ENERGY OUTLOOK:
ENERGY FUTURES OPENED UP THE SESSION MODESTLY HIGHER TODAY WITH HEATING OIL FUTURES
FINALLY TAKING THE HELM AS COMPLEX LEADER. ALL VALUES HAD BEEN SUBSTANTIALLY HIGHER
DURING THE OVERNIGHT SESSION BUT THEY HAVE SINCE EASED OFF AS TRADERS AWAIT NEWS OF
POTENTIAL RESTARTS FOR REFINERS THAT WENT DOWN DURING LAST WEEK’S MADDENING TRADING
SESSION. NEWS HAS BEEN FAIRLY QUIET SO FAR AS THE MARKET ALSO SEEMS TO BE WAITING FOR
THE RELEASE OF THE WEEKLY INVENTORY REPORTS THIS AFTERNOON AND TOMORROW MORNING TO
SEE IF THERE WILL BE A 3RD CONSECUTIVE WEEK OF BULLISH INVENTORY STATISTICS. SO FAR, THE
TRADE IS EXPECTING HEALTHY DRAWS IN GASOLINE AND CRUDE INVENTORIES WITH A MODERATE
BUILD IN DISTILLATE SUPPLIES. FOR TODAY, THE THEME MAY VERY WELL BE SIT AND WAIT AS THE
TRADE MAY DECIDE TO TAKE PROFITS OR SIMPLY BULL UP AHEAD OF WHAT IS AGAIN EXPECTED TO
BE POSITIVE WEEKLY PETROLEUM FUNDAMENTALS.
BASIS COMMENTARY:
GULF COAST GASOLINE CASH MARKETS WERE SEEN TRADING SLIGHTLY WEAKER YESTERDAY TO START
OFF THE WEEK ON SOME FRESH SELLING PRESSURE TO CLOSE OUT THE SHIPPING CYCLE ON THE
COLONIAL PIPELINE AS ARBITRAGE OPPORTUNITIES TO SHIP BBLS TO THE NORTHEAST AND MIDWEST
HAVE BEEN ATTRACTING FRESH SELLING INTEREST (SINCE THESE REGIONS HAVE BEEN PLAGUED WITH
REFINERY ISSUES). CHICAGO GASOLINE CASH MARKETS PLUMMETED YESTERDAY ON A CHANGE OF
DELIVERY CYCLES WHICH HELPED TO EASE DIFFERENTIALS; THE SPOT MARKET IS SEEN FAIRLY TIGHT
WITH REFINERY ISSUES BUT EXPECTED TO GET BETTER AS UNPLANNED MAINTENANCE ISSUES SHOULD
BE WRAPPED UP IN THE COMING WEEK OR TWO. THE GULF COAST DISTILLATE MARKET REMAIN
SLIGHTLY STRONG AS EXPORT DEMAND CONTINUES TO REMAIN STRONG TO SOUTH/CENTRAL AMERICA
AND TO EUROPE. THE API REPORT IS DUE OUT LATER TODAY FOLLOWED BY THE DOE REPORT
TOMORROW AND THE MARKET IS EXPECTING DRAWS IN GASOLINE AND CRUDE AND A BUILD IN
DISTILLATE.





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-