Contents
Oil Paintings – Key Themes of the Week 3
Sitting on the (oil price) fence... 4
Macro Summary 7
European Integrateds 9
European Sector Valuation 10
Asset Allocation: European Integrated Oils 11
North America Integrated 12
North America Sector Valuation 13
Asset Allocation: North America Integrated Oils 14
Asia Pacific Integrated, E&P, Refining 15
Asset Allocation: Asian Oils 16
CEEMEA & Latin America 17
CEEMEA & LatAm Sector Valuation 18
Asset Allocation: CEEMEA & LatAm Oils 19
Macro Assumptions Summary 21
Crude Market 23
Refining Margins 24
Marketing Margins 25
US Natural Gas 27
US DOE Inventories 28
Refining and Marketing Margins 29
Appendix A-1 39

全英文的，49页，附上目录。分析的很好尤其是里面的工具和方法很值得借鉴。费了好大劲才从别人那边搞来，没钱的可以直接在下面留下信箱，我发给你们。