Table of contents
OIL MARKET 3
OIL PRICES SINCE Q1 3
LARGE GAP IN EXPECTATIONS FOR 2010 5
DNB NOR MARKETS OWN MARKET BALANCES 6
THE COMING MONTHS 8
ROYAL DUTCH SHELL (BUY) 9
BP (BUY) 13
TOTAL SA (HOLD) 17
ENI SPA (HOLD) 21
STATOILHYDRO (BUY) 25
NESTE OIL OYJ (SELL) 29
LUNDIN PETROLEUM (HOLD) 36
ALLIANCE OIL COMPANY (SELL) 42
PA RESOURCES (SELL) 46
NORECO (BUY) 48
DNO INTERNATIONAL (BUY) 50
DET NORSKE OLJESELSKAP (BUY) 54
QUESTERRE (BUY) 56
ROCKSOURCE (BUY) 58