Epstein Secrets

Index llh 1/444 \ o, fti sl• 0 sr It) It) It) It) CI, CCI <0. CO I, - A o- *t t Soiree 8ofA Mend Lynch Global Research Bloomberg Bankof Amenca Merrill Lynch Global Liquid Markets Weekly I 24 July 2017 13 EFTA00788487 Rates Sphla Salim MLI (UK) Erjon Satko MLI (UK) Rualrl Hourthane

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ld stall or reverse. Even if nat gas prices were to increase sharply — 2013 -2016 -2014 -.-2017 18 Global Liquid Markets Weekly 124 July 2017 Bankof America ' Merrill Lynch EFTA00788492 from here, additional supplies would not come in time for the winter given an estimated six month lag from production

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

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ng EUR/USD is the rig=t trade now • The MXN would be a major benefici=ry if we are not correct. • In our annual mediu=-term oil outlook we now see Brent prices averaging $50 to $70/bbl through 2=22. =/tr> <http://rsch.baml.com/r?q=9o9FdjPJ80=2cA5chvPpmQ&e=richardkahnl2VA0gmail.com&h=lip-xw> <=pan st

0/110% corridor variance Buy NKY Jun17-Jun18 18,500 strike FVA Long Russell 2000 vs. short S&P 500 Dec-18 var spread Buy 1x Jun17 64 call on Aug17 Brent futures, sell 1x SXEP Jun17 330 call Buy SPX 6m ATM call contingent on GLD 5% higher in 3m Long NKY - SPX Dec-18 corridor var replication Buy NDX To

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a lookalike to Liza, we believe a ‘plus three year’ development scheme is a reasonable basis to frame option value in a success case. Under our $70 Brent base case, the theoretical NPV would be around $10/sh. This is on top of the approximate $12-14/ share value we estimate is reasonable for Hess from

h Personnel (including the analyst(s) responsible for this report) receive compensation based upon, among other factors, the overall profitability of Bank of America Corporation, including profits derived from investment banking. The analyst(s) responsible for this report may also receive compensation based upon, a