THE European sovereign debt crisis is again whipping commodity prices back into shape as investors realise the dangers of expecting too much from central bankers.

POMSoX-listed companies Code Last week's close (Kina) Last trade today (Kina) Variance (Kina) Variance % Oil Search Limited OSH 13.06 13.40 0.34 2.60% New Britain Palm Oil NBO 24.00 24.00 0.00 0.00% Marengo Mining Limited MGO 0.35 0.35 0.00 0.00% InterOil Limited IOC 90.00 90.00 0.00 0.00% Steamships Trading Companies Limited SST 5.00 5.00 0.00 0.00% New Guinea Energy NGE 0.20 0.20 0.00 0.00% Highlands Pacific Limited HIG 0.50 0.50 0.00 0.00% Kina Asset Management Limited KAM 0.95 0.95 0.00 0.00% Kina Petroleum Limited KPL 0.80 0.80 0.00 0.00%             AIM-listed companies AIM code Last week's close (pence) Last trade today (pence) Variance (pence) Variance % Triple Plate Junction TPJ 1.13 1.13 0.00 0.44% Regency Mines RGM 1.12 1.08 -0.04 -3.57%             TSX-listed companies TSX code Last week's close ($C) Last trade today ($C) Variance ($C) Variance % Talisman Energy TLM.TO 12.71 13.00 0.29 2.28% Eaglewood Energy EWD.TO 0.29 0.30 0.01 3.45% Papuan Precious Metals PAU-V 0.05 0.05 0.00 0.00% WCB Resources WCB-V 0.49 0.49 0.00 0.00% New Guinea Gold NGG-V 0.01 0.01 0.00 0.00% Nautilus Minerals NUS.TO 1.10 1.07 -0.03 -2.73% Marengo Mining MRN.TO 0.13 0.12 -0.01 -7.69% LNG Energy LNG-V 0.03 0.03 -0.01 -16.67% Vangold Resources VAN-V 0.02 0.02 -0.01 -25.00%             NYSE Code Last week's close ($US) Last trade today ($US) Variance ($US) Variance % InterOil IOC 85.15 87.82 2.67 3.14% Exxon Mobil Corporation XOM 87.45 85.88 -1.57 -1.80%             ASX-listed companies ASX code Last week's close ($A) Last trade today ($A) Variance ($A) Variance % Indochine Mining IDC 0.11 0.14 0.03 27.27% Kina Petroleum Ltd KPL 0.36 0.40 0.05 12.68% Foyson Resources FOY 0.008 0.009 0.00 12.50% Frontier Resources FNT 0.07 0.08 0.00 5.41% Oil Search OSH 6.94 7.02 0.08 1.15% Resource Mining RMI 0.002 0.002 0.00 0.00% Pacific Niugini Ltd PNR 0.21 0.21 0.00 0.00% Allied Gold ALD 2.12 2.12 0.00 0.00% Cue Energy CUE 0.16 0.16 0.00 0.00% Goldminex GMX 0.06 0.06 0.00 0.00% Bright Star Res Ltd (Tasman Goldfields) BUT 0.09 0.09 0.00 0.00% Bougainville Copper BOC 0.850 0.845 -0.01 -0.59% Santos STO 10.68 10.59 -0.09 -0.84% Newcrest Mining NCM 23.14 22.93 -0.22 -0.93% Mincor Resources NL MCR 0.65 0.64 -0.01 -1.55% St Barbara Ltd SBM 1.43 1.39 -0.04 -3.15% Quintessential Resources Ltd QRL 0.26 0.25 -0.01 -3.85% New Guinea Energy NGE 0.044 0.042 0.00 -4.55% Kula Gold KGD 0.40 0.38 -0.02 -5.00% Horizon Oil HZN 0.29 0.28 -0.02 -5.17% Highlands Pacific HIG 0.18 0.17 -0.01 -5.71% Marengo Mining MGO 0.13 0.12 -0.01 -7.69% Gold Anomaly GOA 0.007 0.006 0.00 -14.29% CopperMoly Limited COY 0.030 0.025 -0.01 -16.67% Liquefied Natural Gas Limited LNG 0.030 0.025 -0.01 -16.67% Niuminco Group Ltd NIU 0.040 0.030 -0.01 -25.00%

Last week markets were more bullish on the back of European Central Bank President Mario Draghi’s mere promises of a viable future for the region, with Reuters even calling it a “Draghi-sparked rally”.

Last night Draghi failed to provide any suitable follow up on what can be done for the debt-plagued countries in the region. Widespread selling has resumed in Spanish and Italian stock markets.

London Metal Exchange spot nickel is getting awfully close to the dreaded $US15,000/t a level which can trigger the closure of higher-cost nickel operations according to precedents set during the global financial crisis.

LME spot nickel is down 4% from last Friday to $15,190 a tonne overnight.

By the same comparison, LME cash copper is down 3% to $7322.25/t last night.

Spot gold is trading around $1590.55 an ounce in the past hour – 2% down from last Friday’s close.

The Asia Pacific benchmark of Singapore Tapis crude is treading water at $113.42 a barrel – just 42c up from last Friday.

As for PNG-related stocks, the three exciting explorers of Indochine Mining, Kina Petroleum and Foyson Resources are in front as expectations build on their positive news flow ahead.

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