ENERGY OUTLOOK:
ENERGY FUTURES ARE COMING IN MODERATELY HIGHER THIS MORNING AFTER YESTERDAY’S
API REPORT GAVE THE MARKET A BOOST LATE IN THE SESSION WHICH EXTENDED TO THE
OVERNIGHT TRADING. THE INVENTORY REPORT WAS FAIRLY BULLISH WITH DRAWS SEEN ACROSSTHE-
BOARD AND STOCK LEVELS FOR CRUDE AND BOTH PRODUCTS ALL LOWER THAN INDUSTRY
ESTIMATES. THE BULLISHNESS OF THE API REPORT WAS SOMEWHAT OFFSET AFTER THE IEA
RELEASED THE MONTHLY PETROLEUM REPORT AND FURTHER REDUCED GLOBAL DEMAND
ESTIMATES FOR 2013 AS THE EU RECOVERY LOOKS LIKE IT COULD FALTER AND DEMAND
GROWTH OUT OF CHINA MAY BE SLOWING. LOOK FOR THE MARKET TO REMAIN WELL BID
EARLY ON WITH BUYERS STEPPING IN AHEAD OF THE WEEKLY DOE FIGURES.
CASH MARKET COMMENTARY:
NYH GASOLINE CASH DIFFERENTIALS WERE PUSHED HIGHER ON TUESDAY AS TRADERS ARE
SEEING A SHORTAGE IN THE WINTER GRADE PRODUCT. IT APPEARS THAT REFINERS ARE SHIFTING
FROM PRODUCING HIGHER TO LOWER RVP PRODUCT AND ANYONE NEEDING TO COVER SHORTS
IN THE WINTER GRADE WILL HAVE TO PAY UP FOR THIS. NYH AND GULF COAST DISTILLATE
CASH BASIS MARKETS WERE SEEN TRADING SLIGHTLY WEAKER YESTERDAY; TRADERS STATED THEY
THINK IT MAY HAVE BEEN CAUSED BY THE DECREASE IN RIN VALUES. GULF COAST GASOLINE
MARKETS TRADED UP TUESDAY, ESPECIALLY INTO THE PLATTS WINDOW, AS TRADERS WORKED TO
COVER THEIR SHORTS AHEAD OF SCHEDULING DEADLINE FOR THE COLONIAL PIPELINES 15TH
CYCLE. MIDWEST GASOLINE MARKETS APPEAR TO HAVE FOUND SOME EQUILIBRIUM MOVING
ONLY SLIGHTLY YESTERDAY AFTER THE FIRST SHIFT IN RVP AS THEY WORK THEIR WAY DOWN TO
SUMMER GRADE. MIDWEST DISTILLATE CASH MARKETS WERE SEEN TRADING WEAKER ON THE
HEELS OF THE FALLING GULF COAST MARKET. THE API REPORT SHOWED A DRAW ACROSS THE
BOARD YESTERDAY AFTERNOON WHICH SENT UNDERLYING FUTURES PRICES PRESSING HIGHER IN
THE OVERNIGHT SESSION. WE WILL LOOK TO THE DOE REPORT DUE OUT LATER THIS MORNING
TO GIVE US MORE DIRECTION FOR TODAY’S TRADE.
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.

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