ENERGY OUTLOOK:
AS HAS BEEN THE TREND OF LATE, ENERGY FUTURES ARE STARTING OUT THE DAY MIXED
WITH SPOT RBOB DOING ALL IT CAN TO STAY POSITIVE WHILE WTI AND HEATING OIL
PUSH MODERATELY LOWER. ICE PRODUCTS ARE ALSO DOWN THIS AM WITH BRENT OFF
75 CENTS WHILE GASOIL IS FRACTIONALLY LOWER. THERE HAS NOT BEEN MUCH NEWS IN
THE OVERNIGHT SESSION WITH THIS MORNING’S TRADING REFLECTING (IN MY HUMBLE
OPINION) ONGOING CONSOLIDATION AND POSITION SQUARING FOLLOWING THE RECENT
BOUT OF HEALTHY GAINS. THIS COULD BE TIED TO CONCERNS ABOUT SAC CAPITAL AND
THE POTENTIAL FALLOUT FROM THEIR INSIDER TRADING CHARGES, BUT HONESTLY THE MARKET
HAS BEEN DUE FOR A DECENT PULLBACK CONSIDERING HOW STRONG IT HAS BEEN OF LATE.
OVERALL, DIPS HAVE BEEN BOT AS BUYERS TRY TO DEFEND SUPPORT LEVELS WHILE RALLIES
HAVE BEEN TAPERED A SELLERS DEFEND RESISTANCE. I THINK THAT SHOULD BE THE CASE
AGAIN TODAY UNTIL WE SEE SOME NEWS THAT BREAKS US OUT OF THIS RECENT RUT.
BASIS COMMENTARY:
EXCLUDING THE CHICAGO MARKET, GASOLINE BASIS WAS MOSTLY WEAKER ACROSS THE
U.S. YESTERDAY AS SENTIMENTS GROW THAT REFINERS WILL SOON RETURN FROM THE
RECENT SPATE OF PRODUCTION ISSUES. COOLER TEMPS THROUGHOUT THE U.S. SHOULD
HELP THIS CAUSE AS OUTAGES TEND TO INCREASE WITH RISING TEMPERATURES. THE BIG
KEY FOR GASOLINE REMAINS DEMAND AS MANY ARE QUESTIONING WHETHER OR NOT U.S.
CONSUMPTION WILL GET BACK TO 9 MILLION BPD. CASH BASIS REPRESENTS SOFT USAGE
WHILE NYMEX SPREADS SUGGEST INHERENTLY TIGHT SUPPLIES. MANY BELIEVE NEXT
WEEK’S DOE REPORT WILL DICTATE THIS AND HELP PROVIDE AN ANSWER TO WHAT HAS
NOW BEEN A 3 WEEK QUESTIONS: IS U.S. GASOLINE CONSUMPTION REALLY AT 9 MILLION
BPD???
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-