rising at a rate of 1.6% the previous month.

European Central Bank President Mario Draghi has said monetary authorities will do what it takes to steer the continent away from deflationary declines, and Tuesday's data sparked expectations that further stimulus measures may be needed to kick-start the economy.

Silver for December delivery was down 0.22% at $17.337 a troy ounce. Copper futures for December delivery fell 0.03% at $3.078 a pound.

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NYMEX crude oil rebounds in Asia on bargain hunting after overnight drop

Investing.com - Investing.com - Crude oil prices rebounded in early Asia on Wednesday as investors and rewfiners saw value after sharp drops overnight.

On the New York Mercantile Exchange, West Texas Intermediate Crude Oil for delivery in November traded at $82.40 a barrel, up 0.27%, after hitting an overnight session low of $83.79 a barrel and a high of $85.60 a barrel. The commodity ended at the lowest settlement since June 28, 2012. Prices posted the largest one-day percentage drop in nearly two years.

Brent oil, the global benchmark, fell 4.3% to $85.04 on ICE Futures Europe Tuesday, the lowest price since Nov. 23, 2010. It was the largest one-day percentage drop since September 2011.

Overnight, a double shot of weak European data and an International Energy Agency decision to trim its demand outlook sent crude futures plunging on Tuesday.

The International Energy Agency trimmed its global oil demand forecast for the fourth month in a row earlier Tuesday, stoking fears that global supplies remain ample while demand cools across the globe.

The agency said it now expected global oil demand for 2014 to total 92.4 million barrels a day, down 200,000 barrels per day from its September report.

The IEA added that it believes that demand growth "may have touched bottom" and should steadily improve.

Soft European data bruised prices as well by stoking fears demand for the growth-sensitive commodity may cool even more.

The ZEW Centre for Economic Research reported earlier that its German economic sentiment index fell to -3.6 this month from September's 6.9 reading. Analysts had expected the index to come in at 1.0 in October.

The index of euro zone economic sentiment plunged to 4.1 in September from 14.2 in August, well below expectations for a decline to 7.1.

A separate report showed that eurozone industrial production contracted 1.8% in August from July, outpacing expectations for a 1.6% decline. July's figure was revised to a 0.9% rise from a previously estimated 1.0% increase.

Year-on-year, industrial production fell 1.9% in August, surpassing expectations for a 0.9% decline and after rising at a rate of 1.6% the previous month.

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