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Market Briefing
Thorbjoern Bak Jensen, A/S Global Risk Management Ltd.
10 Feb 2010 10:54 GMT





Thorbjoern Bak Jensen, Global Risk Management Today's Trends

Rotterdam (ARA) fuel oil - Trading USD 6 higher

Singapore fuel oil - Trading USD 6 higher

US Gulf - Expected to open USD 1 lower

Bailout of debt-burdened countries supports

Oil prices were heavily supported on Tuesday due to speculation that the EU will support debt-burdened countries as Greece. Germany is apparently considering taking a lead role in a plan with its European Union partners to offer loan guarantees in an effort to calm the markets, Wall Street Journal says.

The EU is meeting Thursday to discuss the issue.

API oil data capped the increases

Crude oil inventories jumped as refinery demand for crude fell 300,000 barrels per day last week. Heating oil inventories, included in the distillate numbers, increased a surprising 417,000 barrels in a week where temperatures were below normal. The Washington snow storm is now affecting economic data as the EIA said it will release its weekly reports on U.S. crude oil and natural gas supplies on Friday, instead of Wednesday, due to weather.

Recommendation

Oil prices are now at very interesting levels for buyers. Focus the coming days will be Wednesday's US trade statistics combined with the development in Europe and Chinese inflation data. Oil has already increased on Greek speculation and should increase even more if the EU agrees on economic support.

Release: API oil data (Consensus)
Crude: 7,195,000 barrels (1,500,000)
Distillates: -1,531,000 barrels (-1,900,000)
Gasoline: 1,552,000 barrels (500,000)


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Company: A/S Global Risk Management Ltd.

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