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Market Briefing
Thorbjoern Bak Jensen, A/S Global Risk Management Ltd.
16 Feb 2010 10:21 GMT





Thorbjoern Bak Jensen, Global Risk Management Today's Trends

Rotterdam (ARA) fuel oil- Trading USD 4 higher

Singapore fuel oil - Trading USD 4 higher

US Gulf - Expected to open USD 3 higher

Greece has 30 days to show action

The Greek finance minister said on Monday that "We are trying to change the course of the Titanic it cannot be done in a day". The Euro zone states urged on Monday Greece to announce more deficit-control steps by mid-March. There were no talks about the Greek bailout and we have to watch the development until mid-March. Oil is supported as there is a plan for Greece.

Sanctions against Iran in the cards

US Secretary of State Hillary Clinton said "Iran is moving toward a military dictatorship". She is on a three-day regional visit in the Middle East to gather support for further sanctions on Iran after the regime has announced further steps in their quest to become a nuclear power. More uncertainty in the Middle East supports oil as it could threaten oil supply from the Gulf.

Today, Tuesday, the German ZEW growth indicator, New York Fed Manufacturing and US NAHB house market index could be points to watch.

Oil data from the EIA is postponed until Thursday due to US holiday Monday.

Recommendation

Oil is moving towards the middle range. We keep our recommendation to hedge future consumption exposure.


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Company: A/S Global Risk Management Ltd.

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