ENERGY OUTLOOK:
ENERGY FUTURES HAVE STARTED OUT THE DAY SESSION MIXED WITH RBOB SHOWING SLIGHT
GAINS WHILE WTI AND HEATING OIL ARE POSTING MODEST LOSSES. PRICE ACTION IN THE
OVERNIGHT SESSION WAS FAIRLY QUIET AS MOST OF THE IMPORTANT ECONOMIC HEADLINES ARE
STILL IN FRONT OF US. THIS INCLUDES A BEVY OF U.S. EMPLOYMENT REPORTS, GDP,
MANUFACTURING READINGS, AND THE COMMENTS FROM THE FOMC. OVERALL, THE THEME
CONTINUES TO BE LOWER LOWS AND LOWER HIGHS FOR ENERGY BUT SELLING MOMENTUM
SEEMS TO BE STALLING SOMEWHAT AHEAD OF WHAT WILL BE MARKET-MOVING DATA OVER THE
NEXT FEW DAYS. FROM A TRADING PERSPECTIVE, WE ARE STILL SEEING BRENT SLOWLY WIDEN
ITS PREMIUM AGAINST WTI WHILE THE MARKET ALSO REDUCES THE HEALTHY
BACKWARDATIONS SEEN IN WTI SPREADS; THIS TELLS ME THE MARKET IS STILL CONSOLIDATING
AND REELING IN PROFITS FROM THE LATEST UPWARD SURGE IN PREPARATION FOR THE NEXT
MAJOR MOVE.
BASIS COMMENTARY:
THE THEME OF GASOLINE CASH MARKETS IS FAIRLY SIMPLE: HEALTHY DISCOUNTS DUE TO
ADEQUATE SUPPLIES. THOUGH THERE HAVE BEEN QUITE A NUMBER OF REFINERY PROBLEMS,
DISCOUNTS REMAIN IN PLACE SIMPLY BECAUSE DEMAND IS NOT AS STRONG AS WHAT
EVERYONE WANTS IT TO BE. EXPORTS ARE STILL THE WILD CARD BUT CONSIDERING HOW
ATTRACTIVE IT IS TO MOVE PRODUCT TO THE NY HARBOR (ESPECIALLY WITH RIN LEVELS
FALLING), I JUST DO NOT SEE MUCH GASOLINE MOVING BEYOND THE NE UNITED STATES. FOR
DISTILLATE, THE ONLY REAL THING TO TALK ABOUT IS HOW THESE RECENT RAINS SHOULD ALLOW
FOR DECENT AG DEMAND COME HARVEST. THOUGH THERE IS STILL PLENTY OF TIME FOR THIS
CROP TO COME INTO PLACE, MANY BELIEVE THESE RECENT RAINS HAVE ALREADY SET IT (I.E.
AG DEMAND SHOULD BE HEALTHY COME HARVEST).
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-