From: Daniel Sabba Sent: Tuesday, March 3, 2015 9:33 PM To: jeffrey E. Cc: Vahe Stepanian; Ariane Dwyer; Richard Kahn Subject: FW: EOD Commodities Note - 3 Mar Trading update on oil.=Lower vols post Bibi's speech. Prateek Jain Sent: Tuesday, March 03, 2015 4:24 PM Subject: EOD Commodities Note - 3 Mar OIL Another full day in the oil market. BRE led the rall=, up around 2.5%. WTI followed at up 1.5%. The arb gave back some of yeste=day's rally, as products supported BRE a bit. Furthermore, the escal=ting violence in Libya also provided some support, as Islamists took over the Mabrouk oil field. Also, Saudi raised =ts OSPs to Asia significantly by 1.4$, yet also raised to the US by 1$. Th= OSPs to Europe and the Med were more or less unchanged. Although an OSP r=se was expected, I think the magnitude was higher than most thought...In the NSEA, forties diffs were steady;=but rumors of a 3rd VLCC to SK are making rounds. Med diffs wer= also steady for a second day. In other news, Netanyahu addressed the US c=ngress, where he said what you might expect. However, I think that he did hint that in the case that Israel doe=n't like the deal (which it won't), they may act unilaterally.=Of course, this is always a risk, but makes for an interesting couple of w=eks, especially as Congress applauded pretty much everything he said.... In products land, the meeting between USW =nd Shell is not happening tomorrow as initially planned; this might be the=Union's response to news that Shell is running its whole deer park r=finery with non-union employees. US products strengthened...ln Europe, distillate strengthened as FSU exports in Ma=ch from the Baltic and black sea, even though they are up m/o/m, are mainl= in low sulfur. High Sulfur is down 300Kt, which is what Europe is missing=at the moment... Oil Vols &=bsp; &nb=p; =nbsp; WTI (/change) &=bsp; &nb=p; BRE (/change) .I15 &nbs=; =nbsp; 50.40% -3.00% =nbsp; 49=35% -2.20% M15 &nbs=; =nbsp; 46