ENERGY COMMENTS (INTL FCSTONE ENERGY GROUP) *

` ENERGY OUTLOOK:

ENERGY FUTURES ARE TRADING MIXED AHEAD OF THE OPENING BELL WITH RBOB AND
WTI TRADING MARGINALLY LOWER AND HEATING OIL SLIGHTLY POSITIVE. THERE HAS NOT
BEEN MUCH IN TERMS OF MARKET-MOVING HEADLINES LATELY WHICH HAS LEFT THE
MARKET TO FOCUS ON SABER RATTLING OUT OF IRAN WHICH HAS THREATENED TO SHUT OFF
THE STRAIT OF HORMUZ IF MORE SANCTIONS ARE IMPOSED. IF THE STRAIT WAS SHUT IT IS
LIKELY THAT OTHER OPEC COUNTRIES WOULD LIKELY INCREASE PRODUCTION TO MAKE UP
FOR THE SHORTFALL. UNTIL THERE IS MORE NEWS OUT OF THE EU REGARDING THE
SOVEREIGN DEBT ISSUES THE MARKETS FOCUS WILL LIKELY REMAIN ON THE RECOVERY HERE
IN THE US AND POTENTIAL SUPPLY DISRUPTIONS WITH ALL OF THE GEOPOLITICAL TENSION
IN THE MIDDLE EAST AND AFRICA. LOOK FOR A CHOPPY SESSION TODAY WITH THE THIN
VOLUMES ALLOWING PRICES TO BE PUSHED AROUND. WITH VOLUMES EXPECTED TO BE
LOW THROUGH THE NEW YEAR HOLIDAY LOOK FOR THE MARKET TO REMAIN RELATIVELY
WELL SUPPORT ON CONCERNS OF POTENTIAL SUPPLY DISRUPTIONS.

BASIS COMMENTARY:

GULF COAST GASOLINE CASH MARKETS WERE EXTREMELY THIN YESTERDAY WITH MANY
TRADERS TAKING THIS SHORT WEEK TO EXTEND THEIR VACATION FROM CHRISTMAS THROUGH
THE NEW YEAR’S; AIDING TO THE LACK OF VOLUME TRADING WAS THE HOLIDAY IN
EUROPE YESTERDAY (BOXING DAY). GULF COAST ULSD CASH MARKETS WERE TRADING
HIGHER TUESDAY AS CONTINUED BUYING IN THE THIN CASH MARKETS HAS HELPED TO
KEEP A FLOOR IN THE REGION; DEMAND FROM SOUTH AND CENTRAL AMERICA AS WELL AS
EUROPE ARE HELPING TO KEEP THE LACK OF DEMAND AT HOME FROM PUSHING THIS
MARKET LOWER. CHICAGO GASOLINE CASH MARKETS WERE SEEN TRADING STRONGER
YESTERDAY ON THIN CASH MARKETS AS THE ARBITRAGE FROM THE GULF TO CHICAGO IS
CLOSED SO TRADERS ARE RELYING ON THE WOLVERINE AND BUCKEYE PIPELINES.
MAINTENANCE ON VALERO’S 135K BPD AND TESORO’S 97K BPD REFINERIES IN
WILMINGTON, CA ARE BOTH SCHEDULED TO UNDERGO PLANNED MAINTENANCE NEXT
MONTH WHICH HAS PUSHED LA CARBOB CASH MARKETS UP ABOUT 3 CENTS
OVERNIGHT.`

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-