Epstein Secrets

ns have moved back to pm-crisis levels, and are thus more "normal", where local supply and demand conditions drive prices. We are short gasoline vs. Brent, short lead and zinc vs. base metals and long palladium vs. platinum. We also have small outright long positions in US natural gas and in Brent, as

vs. Brent, short lead and zinc vs. base metals and long palladium vs. platinum. We also have small outright long positions in US natural gas and in Brent, as well as in commodity carry. • We expect the gasoline spread to Brent to narrow further over the coming weeks as refinery maintenance season come

rmand J.P. Morgan Securities plc Nikolaos Pani irtzoglou J.P. Morgan Securities plc Seamus Mac Gorain EFTA00628227 J.P. Morgan Securities plc Matthew Lehmann J.P. Morgan Securities plc Leo Evans J.P. Morgan Securities plc If you no longer wish to receive these e•malls then click here to unsubscribe ww

This has been offset by strong output from remaining OPEC countries, including Libya, which has almost returned to pre- crisis levels. However, the Brent futures curve remains backwardated (spot above forwards), which shows the oil market remains tight. We believe this reflects stronger demand, likely

John Normand J.P. Morgan Securities Ltd. Nikolaos Pani irtzoglou J.P. Morgan Securities Ltd. Seamus Mac Gorain J.P. f,,lorgan Securities Ltd. Matthew Lehmann J.P. Morgan Securities Ltd. Leo Evans J.P. Morgan Securities Ltd. If you no longer wish to receive these e-mails then click here to unsubscribe

ll as weaker supply growth, largely in Iraq and Libya. • Recent reports of a peace agreement in Libya between the rebels and the government caused Brent to fall by around 5%. We think a quick and full recovery in production is unlikely and we also think overall production capacity is now lower due t

Chase Bank NA John Normand J.P. Morgan Securities plc Nikolaos Panigirtzoglou JP. Morgan Securities plc Mika Inkinen J.P. mown Securities plc Matthew Lehmann J.P. Morgan Secuntes LLC Nandini Srivastava J.P. Morgan Securities Mc YTO returns through Jul 10 %, equities are in lighter color. Gold EMBIG

ll as weaker supply growth, largely in Iraq and Libya. • Recent reports of a peace agreement in Libya between the rebels and the government caused Brent to fall by around 5%. We think a quick and full recovery in production is unlikely and we also think overall production capacity is now lower due t

9). EFTA_R1_00470157 EFTA01981555 Click here for the full Note and disclaimers. Jan Loevs John Normand Nikolaos Panieirtzoalou Mika Inkinen Matthew Lehmann Nandini Srivastava Visit J.P. Morgan Markets for more market-leading research and financial solutions across the full trade and investment lifecyc

rporates (CEMBI) 10.1% 9.5% 13.1% 21.0% 16.4% 15.4% Quarterly Averages Commodities Current 1204 1301 1302 1303 GSCI Index YID Return' Brent (Sibbl) 110 105 112 105 120 Energy -3.7% Gold (Stoz) 1733 1725 1750 1775 Precious Metals 8.7% Copper IS/metric ton) 7629 8300 8500

Chase Bank NA John Normand J.P. Morgan Socunbos plc Mk I P nl Irtz I u J.P. Morgan Secunlies plc Seamus Mac Gorain J.P. Morgan Sooting°, plc Matthew Lehmann J.P. Morgan Securrbes plc Leo Evans J.P. Morgan Seaman plc YTD returns through Nov 8 %, equities are in lighter color. EMBIG EM S Corp. US Hi

make the largest gain with close to 14%, closely followed by base metals and precious metals with 12% and 9% respectively. Our oil strategists see Brent at $120/bbl by year end, driven by higher demand as the global economy should improve sequentially towards the end of 2013. Agriculture prices are

Morgan Securities plc Nikolaos Panigirtzoglou (44-20) 7134-7815 Morgan Secunties plc Seamus Mac Gorain (44-20)7134-7761 Morgan Securities plc Matthew Lehmann (44-20) 7134-7813 M. Morgan Securities plc Leo Evans (44-20) 7742-2537 M. Morgan Securities plc 2012 returns %, equities are in tighter color.