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Market Briefing
Thor Thim, A/S Global Risk Management Ltd.
08 Apr 2009 11:02 GMT





Thor Thim, Oil Risk Manager, A/S Global Risk Management Ltd Today's Trends

Rotterdam (ARA) fuel oil - trading $8 lower
Singapore fuel oil - trading $13 lower
US Gulf - expected to open $8 lower

Prices decreased after the weekly oil inventory data from the American Petroleum Institute (API) was published yesterday – showing a larger than expected build in crude and gasoline. Crude showed a build of 6,9 million barrels, gasoline a build of 2,8 million, also larger than expected. Finally distillates showed a decrease of 2,2 million barrels a further decrease from the expected 1 million barrels.

In addition, Japanese crude inventories also showing a build, hitting the highest level in over a month. Reflecting the recessions effect on demand and hence oil consumption.

Consensus: US oil inventory

Crude: + 1,900,000 barrels (- 200,000)
Distillates: - 200,000 barrels (- 200,000)
Gasoline: - 1,000,000 barrels (-/+ 0)
Refinery utilization: + 0,1 % (-0,1%)

Keeping an eye on the stock market

At the moment investors are also keeping a close eye on the stock markets as an indication of the direction of demand. Hence the decrease has pushed prices downwards, due to what is expected to be a grim earnings season.

In addition the dollar has increased adding further pressure on oil as it makes US dollar dominated commodities more expensive for overseas investors.


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Company: A/S Global Risk Management Ltd.

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