Deutsche Bank Oil Quotations

By first snow we expect extremely low stocks of heating oil and natural gas, with major pressure on refineries that need to (have maintenance). The fact is, some demand destruction is needed to balance this market.

We believe demand could be very strong for oil products as we head into winter, because of high natural gas prices.

High oil prices and their impact on the global economy are a major risk.

With the U.S. and global economies still showing strong signs of resilience, expectations for oil demand growth in 2006 and 2007 remain robust. The United States and China account for a substantial proportion of the total world oil growth in 2006 and 2007.

Oil demand elsewhere in Asia has slowed somewhat relative to 2004, but is still growing. Despite some evidence that demand growth has been impacted by higher prices, we believe this is temporarily moderating demand.