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





Thorbjoern Bak Jensen, Global Risk Management Today's Trends

Rotterdam (ARA) fuel oil - Trading USD 2 lower

Singapore fuel oil - Trading USD 3 higher

US Gulf - Expected to open USD 1 lower

The EU reaches a deal on Greece, but lack of details disappoints

EU ministers met on Thursday and agreed on a support package for Greece. However, the market was disappointed as there were no details released - we have to wait until next week for this. After a gain on bailout speculation, oil prices capped gains - awaiting further details about the rescue plan.

Blizzard-hit EIA data ahead

Friday's important numbers are the postponed EIA data on US oil inventories. The indicative API numbers signalled higher heating oil inventories Tuesday despite the 11.5% higher heating demand.

Other important numbers are the EU GDP number, US retail sales, consumer confidence and inflation expectations.

Recommendation

Even though the Greek bailout plan disappointed in information it is still a bailout plan. Prices can go even further up when market participants start to make expectations about the detailed plan next week.

Price-wise the trading range is 70-80 dollars and we are still in the lower end. Even though prices have increased the levels are still interesting for hedgers.

Consensus: US oil data

Crude: 1,500,000 barrels
Distillates: -1,900,000 barrels
Gasoline: 500,000 barrels
Refinery utilization: 0.2%


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Company: A/S Global Risk Management Ltd.

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