Dear All, Market on the close at 5:30PM, Jul 11, 2005 Aug 279, 278 tt Sep 1.25 tt Aug/Sep -2.25/-1.75 Sep/Oct 2.5/-1.75 Oct/Nov 2.5/-1.75 Jul 380cst 266.5/267 Aug 269.5, 268.5 tt Aug Vis 9.5/10.25 Sep Vis 9/9.5   4q Vis 7.5/8.5 The market is notably lower. Only one major was trying to support the market during platts time. All the others are selling. The sentiment changed pretty fast. In the morning and most of the afternoon, we saw more buyers, but they all disappeared when crude was off more. Obviously the sluggish physical market was also dampening the sentiment. Physical: CFR Huangpu is now valued at MOPS+10 for Singapore cargoes. but both buyers and sellers are not keen at this level. The domestic wholesalers are reluctant to sell at low in face of the slow sales due to high cost. The inventory is not high at the moment. SHFE: the most active contract FU0510 has come down amid thinner volume. The O/I has also come down sharply by 6750lots, showing that some bulls have exited the market licking their wounds. FU0510 Close 2868 -44 Settle 2875 High 2889 Low 2860 Vol 76732 O/I 26146 -6750 Crude: The Thursday's sell-off has inflicted the damage to the bullish tone. The hurricane Dennis is not affecting the oil industry seriously. At this moment, we still think this downfall is a correction in a uptrend, but need a bit more time to see clearer.