Daily Energy & Bullion Insight 29-May-2009

Ventura Securities Ltd

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Crude oil price continues to advance higher in European morning as driven by bullish sentiment and strong stock markets. The July contract rises above 66 and is going to test 67.3/68.8

The US Energy Department reported that crude oil inventory declined -5.41 mmb, significantly
more than consensus of -1 mmb, to 363.1 mmb for the week ended May 22. Natural gas storage rose 106 bcf to 2213 bcf last week but this came in better than market expectation of a 111 bcf increase.

OPEC announced to keep production unchanged and said that the major task for the group is to ensure compliance of members. While these were widely expected, Saudi minister's comment that oil price is capable of achieving 75-80/bbl succeeded to boost market sentiment without the need to promise or signal further cut in the coming future.

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