From: Daniel Sabba Sent: Wednesday, April 1, 2015 10:35 PM To: Jeffrey Epstein Cc: Vahe Stepanian; Ariane Dwyer Subject: FW: EOD Commodities Note - 1 Apr From: Prateek Jain Sent: Wednesday, April 01, 2015 4:03 PM Subject: EOD Commodities Note - 1 Apr OIL Another day of If IranTalks dragging on without a conc=usion in Lausanne. There was very little news or comments about the status=of the deal, other than white house saying that US is prepared to walk awa= if the talks stall. The talks are likely to drag on another day as there is no hard deadline on the framewor= agreement. Either way, it appears that few of the key points are still re=aining, and in my opinion the talks will end with those issues still unres=lved and postponed for June final agreement talks.. However, the rally in oil today was driven more from=the DOE stats than the fading optimism of an Iran deal. WTI built 4.8m wit= Cushing adding 2.6m, in line with data from API and lower than last week =verall. However, production declined 36kbd (a first decline in 2 months) after being flat the week before, whic= was taken as a signal that finally the production is catching up with the=rig count decline. Gasoline drew 4.3m and implied demand went up by 800kbd=(even as production increased 5m and imports added another 1.5m) which caught the market off guard which wa= expecting a draw of lm. This fuelled a sharp WTI lead rally with prompt W=l spread ending 1.5c stronger and prompt arb up about 50c.. Vols came off sharply today with the rally and a vie= that Iran talks will be a non-event.. &=bsp; &nb=p; =nbsp; WTI (/change) &=bsp; &nb=p; BRE (/change) K15 &nbs=; =nbsp; 49.30% -3.25% =nbsp; 46=50% -4.65% M15 &nbs=; =nbsp; 48.30% -3.00% =nbsp; 45=00% -2.90% Z15 &=bsp; &nbs=; 35.40% -1.70% =nbsp; 34.10%&=bsp; -1.75% EFTA_R1_01443370 EFTA02403975