Crude Oil Is Little Changed Amid Concern Gasoline Supply Is Insufficient

(Bloomberg) -- Crude oil was little changed amid concern that motor-fuel supplies may be disrupted this summer because of repairs at U.S. refineries and reduced oil output in Africa.

Repairs were announced yesterday at refineries in Texas and Delaware, curbing gasoline production. U.S. gasoline demand peaks during the summer driving season, which starts with the Memorial Day holiday at the end of this month. Total SA shut an oil field in the Republic of Congo after a fire yesterday. Nigerian output has been slashed over the past year because of militant attacks.


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Drax halts buying of S.African/Russian coal from '08

(Reuters) - The UK's Drax Power, operator of Britain's largest coal-fired power plant, has halted buying of South African and Russian coal from January 2008 in order to stay within the emission limits imposed from that date.

Under the EU Large Combustion Plant Directive (LCPD), all European power generators or large industrial entities must stay within individually-set limits for emissions of CO2, sulphur dioxide and nitrogen oxides.


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CME sweetens bid for CBOT

(Reuters) - CME and CBOT are the No. 1 and No. 2 U.S. futures exchanges, respectively.

Friday's new terms, carved out in a marathon session over the past few days, was made to beat back a challenge for CBOT from the upstart energy mart known as ICE.


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CBOT jumps on sweetened CME offer

(Reuters) - Shares of the CME rose more than 6 percent to $530 before the bell. IntercontinentalExchange's shares climbed more than 2 percent to $138.48.




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TREASURIES-Bonds rise on weak retail sales, core PPI

(Reuters) - However, the gains were tempered by a recovery in stock futures. The signs of moderating inflation boosted sentiment on Wall Street, which saw its sharpest one-session fall in two months on Thursday.

Also damping bond market gains, investors were reluctant to bet on near-term interest rate cuts and instead were positioning for slightly greater chances of easing later in the year.


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Chicago Merc raises CBOT takeover bid

(Reuters) - Under the new terms, CME would pay 0.35 Class A share for each CBOT share, an increase of 16 percent from the original merger agreement. CBOT shareholders would own 34.6 percent of the combined company, up from 31.2 percent, and have greater board representation.

The companies said the merged company would acquire up to $3.5 billion of its stock, or 12 percent of the outstanding shares, at $560 a share after the merger in a cash tender offer.


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US STOCKS-Futures point higher as PPI, retail data eyed

(Reuters) - NEW YORK, May 11 - U.S. stock index futures suggested Wall Street could rebound on Friday from its sharpest one-session drop in two months, but inflation data will likely set the tone of trading.

Stocks took a tumble Thursday after disappointing monthly sales figures from chain retailers and a wider-than-expected U.S. trade deficit fanned fears about the economy's strength.


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