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Market Briefing
Thorbjoern Bak Jensen, A/S Global Risk Management Ltd.
15 Feb 2010 11:33 GMT





Thorbjoern Bak Jensen, Global Risk Management Today's Trends

Rotterdam (ARA) fuel oil- Trading USD 6 higher

Singapore fuel oil - Trading USD 3 lower

US Gulf - Expected to open USD 1 higher

China increases reserve requirements

The central bank in China surprised on Friday by increasing the reserve requirements to banks by 0.5%. Consumer prices and new loans came out mixed Wednesday, which indicated a postponed central bank tightening. Oil decreases with other risky assets when interest rates increase.

Oil data pushes oil prices lower

US oil data pushed oil prices lower as all three types of inventories came out higher than expected. Distillate demand is currently down 8% compared to normal. Heating oil inventories increased a sharp 1.5 million barrels on higher product imports and lower demand.

Today, Monday, look for EU decisions on Greek bailout.

Recommendation

Oil is still in the lower part of the range. We keep our recommendation to hedge future consumption exposure. The detailed plan on how the EU will support Greece during this week will support oil prices.

Release: EIA oil data (Consensus)

* Crude: 2,400,000 barrels (1,500,000)
* Distillates: -300,000 barrels (-1,900,000)
* Gasoline: 2,300,000 barrels (500,000)
* Refinery utilization: 1.4% (0.1%)


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Company: A/S Global Risk Management Ltd.

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