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Market Briefing
Thorbjoern Bak Jensen, A/S Global Risk Management Ltd.
25 Jun 2010 10:12 GMT





Thorbjoern Bak Jensen, Global Risk Management Trends

Rotterdam (ARA) fuel oil - Trading USD 3 higher

Singapore fuel oil - Trading USD 3 higher

US Gulf - Expected to open USD 1 higher

Better-than-expected macro data does not impress investors

Although EU industrial new orders, consumer spending and US jobless claims, durable goods orders reported a slight improvement over expectations, investors' risk aversion dominated the markets yesterday.

Obama's administration losing battle on oil drilling ban

New Orleans Federal Judge rejected continued implementation of oil drilling ban while Obama administration appeals to his decision earlier in the week. The case is attracting further attention of the oil industry and investors as it becomes another challenge for the US government to deal with.

Tropical storm developing in the Caribbean

Next upward pressure on oil prices might come from Mother Nature as a high probability of a tropical cyclone developing in the Caribbean was reported by the US National Hurricane Centre. Such disturbance is expected to hit Gulf of Mexico hard and cause temporary oil supply disruptions.

Recommendation

We do not expect major market moves ahead of the G-20 meeting. However, current levels might be attractive to hedge before a highly probable oil supply disruption in the Gulf of Mexico due to hurricane season. Technically prices have found a short term bottom of 75.5.


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Company: A/S Global Risk Management Ltd.

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