Epstein Secrets

rrett Pod Subject: WTI / Brent Spread narrowing despite Middle East tensions Jeffrey, c=p> Some interesting color fr=m our traders.... The WTI / Brent spread has been tightening despite th= tensions in Egypt / Middle East. The spread now is all about the WTI=supply situation delivery point in Cushi

asures taken place=to deal with the WTI oversupply over the last few years have gone too far.&=bsp; Seaway pipeline is taking light sweet oil out of Cushing down to the G=If Coast and pipelines have come online in the last few months which are taking WTI produced in Texas directly to t=e US Gulf Coast in

s which are taking WTI produced in Texas directly to t=e US Gulf Coast instead of to Cushing. So, we are looking at r=nning out of WTI completely in Cushing over the next 6 weeks. The Egypt situation will only start mattering if viol=nce affects the control of the Suez Canal, which at this point it does

is morning, this arb narrows by —$1/month through the rest of the year in anticipation of the Seaway pipe reversal. While the pure play is shorting Brent and buying WTI, shorting Brent is dangerous given improving fundamentals and an escalation of Iran tensions. Below are several iterations of bullis

rs have been moving to fill the storage tanks at Cushing in anticipation. • Shipments down the 190,000 bpd Spearhead pipeline from near Chicago to Cushing are set to operate at Ml capacity for the first time in months in February. EFTA_R1_00228818 EFTA01842088

:1.011?997 Mar Jun Sep 2010 Copyright 2012 Bloomberg Finance MCILH2 COMB Comity - COH2 C. WTI underperformance related to; • Stockpiles at Cushing have also grown over the two weeks to January 27 to top 30 million barrels for the first time since December, snapping five straight weeks of declin

Commodities • Commodities were flat on the week as the gains in industrial metals were offset by a fall in agriculture. Month-to-date, front month Brent futures have weakened by around S5/bbl, trading around $107/bbl and are almost flat in the last week. The weak demand in the physical North Sea crud

mixed bag. US crude market fundamentals also appear supportive with US refinery runs higher YoY on a very strong 2013 baseline, and inventories in Cushing, where WTI is priced, are at their lowest level since November 2008. We stay long GSCI energy. Click here fbr the hall Note and disclaimers. EFTA_

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

and market positioning seems to be =n the upside here.. API data just came out and WTI jumped up as data sho=ed a draw of 400kb across US. However Cushing built 2.2m bbl, which if val=dated by DOEs tomorrow is much more bearish than Genscape, and could take =rb back below $9. Oil Vols Vols took off t