` ENERGY OUTLOOK:
ENERGY FUTURES HAVE TRADING ALL OVER THE PLACE DURING THE OVERNIGHT SESSION AS
TRADERS DIGEST THE MASSIVE LOAN PROGRAM ANNOUNCEMENT FROM THE ECB. THE
DETAILS OF THE PROGRAM INCLUDE 489 BILLION EUROS BEING LOANED OUT TO 525 BANKS
OVER 3 YEARS AT A WHOPPING INTEREST RATE OF 1%. THERE IS NO DENYING THIS NEWS
WILL PREVENT A LEHMAN BROTHERS TYPE BANK FAILURE AS THE ECB HAS FINALLY
POSITIONED ITSELF AS THE LENDER OF LAST RESORT. WITH THAT SAID, THE THIN VOLUMES
AHEAD OF THE CHRISTMAS HOLIDAY HAS TRADERS BUYING AND SELLING THE EURO WITH
THE RESULT BEING WILD VOLATILITY FOR ALL RISK ASSETS. AT THE 9 AM EST OPEN,
ENERGY EXPLODED AND HAS SINCE RALLIED SHARPLY HIGHER WITH HEATING OIL FUTURES
TAKING THE REINS AS LEADER OF THE ENERGY COMPLEX. FOR NOW, TRADERS LIKE THE
NEWS BUT THAT CAN CHANGE DRASTICALLY AT THE FLIP OF THE COIN BECAUSE OF THIN
PARTICIPATION DUE TO HOLIDAYS. THE CALL FOR THE DAY IS HIGHER BUT THAT IS VERY
TENTATIVE CONSIDERING HOW DANGEROUS THIS MARKET CAN BE DURING HOLIDAY
TRADING.
BASIS COMMENTARY:
CHICAGO ULSD HAS RETRACED ITS LOSSES FROM THE PREVIOUS DAY AMID A THIN TRADE
WHERE ONLY A COUPLE DEALS WERE HEARD DONE, OBVIOUSLY FAVORING THE SELLERS AS
BUYERS WERE FORCED TO LIFT BIDS TO GET DEALS DONE. CHICAGO UNLEADED WAS ALSO SEEN
TRADING STRONGER ON TUESDAY AFTER BEING ABOUT A PENNY HIGHER ON MONDAY DUE TO A
THIN MARKET AND TRADERS LOCKING UP SUPPLIES AHEAD OF THE HOLIDAY WEEKEND. GULF
COAST GASOLINE CASH MARKETS WERE TRADING ABOUT A PENNY WEAKER YESTERDAY COMING
INTO THE SCHEDULING DEADLINE FOR THE COLONIAL PIPELINE - WHICH FORCED LONGS TO SHED
LENGTH BEFORE THE DEADLINE. YESTERDAY WE SAW DRAWS ACROSS THE BOARD FOR CRUDE,
GASOLINE AND DISTILLATE PRODUCTS ACCORDING TO THE API INVENTORY REPORT, WHICH
HELPED LATE DAY BUYING AND HELPED TO PUSH THE FUTURES MARKETS TO THE HIGHS OF THE
DAY INTO THE CLOSE. THIS MORNING WE WILL AWAIT THE EIA INVENTORY REPORT WHICH IS
DUE OUT AT ITS NORMAL TIME OF 9:30AM CST. IF WE CAN SEE THE DOE REPORT MIMIC
THE API WE CAN EXPECT TO SEE SOME LAST MINUTE INVENTORY ADJUSTMENTS BEFORE
TRADERS TAKE OFF FOR THEIR HOLIDAY 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-