1. © 2009 Energy Management Institute. All rights reserved May 13, 2009 CFTC Advisory Committee Meeting – May 13, 2009 Dominick A. Chirichella Energy Management Institute 646-202-1433dchirichella@mailaec.com

2. © 2009 Energy Management Institute. All rights reserved All in a Just Months! May 13, 2009

3. © 2009 Energy Management Institute. All rights reserved Recovery Premium May 13, 2009

4. © 2009 Energy Management Institute. All rights reserved May 13, 2009 What is Really Causing Prices to Move – Main Energy Market Drivers Fundamentals – Demand Fundamentals – Demand OPEC OPEC Geo-Politics Geo-Politics Weather Weather Technicals Technicals Economy & Currencies Economy & Currencies

5. © 2009 Energy Management Institute. All rights reserved World Oil Consumption Is Projected to Decline by 1.355 mmbpd in 2009 but gain 1.131 mmbpd bpd in 2010 May 13, 2009

6. © 2009 Energy Management Institute. All rights reserved May 13, 2009 WTI Closely Linked to Equity Markets

7. © 2009 Energy Management Institute. All rights reserved May 13, 2009 Global Equities Rebounding

8. © 2009 Energy Management Institute. All rights reserved Tale of Two Sectors Specs Long RBOB & HO Commercials Long WTI May 13, 2009