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Market Briefing
Thorbjoern Bak Jensen, A/S Global Risk Management Ltd.
24 Jun 2010 09:39 GMT





Thorbjoern Bak Jensen, Global Risk Management Trends

Rotterdam (ARA) fuel oil - Trading USD 1 higher

Singapore fuel oil - Trading USD 9 lower

US Gulf - Expected to open USD 6 higher

US new home sales and EIA inventory data add fuel to sell-offs

The second wave of sell-offs came in late trading yesterday as a 32.7% decrease in US new homes sales followed by EIA's 2 million barrel crude build was reported.

FED points to softer economic recovery

US FED vowed to keep the interest rates at current low levels for an "extended period" once again. Meeting's statement also contains clues about FED's softer recovery expectations due to European debt crisis, high unemployment rates and tight credit conditions.

US takes a different stance on budget cuts ahead of G-20

Obama mentioned that the need to reduce budget deficits with tough austerity measures can be pushed to medium-term to ensure short-term global recovery. German Chancellor Angela Merkel made it clear-cut that EU austerity measures will be on the G-20 agenda.

Recommendation

Today's important numbers include EU industrial new orders, US jobless claims, durable goods orders and building permits. These are good economic revival indicators and will create market dips if they come out worse than expected. We recommend to take advantage of these dips and hedge future exposure at these levels. Technically the current range is between 75.6 - 77.2.

Release: EIA oil data (Consensus)

* Crude: 2,000,000 barrels (-800,000)
* Distillates: 300,000 barrels (1,300,000)
* Gasoline: -800,000 barrels (-100,000)
* Refinery utilization: 1.5% (-0.2%)


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Company: A/S Global Risk Management Ltd.

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