the short notice but they just created this based on client request. ° Monday, January 30 at 10:15am at One Bryant Park (42" St & 6" Ave), Room 5F Francisco Blanch is a managing director and head of Global Commodities and Derivatives Research. Regular Research publications include: The Global Energy Weekly, Comm

B BBB- BB+ BB BB- B+ B B- ccc+ ccc Source: Bloomberg BofA Merrill Lynch Global Research. Commodities: NTP adds to medium-term oil market tightness Francisco Blanch Peter Helles MLPF&S MLI (UK) [email protected] [email protected] The Saudi National Transformation Plan (NTP) suggestion that production

ynch Global Research Bank of Amenca "ra" Merrill Lynch Global Liquid Markets Weekly I 24 July 2017 17 EFTA00788491 Commodities Sabine Schels Francisco Blanch MLI (UK) MLPF86 Get ready for a gas rally • The recent drop in US nat gas prices hard to justify and the underlying fundamentals are painting

emand cover for both gasoline and distillate is now back in line with last year - underpinning a modest recovery in refining margins. And lastly, as Francisco Blanch notes today he still sees a $54 tgt for year-end WTI, followed by $60+ in '17 (See Report below). Yesterday was interesting with nearly 150bps of E

hel =aliba - MENA Economist Guest =peakers Ford M. Fraker - Chairman of Merrill Lynch Saudi Arabia and President of the Middle =ast Policy Council Francisco Blanch - Head of Global Commodities and Derivatives =esearch David Hauner - Head of EEMEA Cross Asset Strategy 3 EFTA_R1_01321292 EFTA02347920 Peter H

the short notice but they just created this based on client request. Monday, January 30 at 10:15am at One Bryant Park (42nd St & 6th Ave), Room 5F Francisco Blanch is a managing director and head of Global Commodities and Derivatives Research. Regular Research publications include: The Global Energy Weekly, Com