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 3-10-10 energy comment: 

A stronger dollar will certainly encourage more crude oil imports as this is the seasonal crude oil build with refinery maintenance approaching and predicted to be a heavy season not only for the U.S, but in the Atlantic basin as well. Counterproductive to this is the crude oil forward curve is becoming flatter. This is encouraging the unloading of crude oil off floating storage adding to the storage tank build in global ports. A Bloomberg story reported 112 ships remain loaded with crude oil, which is down from the 149 ships reported in November. This trend will continue unless the forward curve provides the economic incentive to store crude oil. We believe this represents approximately 43 million barrels of crude oil. We understand there are 72.67 million barrels of distillate stored in large tankers around the world. With OPEC overproducing, the consensus of fundamentalist is very bearish.