ENERGY COMMENTS (INTL FCSTONE ENERGY GROUP) *

` ENERGY OUTLOOK:
ENERGY FUTURES HAVE TRADED BOTH SIDES OF POSITIVE AND NEGATIVE TERRITORY THIS
MORNING WITH TRADERS EYEING ECONOMIC DATA AS THE MAIN DRIVER. TRADING IN
LONDON WAS SOMEWHAT QUIET THOUGH EUROPEAN STOCKS WERE HIGHER ON THE HEELS
OF WHAT WAS SOMEWHAT POSITIVE NEWS REGARDING THE SUCCESS OF THE ECB’S 3
YEAR LENDING PROGRAM. TRADERS WERE A BIT SHOCKED AT HOW MANY BANKS
REFINANCED THEIR DEBT (SOME 2/3 OF ALL EUROPEAN BANKS) BUT THEY SEEM TO BE
MORE COMFORTABLE KNOWING BANKS WILL NOT FAIL AT LEAST FOR THE NEAR TERM. ON
THE U.S. FRONT, THE TRADE LEARNED OF POSITIVE JOBS DATA (ANOTHER DECREASE IN
INITIAL CLAIMS) AND SOMEWHAT NEGATIVE GDP DATA. MOST ENERGY CONTRACTS HAD
BEEN HIGHER AHEAD OF THE DATA RELEASE AT 8:30 AM EST BUT THEY HAVE SINCE
RETREATED WITH PRODUCTS TRADING LOWER AND WTI BEING UNCHANGED. FOR TODAY,
LOOK FOR CONSOLIDATION AND POSITION SQUARING WITH TRADERS CLEANING UP THEIR
BOOKS AHEAD OF THE HOLIDAY. VOLUMES SHOULD CONTINUE TO THIN OUT WITH MANY
WISHING FOR LIGHT PRICE MOVEMENTS AHEAD OF CHRISTMAS.
BASIS COMMENTARY:
GROUP III GASOLINE AND ULSD BOTH WERE TRADING WEAKER YESTERDAY AHEAD OF THE
LONG HOLIDAY WEEKEND. WE ARE STARTING TO SEE THE CASH MARKETS THIN OUT WITH
MOVES BEING A LITTLE BIT MORE EXAGGERATED THAN THEY OTHERWISE MIGHT HAVE MOVED
WITH FEWER PLAYERS ON EITHER SIDE OF THE BID AND OFFER. NYH GASOLINE CASH MARKETS
WERE SEEN RISING FOR THE SECOND STRAIGHT DAY AS THE DOE INVENTORY SHOWED LARGE
REGIONAL AND NATIONAL DRAWS. LA CARBOB AND CARB DIESEL CASH MARKETS WERE
BOTH SEEN TRADING STRONGER YESTERDAY AND TRADERS LOOKED TO COVER SHORT POSITIONS
AHEAD OF THE HOLIDAY WEEKEND. WE DO NOT EXPECT TO SEE MUCH ACTIVITY TODAY AND
TOMORROW IN THE CASH MARKETS WITH MANY TRADERS BOOKING THEIR NEEDS AND TAKING AN
EXTENDED WEEKEND. LOOK FOR THE MOVES IN THE CASH MARKET TO BE OVERDONE TO BOTH
THE UPSIDE AND DOWNSIDE DEPENDING ON WHERE THE TRADERS THAT ARE LEFT IN THE MARKET
HAVE THEIR POSITION THAT THEY NEED TO COVER.`

INTL FCSTONE ENERGY GROUP

* * *
U Y A R I

BURADA YER ALAN YATIRIM BILGI, YORUM VE TAVSIYELERI YATIRIM DANISMANLIGI
KAPSAMINDA DEGILDIR. YATIRIM DANISMANLIGI HIZMETI SERMAYE PIYASASI KURULU
TARAFINDAN YAYIMLANAN SERI:V, NO:52 SAYILI `YATIRIM DANISMANLIGI FAALIYETINE
VE BU FAALIYETTE BULUNACAK KURUMLARA ILISKIN ESASLAR HAKKINDA TEBLIG`
CERCEVESINDE ARACI KURUMLAR, PORTFOY YONETIM SIRKETLERI, MEVDUAT KABUL
ETMEYEN BANKALAR ILE MUSTERI ARASINDA IMZALANACAK YATIRIM DANISMANLIGI
SOZLESMESI CERCEVESINDE SUNULMAKTADIR. BURADA ULASILAN SONUCLAR TERCIH
EDILEN HESAPLAMA YONTEMI VE/VEYA YORUM VE TAVSIYEDE BULUNANLARIN KISISEL
GORUSLERINE DAYANMAKTA OLUP, MALI DURUMUNUZ ILE RISK VE GETIRI
TERCIHLERINIZE UYGUN OLMAYABILECEGINDEN SADECE BURADA YER ALAN BILGILERE
DAYANILARAK YATIRIM KARARI VERILMESI SAGLIKLI SONUCLAR DOGURMAYABILIR.

-MATRIKS-