From: Barrett, Paul S Sent: Tuesday, February 7, 2012 5:26 PM To: Jeffrey Epstein Cc: Giuffrida, David Subject: Oil &nb=p; =nbsp; &nb=p; =nbsp; &nb=p; &nb=p; &n=sp; Front Month Contract (Brent &#=211; WTI [$)) 2 year chart WTI underper=ormance related to; &mid=ot; &n=sp; 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=declines. • &nbs=; Speculation of Seawa= reversal delays. While the Seaway pipeline should start draining =upplies from the Midwest in the second half of this year, traders have bee= moving to fill the storage tanks at Cushing in anticipation.=/o:p> • &nb=p; Shipments down the 190,000 bpd Spearhe=d pipeline from near Chicago to Cushing are set to operate at full capacit= for the first time in months in February. =OD =OA =OA This email is confidential and subject to important disclaimer= and conditions including on offers for the purchase or sale of securities= accuracy and completeness of information, viruses, confidentiality, legal=privilege, and legal entity disclaimers, available at http://www.jpmorga=.com/pages/disclosures/email. EFTA_R1_01705466 EFTA02550027