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Market Briefing
Thorbjoern Bak Jensen, A/S Global Risk Management Ltd.
07 Jun 2010 08:37 GMT





Thorbjoern Bak Jensen, Global Risk Management Trends

Rotterdam (ARA) fuel oil - Trading USD 8 lower

Singapore fuel oil - Trading USD 18 lower

US Gulf - Expected to open USD 3 lower

Is Hungary the next Greece?

A spokesman for the Hungarian president said on Friday that the former government has manipulated statistical data to make the economy look in a more healthy state than in reality. Market participants interpret this as Hungary had made similar transactions as Greece to cover up deficit and debt levels. Even though Hungary is not a Eurozone country the Euro got smashed on Friday on the news and is currently trading at a four-year low against the dollar and nine-year lows against the Japanese Yen. Oil prices fell too as investors are worried that the credit problems around Europe can lead to a new credit crisis.

US job report worse than expected

Against my own and presumable also other market participants, the US jobreport came out Friday with disappointing numbers. Employment increased 431,000 in May where 513,000 was expected. The lion's share of the increase was government jobs, while the private sector's new employment declined from 218,000 in April to 41,000 in May. Oil prices declined heavily on the report as lower private sector hirings is an indicator that the renewed growth is tepid.

Today, German new factory orders will be interesting and later this week ECB will decide on interest rates, which will be interesting to follow as inflation in some European countries are higher than the 2% target.

Recommendation

Use the setback in prices as an opportunity to hedge future consumption exposure. We see prices in the 70-80 dollar range for now.



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Company: A/S Global Risk Management Ltd.

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