[DAILY ENERGY HEDGER - PREVIEW ]

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Early Evening Market Review for Wednesday

It was a peculiar session on Wednesday. If one looked at the benchmark

expiring crude oil contract, one saw a market unable to build on Tuesday’s

gains, a market that was lightly lower despite a generally improving moodamong investors that he economy is coming right. In a lower front-monthcrude contract, traders saw a very disappointing weekly DOE report, whichhad shown builds in all three major categories, in marked contrast to themore prmosing report that had come out Tuesday evening from API, whichshowed drawdowns in all three categories. One might also have seen thestronger US dollar, the very mild gains in the DJIA and lingering concern over

the impact of last week’s volcanic eruption in Iceland,

which had grounded most of Europe’s airtransportation fleet up through yesterday. Most of Wednesday’s inputs were bearish.