ENERGY OUTLOOK:
ENERGY FUTURES HAVE COME UNDER SOME PRESSURE EARLY BUT REMAIN OFF THE LOWS SEEN IN
THE OVERNIGHT SESSION. YESTERDAY’S API REPORT WAS ON THE BEARISH SIDE WITH CRUDE
STOCKS POSTING A SMALLER THAN EXPECTED DRAW WHILE REFINED PRODUCTS POSTED MODERATE
BUILDS. ON THE ECONOMIC FRONT, WE SAW 1Q GDP COME IN REVISED LOWER TO 1.8% VERSUS
THE LAST READING OF 2.4%. ON ONE HAND, POOR ECONOMIC DATA COULD INDICATE POOR
PETROLEUM DEMAND IT COULD HAVE THE OPPOSITE EFFECT IN THE NEAR-TERM WITH EACH WEAK
SET OF ECONOMIC DATA MEANING THE FED IS LESS LIKELY TO SCALE BACK THE BOND BUYING
PROGRAM THAT IS PROPPING THIS MARKET UP. LOOK FOR A CHOPPY SESSION TODAY WITH THE
MARKET LIKELY TO REMAIN PRESSURED EARLY BUT FOR INTRA-DAY DIPS TO ULTIMATELY BE USED AS A
BUYING OPPORTUNITY UNTIL WE CAN BREAK RECENT LOWS.

BASIS COMMENTARY:
LA CARBOB CASH MARKETS WERE SEEN TRADING WEAKER YESTERDAY DROPPING OVER 60
CENTS SINCE PEAKING LAST WEEK. THIS COMES AS REFINERIES CONTINUE TO COME OUT OF
TURNAROUND AND STOCKS OF GASOLINE CONTINUE TO BUILD ALONG THE WEST COAST AS DEMAND
WANES. GULF COAST GASOLINE CASH MARKETS WERE SEEN TRADING WEAKER TUESDAY TO FINISH
UP THE 35TH COLONIAL PIPELINE CYCLE AS TRADERS WORKED TO EXIT THEIR POSITIONS AHEAD OF
THE SCHEDULING DEADLINE; THIS DIP ALSO HELPED TO DRAG DOWN THE GROUP III GASOLINE CASH
MARKETS. CHICAGO DISTILLATE MARKETS WERE SEEN TRADING BOTH SIDES YESTERDAY AS TRADERS
WEIGH REGIONAL DEMAND AND REFINERY TURNAROUNDS. GULF COAST DISTILLATE MARKETS WERE
SEEN TRADING SLIGHTLY WEAKER AS ARBITRAGES TO THE USAC AND MIDWEST ARE CLOSED
KEEPING PRODUCT ON THE GULF. THE API REPORT WAS RELEASED YESTERDAY WITH THE DOE
REPORT DUE OUT LATER TODAY WHICH SHOULD DICTATE THE CASH MARKETS AND UNDERLYING
FUTURES MARKETS TODAY.






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-