To: [email protected] Subject: Re: Fw: DB EOD Commodities Note - 17 Dec [C] From: Daniel Sabb Sent: Thursday, December 18, 2014 5:33:25 PM Classification: Confidential Daniel Sabba Key Client Partners Deu s Inc Tel. Mo Email 10010.0... From' jet rey E' cj To: Daniel Sa Date: 12/18/2014 12:23 PM Subject. Re: Fw: DB EOD Commodores Note - 17 Doc (C) send me a numcr to call On Wed, Dec 17, 2O14 at 6:22 PM, Daniel Sabba wrote: Classification: Confidential Jeffrey - we are close to breaking 50% in WTI short term vol. — Forwarded by Daniel Sabba'db'dbcom on 12;17:2014 05:20 PM From: Proton Jairildb/dbcomaO13COEX To: Date: Subject: 12/1712014 04:27 PM DB EOD Commodities Note • 17 Dec OIL Another violent day in oil today. NY walked in with the market down 3% as APIs yesterday afternoon were bearish (note however there was an adjustment to APIs base so actually stats seemed more bearish than they were). However, we rallied back slowly as news of further CAPEX cuts in Canada hit the market, and we started seeing back end buying (cal 16 and z19 were bought in the AM). Stats came out bearish, yet the market rallied and a massive stop out started. At some point, WTI was up 8.8% from its lows, yet it held 59$, and then started coming off. Post Yellen, the selloff continued as she was interpreted as Hawkish and the USD caught a EFTA_R1_00043042 EFTA01748133