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Market Briefing
Thorbjoern Bak Jensen, A/S Global Risk Management Ltd.
27 Aug 2010 08:55 GMT





Thorbjoern Bak Jensen, Global Risk Management Trends

Rotterdam (ARA) fuel oil - Trading US$2 lower

Singapore fuel oil - Trading US$3 higher

US Gulf - Expected to open US$1 lower

A rare better than expected number

US jobless claims came out on Thursday showing a fall to 473,000 in initial claims and 4,456,000 in continuing claims. Initial claims were expected to come out with a reading of 490,000. The falling initial claims signal that the bad economic indicators coming out currently are temporary and related to the expiry of stimuli rather than a double dip recession. It is of course only one number and we need to see further positive numbers to exclude a double dip recession.

Today is a US focus with GDP figures and consumer confidence. Further, FED Chairman Bernanke will speak about the state of the economy - will that speech include new stimuli measures?

Recommendation

Prices have in our views rebounded quicker than expected, but a new medium term low around 72 dollar per barrel seems to have formed. Current trading range is 73.2 - 76.5 and we recommend consumers to secure prices in the lower part of the range.


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Company: A/S Global Risk Management Ltd.

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