COMMODITIES DAYBOOK: Brent Crude Surges as Norway to Shut Output

Brent crude in London climbed after Statoil ASA (STL) said it was preparing to halt production from the Norwegian Continental Shelf amid strike action.

WHAT TO WATCH:
(ALL TIMES NEW YORK)
11:00 a.m. DOE Energy data
 2:00 p.m. USDA Cattle/Hog Slaughter
 4:30 p.m. California Weekly Fuels Production/Inventory Report

TOP STORIES
Statoil Prepares to Halt Norwegian Oil Output Amid Strike Action
Brent Oil Rises to One-Month High as Norway Strikes Halt Output
Gold Swings Between gains and Losses Before ECB Decides on Rate
Milk Rallying as New Zealand-to-U.S. Weather Sours: Commodities
Kobe Steel’s Default Swaps Soar to Three-Year High: Japan Credit
Malaysia Palm-Oil Reserves Near 13-Month Low as Output Gains
Baltic Exchange Seeks to Double Asian Membership as Trade Shifts
Putin Gains From Iran Pain as Russian Oil Surges: Energy Markets
Aquarius Calls on Rivals to Halt Mines to Revive Platinum Profit
Thousands of Americans Still Lacking Electricity Amid Heat Wave
India Said to Pay in Euros for Iranian Oil Due to Rupee Hurdles
Repsol Junk Prospect Risks Alaska to Angola Expansion: Energy
Iran’s Crude Oil Tankers Seen Sailing to China as Signals Resume

ON THE FRONT PAGES
China Coal Mine Flood Traps 16 People in Hunan, Xinhua Says
LG Electronics Wins Solar Power Generation Order: MoneyToday
Bakrie Sumatera Set to Refinance $150M of Debt, Kontan Reports
Sime May Close Battersea Deal This Week, Business Times Reports
China Starts Building Rare-Earth Reserves, China Securities Says
Tepco to Trim Planned Rate Hike to Less Than 10%, Kyodo Says
Korea Electric Board to Seek 15% Gain in Power Tariff: JoongAng
Aussie Dollar May Be Next For Direct Yuan Conversion, AFR Says

ECONOMIC DATA
(ALL TIMES NEW YORK)
 7:00 a.m. MBA Mortgage Applications
 7:00 a.m. Bank of England Rate Decision
 7:45 a.m. ECB Rate Decision
 8:00 a.m. RBC U.S. Consumer Outlook Index
 8:15 a.m. U.S. ADP National Employment Report
 8:30 a.m. U.S. Jobless Claims
10:00 a.m. U.S. ISM Non-Manufacturing Data

TV HIGHLIGHTS
7:30 a.m. Citigroup Inc.’s Nathan Sheets
8:15 a.m. BNP Paribas’s Timothy Bitsberger
10:30 a.m. Evercore Partners’ Ralph Schlosstein

MARKETS (5:45 a.m. NY Time):
                                   Last     Chg   %Chg
WTI Crude Oil                    $88.38   +0.72   +0.8
Gasoline                          $2.75  +0.028   +1.0
Natural Gas                       $2.94  +0.036   +1.2
Copper                        $7,751.00  +26.00   +0.3
Gold                          $1,618.60   +2.97   +0.2
Wheat                             $7.99  +0.268   +3.5
U.S. Dollar Index                 82.26   +0.48   +0.6
MSCI All-CountryIndex            316.13   +0.03     --

To contact the reporter on this story: Nidaa Bakhsh in London at nbakhsh@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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