Subject: Fw: EOD Corn From: Daniel Sabba To: "Jeffrey Epstein <Jeevaca ion gmai .com> Sent: Sunday, December 21, 2014 5:58:28 PM Classification: Public We broke 51% in short tent: crude vol. From: Prateek Jain Sent: 12/19/2014 09:08 PM GMT Subject: EOD Commodities Nov - 19 Dee OIL It goes down, it goes up. Another high volatility day in crude with WTI up over 5% and BRE up 3.5%. There has been consumer buying in Asia and Europe, which has helped fuel this rally. Furthermore, Rig counts went down again with oil rigs down 10 to 1536 and gas ones down 8 to 338. Interestingly, Williston and Permian rigs took most of the hit, while EF gained 2. Seems consistent with the companies which have been saying they will focus on their best plays which tend to be in the more mature Eagle ford area. Also, a point about OPEC December production. We said yesterday it will be 28.8-28.9Mbpd. Interestingly, Iran actually upped its production around 160kbd mom; Iran's production has been pretty steady so far this year. The extra crude from Iran will probably not find its way to the market however, so the effective OPEC production mom is down more like 350kbd to 29.7, still above the call on OPEC but much less so than most in the market expects. My sense is Iran upped production so as to store and ride the contango as its storage had been depleted at the beginning of the year as China was buying. They have oil in the ground which is pretty much useless (although they are implicitly riding contango there as well). Their thought process probably is that if prices rally, restrictions are lifted, or china comes back for spr buying, why not have it ready. Yes u have to pay cost but it's your national shipping company, probably much cheaper than 75 cents all in (i.e. insurance and freight rates). Happy holidays to everyone-see you in 2 weeks! Oil vols were a surprise today, rallying along with flatprice. With the weekend decay and price rally, one would expect pro