avid From: Barrett, Paul S Sent: Wed 8/3/2011 2:10:21 PM Subject: Oil Jeffrey Oil is down $1 today. Spot at 92.77 Jan 180 Calls are quoted on Nymex at Sc/15c with no volume. Would you like me to get a price in 1MM barrels? Paul Paul Barrett, CFA Managing Director Global Investment Opportunit

I=supply situation delivery point in Cushing - Oklahoma has 50 million bbls, but 85% of that is not light sweet=oil and not deliverable into the WTI Nymex contract. The market is st=rting to realize this now. The measures taken place=to deal with the WTI oversupply over the last few years have gone to

Cc: Giuffrida, David Subject: Oil Options =OA =affray Barri=rs and digitals are observed off of Daily Settlement Prices, not continuou= during Nymex hours Apr12 WTI Contract class="MsoNormal">Expire 15 Mar 20124=> =OD 102.10 reference rate =/span> Upside=/span> $140 digital cos=s 15% (this