ENERGY FUTURES ARE COMING IN MODERATELY HIGHER THIS MORNING ON THE BACK OF
GEOPOLITICAL TENSION IN THE MIDDLE EAST AND POSITIVE ECONOMIC DATA. ON THE
ECONOMIC FRONT, WE SAW POSITIVE MANUFACTURING FIGURES IN THE US AND LESS-WORSETHAN
EXPECTED NUMBERS OUT OF GREAT BRITAIN. THE GREENBACK CONTINUES TO TREK
HIGHER WHICH DOESN’T SEEM TO BE AFFECTING COMMODITIES OR EQUITIES THIS MORNING,
BOTH OF WHICH ARE GENERALLY POSITIVE. THE TURMOIL IN EGYPT IS HELPING TO SUPPORT
THE MARKET AS TRADERS FEAR TENSIONS IN THE MIDDLE EAST WILL BEGIN TO SPREAD. THE
RELEASE OF THE API REPORT IS EXPECTED TO BE SOMEWHAT SUPPORTIVE AS WELL WITH AN
EXPECTED DRAW OF NEARLY 3.0 MILLION BBLS IN CRUDE STOCKS. LOOK FOR A CHOPPY
SESSION TODAY WITH THE MARKET LIKELY TO REMAIN STRONG AHEAD OF THE HOLIDAY WITH
ANY SIGNIFICANT DIPS LIKELY TO BE USED AS AN OPPORTUNITY TO ADD LENGTH.

BASIS COMMENTARY:
NYH GASOLINE CASH MARKETS WERE SEEN TRADING BOTH SIDES OF UNCHANGED YESTERDAY
AS RIN PRICES IN THE MARKET WERE SEEN TRADING AT THEIR HIGHEST LEVELS EVER FOR
ETHANOL AND ADVANCED RINS. TRADERS STATED THAT WHILE THIS SHOULD NOT AFFECT THE
CASH MARKETS FOR PRODUCT THAT HAS BEEN PRODUCED DOMESTICALLY THIS SHOULD REDUCE
THE PRICE TO BE PAID ON FOREIGN CARGOES TO MAKE UP FOR THE INCREASED RIN PRICE.
GULF COAST GASOLINE CASH MARKETS WERE SEEN TRADING SLIGHTLY STRONGER TO START OFF
THE NEW MONTH YESTERDAY WITH A SLIGHT AMOUNT OF BUYING INTEREST COMING IN AHEAD
OF THE HOLIDAY. THE OTHER BASIS AREAS WERE SEEN TRADING AROUND UNCHANGED AND WE
WILL AWAIT THE API REPORT DUE OUT LATER TODAY FOLLOWED BY THE DOE REPORT
TOMORROW.






INTL FCSTONE ENERGY GROUP
* * *
U Y A R I

BURADA YER ALAN YATIRIM BILGI, YORUM VE TAVSIYELERI YATIRIM DANISMANLIGI
KAPSAMINDA DEGILDIR. YATIRIM DANISMANLIGI HIZMETI SERMAYE PIYASASI KURULU
TARAFINDAN YAYIMLANAN SERI:V, NO:52 SAYILI `YATIRIM DANISMANLIGI FAALIYETINE
VE BU FAALIYETTE BULUNACAK KURUMLARA ILISKIN ESASLAR HAKKINDA TEBLIG`
CERCEVESINDE ARACI KURUMLAR, PORTFOY YONETIM SIRKETLERI, MEVDUAT KABUL
ETMEYEN BANKALAR ILE MUSTERI ARASINDA IMZALANACAK YATIRIM DANISMANLIGI
SOZLESMESI CERCEVESINDE SUNULMAKTADIR. BURADA ULASILAN SONUCLAR TERCIH
EDILEN HESAPLAMA YONTEMI VE/VEYA YORUM VE TAVSIYEDE BULUNANLARIN KISISEL
GORUSLERINE DAYANMAKTA OLUP, MALI DURUMUNUZ ILE RISK VE GETIRI
TERCIHLERINIZE UYGUN OLMAYABILECEGINDEN SADECE BURADA YER ALAN BILGILERE
DAYANILARAK YATIRIM KARARI VERILMESI SAGLIKLI SONUCLAR DOGURMAYABILIR.

-MATRIKS-