Epstein Secrets

balances point to deficits of 210 kbd in 2017 and 90 kbd in 2018. We lower our WTI forecasts to average $47 this year and $50.bbl next year. We cut Brent to $50 this year and $52bbl in 2018. We now beleve oil stays in contango by yearend. but see a WTI forward anchor al $45.50 and S5 backwardation by

USD-JAY 113 119 117 117 115 112 110 EUR-JPY 129 131 126 129 127 125 127 Dollar Bloc USOCAD 1.29 1.32 1.36 1.34 1.33 1.32 130 AUDUSD 0.76 0.71 0.70 0.70 0.71 0.73 0.75 NZDUSO 0.73 0.68 0.67 0.67 0.68 0.70 0.71 Europe EUR•GBP 0.88 0.88 0.87 0.87 0.86 0.87 027

licy likely to continue to be a compromise over the next couple of meetings, the best Norges Bank can hope for currently is that the correction in Brent crude lower will extend and weigh the NOK down. Near-term, and dependent on crude consolidating above/around $100/barrel, the re-assessment of the

g Finance LP. Z-score values are calculated using three years of historical data. Page 20 Deutsche Bank AG/London EURCAD UUDCAD AUDCAD AUDNZD AUDUSD NZDUSD EURUSD EURAUD USDNOK GBPCAD GBPUSD EURNOK USDCHF USDSEK EURNZD EURCHF EURSEK EURGBP AUDJPY CADJPY GBP3PY EURJPY USDJPY EFTA

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

1.30 882 1.60 1.28 1.30 88 90 88 87 1.58 1.60 1.61 1.63 1.32 1.34 EUR 2.8% JPY 10.7% GBP 6.0% AUD 6.2% BRL -2.1% CNY 2.4% AUDUSD USD/BRL USO/CNY 1.05 2.03 6.2 6.28 6.25 6.2 6.15 1.04 1.05 2.10 2.08 2.07 2.05 1.06 1.07 USDMRW USD/TRY 1063.68 1070 1060 1040