ty to China. — While commodities may stabilize in the near term from oversold levels, further US dollar strength could pose a continued headwind. Global FX 255 235 215 195 175 • 155 - 135 115 • 95.: Index te le tete ette Figure 3: Bloomberg Commodity Index at lowest level since 2002 Source: Bl

ty to China. — While commodities may stabilize in the near term from oversold levels, further US dollar strength could pose a continued headwind. Global FX 255 235 215 195 175 • 155 - 135 115 • 95.: Index te le tete ette Figure 3: Bloomberg Commodity Index at lowest level since 2002 Source: Bl

ty to China. — While commodities may stabilize in the near term from oversold levels, further US dollar strength could pose a continued headwind. Global FX 255 235 215 195 175 • 155 - 135 115 • 95.: Index te le tete ette Figure 3: Bloomberg Commodity Index at lowest level since 2002 Source: Bl

ls, we believe that oil production will begin to come offline. As it does, we believe that crude prices will rise to 550/barrel by year-end 2016. Global FX 250.000 No. positions 200.000 150,000 100.000 50.000 0 2011 2012 2013 2014 2015 2018 Figure 3: NYMEX Crude Oil Shorts Source. FactSe