GINGA
CRUDE OIL REPORT

DATE 10-Jun-10
1. O/S :  
Crude is about 170 cts higher than yesterday.   (based on Brent Jul at $73.95/ Aug at $74.60)
2H/Jul : 666.00 - 669.00                1H/Aug : 664.00 - 667.00     
2H/Aug : 662.00 - 665.00              1H/Sep : 660.00 - 663.00     
2H/Sep : 658.00 - 661.00              1H/Oct : 656.50 - 659.50     
2. Spread :       
1H Jul/1H Aug:  2.50(n)/  5.00(n)               2H Jul/2H Aug : 3.00(n) / 5.00(n)     
1H Aug/1H Sep : 3.00(n) / 5.00(n)             2H Aug/2H Sep : 3.00(n) / 5.00(n)      
1H Sep/1H Oct : 2.50(n) / 4.50(n)              2H Sep/2H Oct : 1.50(n) / 3.50(n)      
3. Fob Singapore : Freight (Singapore --> Japan ; ws 147 ---> $1.88/bbl  
AG --> Japan; LR1: ws 127 -----> $27.87/mt,  LR2: ws 125 ----> $26.19/mt)
Jun : 72.15-72.35          Jul : 71.75-71.95         Aug : 71.30-71.50
4. NWE: expects;            
Jun:  649.00-651.00 (-1.35)                       Jul:  644.50-646.50 (-2.35)      
Aug:  641.50-643.50 (-3.25)                     Sep:  643.00-645.00 (-3.65)   
Q4 : 646.00-648.00 (-4.50 / -4.30)           Q1 : 652.50-654.50 (-5.40 / -5.20)    
Q2 : 660.00-662.00 (-5.90 / -5.70)