`ENERGY OUTLOOK:
ENERGY FUTURES ARE COMING IN MODERATELY LOWER THIS MORNING WITH WTI LEADING THE
WAY. REPORTS THAT OPEC HAS AGREED TO BOOST OUTPUT AFTER TODAY’S MEETING IN
VIENNA COUPLED WITH A STRONGER GREENBACK HAS PUT PRESSURE ON THE ENERGY
COMPLEX. YESTERDAY’S API REPORT WAS ON THE BEARISH SIDE SHOWING A BUILD OF
460,000 BBLS IN CRUDE INVENTORIES, DISTILLATE STOCKS UP 1.24 MILLION BBLS, AND
GASOLINE LEVELS BASICALLY UNCHANGED. TRADERS WILL BE PAYING CLOSE ATTENTION TO THE
FORMAL ANNOUNCEMENT FROM OPEC THIS MORNING ALONG WITH THE RELEASE OF THE DOE
REPORT. ON THE ECONOMIC FRONT, WE SAW THE IMPORT/EXPORT PRICE REPORT WHICH
SHOWED A SMALLER THAN EXPECTED INCREASE IN IMPORT PRICES WHICH IS ATTRIBUTED TO THE
RECENT STRENGTH IN THE DOLLAR. LOOK FOR ANOTHER CHOPPY SESSION TODAY WITH
VOLATILITY EXPECTED TO REMAIN HIGH THROUGH THE HOLIDAY. IF THE EURO IS ABLE TO
BOUNCE OF THE KEY SUPPORT LEVEL OF 1.3000 THEN THE DOWNSIDE SHOULD BE LIMITED
BARRING A BEARISH DOE REPORT.
BASIS COMMENTARY:
CHICAGO GASOLINE CASH MARKETS WERE SEEN TRADING CLOSE TO THREE CENTS WEAKER
YESTERDAY AS SELLERS DOMINATED A MARKET STILL RIDING HIGH STOCKS AND WEAK DEMAND.
GULF COAST GASOLINE CASH MARKETS WERE TRADING ABOUT A PENNY HIGHER YESTERDAY AS
SHORTS STEPPED IN TO COVER SOME OF THEIR POSITIONS AND DUE TO THE FRESH CLOSURE OF
THE HOUSTON SHIP CHANNEL DUE TO FOG. GULF COAST ULSD WAS AN OPPOSITE STORY TO
GASOLINE AS HIGH PRODUCTION AND TRADERS TRYING TO EMPTY AS MUCH OF THEIR STOCKS AS
THEY CAN FOR YEAR-END TAX PURPOSES. LA CARBOB CASH MARKETS PUSHED MUCH
HIGHER YESTERDAY, GAINING CLOSE TO 15 CENTS FOR THE MONTH OF DECEMBER, AFTER
SPENDING MOST OF THE END OF NOVEMBER FALLING LIKE A ROCK AS PRODUCTION HAD COME
BACK ONLINE. TRADERS DO NOT EXPECT TO CONTINUE TO SEE THIS TYPE OF BUYING THROUGH
THE END OF THE MONTH AS THE API REPORTED LAST NIGHT PRODUCTION BEING UP TO 1.63
MILLION BPD FROM 1.46 MILLION BPD FROM THE PREVIOUS WEEK. WE WILL WATCH FOR ANY
LARGE SWINGS REPORTED IN THE DOE REPORT, WHICH IS DUE OUT LATER THIS MORNING. `

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-