Epstein Secrets

6 +0000 Infirm-Images: image004.png; image005.png; image002.jpg Classification: Confidential Jeffrey, We looked into correlation of Jet Fuel with Brent, WTI and heating oil. See the correlation of weekly returns since Jan- 2012 below: With WTI: 80% With Brent: 88% With Heating oil: 82% Jet Fuel,

From: Daniel Sabba To: mjeffrey E."' <[email protected]> CC: Paul Morris , Todd Stevens , Stewart Oldfield , Vahe Stepanian , Ariane Dwyer , "'Richard Kahn"' Subject: Proxy hedge for jet fuel using heating oil options [C] Date: Thu, 03 Sep 2015 19:05:36 +0000 Infirm-

rong quarter (see chart below, still interesting); this is a small-cap ($879mm market cap) US nat gas/crude E&P name. Also below is a short play on Brent (depending on your view): It's a 107 strike put on Jul14 Brent crude (thus expires in June, -3mos). Spot ref for Ju114 crude is 110.6 (thus in-the-

: RE: Energy Renaissance E uities + Trade idea: KI Brent puts [C) From: Tazia Smith < Date: Mon, 03 Mar 2014 14:32:52 -0500 To: Cc: Paul Morris Vahe Stepanian < Classification: Confidential Yes, will do - thanks Jeanne! (Embedded image moved to file: pic26026.gif) Tazia Smith Director I Key Client Part

n; Ariane Dwyer; FW: EOD Commodities Note - 1 ar Prateek Jain Sent: Tuesday, March 10, 2015 4:57 PM Subject: EOD Commodities Note - 10 Mar OIL Brent continued its downward momentum today as USD s=rength added to the physical market weakness in the NSea.. Iraq exports we=e higher for first week of

From: Sent: To: Cc: Subject: Classification: Confidential Daniel Sabba < Tuesday, March 10, 2015 8:58 PM [email protected]* Vahe Stepanian; Ariane Dwyer; FW: EOD Commodities Note - 1 ar Prateek Jain Sent: Tuesday, March 10, 2015 4:57 PM Subject: EOD Commodities Note - 10 Mar OIL B

big intraday move in oil=brought back gamma buyers and prompt vols were well bid at the open even a= crude traded unchanged for the day. And finally Brent rallied more than W=l, prompting better bids in Brent vol compared to WTI. Jun15 vol spread narrowed by 0.55 vol at the close an= still looks as an

From: Daniel Sabba <alb Sent: Tuesday, February 3, 2015 2:50 AM To: jeffrey E. Cc: Vahe Stepanian Subject: FW: EOD Commodities Note - 2 Feb [C) Classification: Confidential Crude trading update.a:p> Prateek Jain Sent: Monday, February 02, 20

fficial 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

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 M