Erik Pineda

Following a government report of more than sufficient surplus, crude oil prices came tumbling down on Thursday as the US petroleum inventory reached 1.14 billion barrels as of last week according to the US Energy Department.

US equities continue its rally from yesterday and further pushed gold futures away from the radar of investors seeking to shelter some funds for transit but solid investment as the Standard & Poor’s 500 index achieved its highest level in a month’s time on Thursday’s closing.

The International Air Services Commission (IASC) ruled on Thursday that Qantas Airways Ltd could retain its code-sharing agreements with South African Airways for another 12 months on service routes between Australia and South Africa.

The minority government established by the Labor Party should be the least concern of the financial markets since it is bound to operate in a transparent manner, according to Employment Minister Simon Crean when he spoke with reporters on Thursday.

The state government of Tasmania is now under fire as the opposition raised questions on Thursday whether the decision in 2007 to allow Forest Enterprises Australia exclusive access to a total of 300,000 tonnes of radiata pine was made under extreme duress.

Natural gas producer Santos Ltd revealed on Thursday that it is set to sell 15 percent of its $7.7 billion Gladstone liquefied natural gas (GLNG) project to Total SA for $650 million, giving the giant French company more stakes on the joint venture.

Western Australia’s mining minister has enjoined the state’s resource industry to sustain its campaign against the proposed minerals resource rent tax proposed by the federal government.

Australian car maker GM Holden Ltd is all set to add a second assembly shift on its Adelaide factory as the company announced on Thursday that 50 more production jobs would be recruited to fill up the afternoon duties that would commence churning on November 15.

The US Department of Transport (DOT) has disapproved on Wednesday the proposed Virgin Blue Holdings Ltd and Delta Air Lines partnership on trans-Pacific service routes, stating that the riding public would be disadvantaged by the carriers’ immunity from US anti-trust regulations.

The Australian Competition and Consumer Commission announced on Thursday that it is still against National Australia Bank’s (NAB) proposed takeover of AXA Asia Pacific Holdings Ltd, effectively throwing out the suitor’s latest revised undertakings.

Following three days of retreat, crude oil soared back by up to 1.8 percent as the dollar and equities picked up some gains and further pushed the lingering allure of commodities to investors as the other pot for securing their money.

With continental equities in the US and Europe surging back in recovering losses registered in the previous day, demand for gold futures slid back a bit on Wednesday as investors picked up some confidence on concerns about European sovereign finances.

Access Economics has reported on Wednesday that the Australian retail industry is set to experience growths in the current financial year as it warned though that further expansions may be dwarfed by the establishment of a minority government.

Perth-based mining firm Mirabela Nickel Ltd (ASX: MBN) said on Wednesday that it is set to raise about $US152 million or $A167.08 million to fund its debt repayment dues and growth plans, with some allocations for the company’s operational expenditures.

Shortly after its re-assumption as the new Australian government, the Labor Party is now parrying accusations of reneging from a deal forged with independent MPs that enabled the party to finally take the country’s leadership, following almost two weeks of uncertainties and speculations.

Crude oil saw its prices declining again for two straight days on Tuesday as global markets were rubbed in by the jittery European economic conditions with the Euro losing out to the mighty dollar as investors continue to shun the continent on worries of further debt crisis-related financial issues.

As markets in Asia, Europe and the United States saw their stocks plunging in quick successions on Tuesday, investors again rallied to the proverbial safe asset and pushed up gold futures, climbing by as much as $US1259.30 per ounce at closing.

Junior coal miner MetroCoal Ltd (ASX: MTE) issued clarifications on Tuesday that the company has yet to finalise its actual resource estimate on its Columboola project in central Queensland following statements from its Chinese partner that showed estimates based merely on historic and publicly accessed data.

Major mining stocks all retreated in the market as the swing votes of two independent MPs gave the Labor Party the necessary numbers in forming the next government, largely seen by economic and political watchers as a blow to the resource industry’s vehement opposition to the controversial minerals resource rent tax.

Oil and gas explorer Drillsearch Energy Ltd (ASX: DLS) announced on Tuesday that it has raised its stakes on four wet gas finds in Cooper Basin at South Australia, revealing at the same time that company shares would enter trading halt on the same day.

As anticipated by many economists, the Reserve Bank of Australia (RBA) has opted to maintain the country’s interest rates on its current level, the fourth consecutive months that the cash rates have been stationary, with a rise last seen in May this year.

Aquaculture specialist Clean Seas Tuna Ltd (ASX: CSS) admitted on Tuesday that up to 80 tonnes of kingfish were wiped out as a huge fish kill occurred on its Eyre Peninsula facility in South Australia, which the company attributed to human error.

Gold mining company St Barbara Ltd (ASX: SBM) issued a proposal on Tuesday outlining its intent of consolidating its share base in order to lure more international institutional investors.

Forestry Tasmania said on Tuesday that declining global demand for wood products has pulled down its profit for 2010 as it revealed that it incurred an operating loss of up to $8 million the recently concluded financial year, following the $9 million gains it posted in the prior period.

Synthetic gas producer Cougar Energy Ltd (ASX: CXY) announced on Tuesday that a workable deal has been struck with the Queensland state government over the company’s shuttered underground coal gasification (UCG) facilities in the state’s South Burnett region.

Gold mining firm Andean Resources Ltd (ASX: AND) flatly denied on Tuesday that it intentionally violated the listing and merging rules when it did not inform the stock exchange about the takeover bid it received from Eldorado Gold Corporation.

Agribusiness firm AWB Ltd (ASX: AWB) said on Tuesday that the combined impact of weather disturbances in Europe and the severe drought seen in Russia rechanneled attention to Australian wheat as buyers scramble to fill the global void left by the natural disasters.

Oil prices went their separate ways on Monday as the October delivery for Brent North Sea crude soared by US 38 cents in London while New York’s light sweet crude deliveries for the same month barrelled down by US 14 cents to $US74.46 per barrel.

Following steady movement on the London Metal Exchange, gold may again shoot up as analysts said it would take its cue from encouraging employment news in the United States last week, where more jobs slated to be added by employers spurred a rally of six key industrial metals, led by zinc and silver, which gained its record level for the past three weeks.