ENERGY OUTLOOK:
ENERGY FUTURES ARE COMING IN MIXED THIS AM WITH LITTLE NEWS SEEN DRIVING THE
PRICE ACTION. VALUES HAVE BEEN FAIRLY CHOPPY THROUGHOUT THE OVERNIGHT SESSION
WITH REFINED PRODUCTS BEING MOSTLY HIGHER IN-LINE WITH THE STRONGER BRENT
CONTRACT. ECONOMIC NEWS IS SURPRISINGLY LIGHT TODAY WITH THE ONLY U.S.
HEADLINE OF NOTE BEING DEFICIT DATA (WHICH CAME IN NORTH OF $40 BILLION AND
SLIGHTLY BELOW ESTIMATES). MUCH OF THE TRADE WILL PROBABLY TAKE TODAY’S
SESSION TO JOCKEY FOR POSITION AHEAD OF THE UPCOMING 3 DAY GRIND OF
EMPLOYMENT NEWS THAT CONCLUDES WITH FRIDAY’S ALL-IMPORTANT MAY JOBS REPORT.
WE SHOULD ALSO BEGIN TO SEE THE MARKET PRICE IN EXPECTATIONS OF WEDNESDAY’S
DOE REPORT AND, MORE IMPORTANTLY, WHETHER OR NOT GASOLINE DEMAND CAN
FOLLOW UP ITS RECENT TREND OF SOLID GAINS.

BASIS COMMENTARY:
CHICAGO BASIS CONTINUED ITS SURGE HIGHER YESTERDAY WITH SPOT VALUES JUMPING TO
80 CENTS OVER SPOT FUTURES ON ONGOING REFINERY BUYING, TIGHT SUPPLIES, AND
NEVER-ENDING MIDWEST MAINTENANCE. LAST MONTH WAS THE GROUP’S TURN TO JUMP
HIGHER WHILE THIS MONTH’S SPOTLIGHT HAS SHOWN BRIGHTLY ON CHICAGO. THE
CRAZIEST PART OF THIS IS THE PRICE DIFFERENCES BETWEEN IT AND NEIGHBORING
MARKETS. THE GROUP IS TRADING SOME 75 CENTS BELOW CHI-TOWN BASIS WHILE THE
GULF IS A WHOPPING 97 CENTS BELOW CHICAGO. THIS SHOULD EVENTUALLY CORRECT
ITSELF AS THESE TYPES OF SPOT DIFFS DO NOT NORMALLY LAST WITH SUCH DRASTIC PRICE
VARIANCES.





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-