From: Daniel Sabba Sent: Tuesday, January 13, 2015 2:51 AM To: Jeffrey Epstein Cc: Vahe Stepanian Subject: Oil and oil vols Classification: Public Trading commentary below.=l think it is noteworthy that with today's 5% sell off in crude, implied v=ls barely rallied. For WTI: WTI (/change) H15 - Mar Futu=e / Feb option expiry 47.30%= +1.20% M15 - Jun Future / May option expiry 42.20% =AO +0.60% Z15 - Dec Future / Nov option expiry =C2 35.60% +0.70% From: Stavros Valavanis Sen=: 01/12/2015 09:23 PM GMT Subject: EOD Commodities No=e - 12 Jan Classification: Public OIL</=:p> Another capitulation in crude today, with both down =ver 5%! After hours, WTI traded blow 46$; tomorrow should be interesting t= see if we selloff below this technical level, as the next technical level=would be 33$ (although perhaps 40$ may be a psychological barrier). There is just no end in sight! GS downgra=ed oil prices which is 1 reason market sold off. Also, a series of refiner= outages in the US are pressuring US crude prices. On the news front, the =IA came out and said that the Big 3 shale plays will grow 90kbd in Feb mom versus January, which is a slowdo=n in the rate but still pretty significant. The window was actually a bit =tronger today as Feb 2-6 forties from -65 to -20, and Jan 26-30 got bid fr=m - 70 to -45. In the US, Genscape showed a midweek build of 290k and a full week build of 1.17M, in line w e=pectations. US products had another strong day, as the refinery issues pus=ed both distillate and gasoline cracks higher. EFTA_R1_01400049 EFTA02383476