From: Daniel Sabba Sent: Tuesday, March 31, 2015 8:07 PM To: jeffrey E. Cc: Vahe Stepanian; Ariane Dwyer Subject: FW: EOD Commodities Note - 31 Mar Prateek Jain Sent: Tuesday, March 31, 2015 4:06 PM Subject: EOD Commodities Note - 31 Mar OIL All eyes on Iran talks today which were extended by = day into Wednesday. Earlier in the day, a US official suggested that nego=iation may continue another day past deadline if 'it's useful =o do so'. Another Russian official commented that a deal was 'closer and closer'. This optimism about an ag=eement, at least on some points, weighed heavily on oil today with Brent d=opping 2.5%. In my opinion, even if the talks end positively with agreemen= on key points, the deal has been softened enough compared to what was originally sought by President Obama, and is g=ing to face a tough challenge being approved by a skeptical Congress, whic= is in fact proposing to impose new sanctions on Iran. Nigeria's elections ended today easing the pol=tical tension, with the ex-military ruler Buhari's winning against t=e incumbent President. In short term, this eased any immediate violence co=cerns in the country, but this shift in power can lead to the movement of the Boko Haram violence to southern oil produc=ng region of Nigeria and any developments there need to be carefully watch=d. In other news, Yemen rebels seized military base at Bab el-Mandeb, over=ooking the key shipping route while Saudi-led coalition kept bombing Houthi occupied sites.. Vols were stronger with wings being bought aggressiv=ly today as oil can move quickly away from current levels depending on Ira= deal outcome.. overall vols gained about 1% across the curve</=> &=bsp; &nb=p; =nbsp; WTI (/change) &=bsp; &nb=p; BRE (/change) 1O.5 &nbs=; =nbsp; 52.50% +1.45% &nbs=; &=bsp; 51.10% +1.05% M15 &nbs=; =nbsp; 51.20% +2.10% &nbs=; &=bsp; 47.90% +0.90% Z15 &=bsp; &nbs=; 37.10% +1.00% &nbs=; +0.70% EFTA_R1_01374317 EFTA02371551