`ENERGY OUTLOOK:
ENERGY FUTURES ARE COMING SHARPLY HIGHER AHEAD OF THE OPENING BELL WITH WTI
LEADING THE PACK. THE GREENBACK HAS COME UNDER SOME SELLING PRESSURE WHICH
IS HELPING TO SUPPORT ENERGIES COUPLED WITH POSITIVE ECONOMIC DATA OUT OF
EUROPE. SPAIN HELD A SUCCESSFUL BOND AUCTION AND GERMANY’S BUSINESS
CONFIDENCE ROSE MORE THAN EXPECTED LAST MONTH. CONCERNS OVER POTENTIAL
SUPPLY DISRUPTIONS ARE ALSO SEEN SUPPORTING THE EARLY PRICE ACTION WITH CONFLICT
IN KAZAKHSTAN AND POLITICAL TENSION WITH IRAN AND WESTERN COUNTRIES LEAVING
TRADERS TO PRICE IN THE POTENTIAL FOR MORE BBLS TO COME OFF THE MARKET. VOLUMES
ARE EXPECTED TO CONTINUE TO THIN AHEAD THE HOLIDAY WHICH COULD INCREASE THE
VOLATILITY AND CHOPPY PRICE ACTION. LATER TODAY TRADERS WILL BE LOOKING AT THE
API REPORT WHICH IS EXPECTED TO SHOW A DECLINE IN CRUDE INVENTORIES AND BUILDS
IN REFINED PRODUCTS. IT WILL BE INTERESTING TO SEE IF THE ENERGY COMPLEX CAN HOLD
ON TO THE EARLY GAINS AS THE RECENT TREND HAS BEEN LOWER WITH ALL OF THE RALLIES
SIMPLY BEING AN OPPORTUNITY TO SELL.
BASIS COMMENTARY:
CHICAGO GASOLINE WAS SEEN TRADING ABOUT A PENNY HIGHER YESTERDAY AMID A VERY
LIQUID AND BUSY CASH MARKET AS BUYERS WERE SEEN STEPPING IN TO COVER OBLIGATIONS
AND PREPARE FOR INCREASED DRIVING OVER THE HOLIDAY THAT COMES AT THE END OF THIS
WEEK. CHICAGO ULSD WAS AN OPPOSITE STORY AND HAS CONTINUED TO BE WEAK; WITH
THE MAJORITY OF THE HOLIDAY SHIPPING DEMAND COMING TO AN END AND THE HARVEST
WELL OVER, THE DEMAND FOR DISTILLATE PRODUCT IN THE CHICAGO REGION CONTINUES TO
WANE. GULF COAST ULSD CASH MARKETS RECEIVED A BOOST YESTERDAY TO CLOSE OUT A
COLONIAL PIPELINE SCHEDULING CYCLE - AT ITS HIGHEST LEVEL SINCE EARLY OCTOBER. LA
CARBOB CASH MARKETS WERE SEEN TRADING ABOUT TWO CENTS STRONGER YESTERDAY
AMID A THIN MARKET TRADE. LOOK FOR THE CASH MARKETS TRADE TO WRAP UP FOR THE MOST
PART TODAY AND TOMORROW WHILE LOSING MAJOR LIQUIDITY ON THURSDAY AND FRIDAY
BEFORE THE CHRISTMAS HOLIDAY. THE MARKETS WILL BE CLOSED ON MONDAY SO TRADERS
WILL BE PREPARING THEMSELVES FOR AN ELONGATED WEEKEND. `

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-