<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Friday, March 20, 2015 7:56 PM</td></tr><tr><td>To:</td><td>Daniel Sabba</td></tr><tr><td>Subject:</td><td>Re: FW: EOD Commodities Note - 20 Mar</td></tr></table>

Net p$ I on vol trade ??

On Friday, March 20, 2015= Daniel Sabba < > > wrote:

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From: Prateek Jain Sent: Friday, March 20, 2015 3:35 PM Subject: EOD Commodities Note - 20 Mar

OIL

Both crudes rallied strongly today with multiple bul=ish news along with dollar weakness. Iran delegation left high-level nuclear consultations. ta=ks after meeting These headlines with John reduced Kerry and the said optimism the talks about will talks=ending resume on 25=h. positively Kerry and stated crude that rallied talks need quickly from there. April WTI expired =oday, very strong compared to May contract. Guess what.. Cushing isn =99t full yet! Cost of storage at Cushing is much below the current spread level and all the CSO open in interest in=apr/may expired yesterday leaving the spread back to fundamentals. April/M=y spread moved from -1.57 yesterday to -0.75 intraday ending at - 0.85. Ver= short market positioning also escalated the rally in the spread with stops triggering on way higher. =/b>US oil rig count fell by 41to 825..we are now close to 50% below the p=ak rig count (production though is still above the peak rig count level), =nd should see production finally flattening out soon.

Obama admin also issued federal regulations for frac=ing mandating drillers on federal lands to reveal the chemicals used, safe=y dispose contaminated water and meet well construction standards. Althoug= only about 5% of US oil production is done on federal lands, the intention is for states to follow suit. Thes= regulations are expected to increase cost of fracking, further reducing m=rgins for oil producers. In other news, Russia's small refineries =ay start scaling back as their discount for exporting fuel decreases with lower oil prices. This is expected to fr=e up 250kbd for export this year from Russia. Libyan exports are coming ba=k at a fast pace with average exports of 500kbd now, up from 208kbd in Feb=as the violence and militia tensions ease. Higher expected supply in front months is still weighing down on spr=ads with may/jun spread trading at -1.13 now.

Vols were weaker in both crudes in line with the ral=y..

<table><tr><th>=C2</th><th>=C2</th><th>=AO</th><th>WTI (/change)</th><th>=AO</th><th>=AO BRE (/change)</th></tr><tr><td>K15 =AO</td><td>=A0</td><td></td><td>48.30% -2.80%</td><td>=A0</td><td>45.50%=A0 -2.00%</td></tr><tr><td>M15 =AO</td><td></td><td>=A0</td><td>48.60% -2.10%</td><td>=C2</td><td>45=30% -1.60%</td></tr><tr><td>Z15</td><td>=C2</td><td>=A0 36.55%</td><td>-1.00%</td><td>=A0</td><td>35.60= -0.60%</td></tr><tr><td>Z16 =AO</td><td>=C2</td><td>27.40%</td><td>-0.90%</td><td>=C2</td><td>2=.90% -0.40%</td></tr><tr><td>&lt;/=pan&gt;</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6">(I am off Monday and Tuesday, will resume EOD Not on Wednesday..)</td></tr><tr><td>&lt;/=pan&gt;</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>&lt;/=pan&gt;</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Metals</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>3m lvls</td><td>=AO</td><td>=C2</td><td>dod change</td><td>=AO</td><td>support =AO resistance&lt;=&gt;</td></tr><tr><td>Al $1794</td><td>=C2</td><td>=AO</td><td>+$14 =C2</td><td></td><td>=AO $1750 =C2 $1800</td></tr><tr><td>Cu $6050</td><td>=C2</td><td>=AO</td><td>+$197 =C2</td><td></td><td>$6=00 =AO $6100</td></tr><tr><td>Zn $2054</td><td>=C2</td><td>=AO</td><td>+$33.5 =AO</td><td></td><td>$2000=C2 =A0 $2100</td></tr><tr><td>Ni $14,145</td><td>=C2</td><td>=AO</td><td>+$375</td><td>=C2</td><td>$14,000 =C2 $14,500=u&gt;</td></tr><tr><td>Pb $1773.5</td><td>=C2</td><td>=AO</td><td>+$62.5</td><td>=AO</td><td>$1700 =C2 =A0 $1800</td></tr></table>

Copper prices have brought the base complex up on sp=culation that Chinese demand is returning due to stocks coming off at Shan=hai and continued issues at the Grasberg mine. In the afternoon a bi= drop off in the dollar fuelled a rise across the board but there are rumours circulating that China will lower i=s rates over the weekend and that China will widen the trading band of CNY= The blockade at Grasberg continues into the 5th day but as there ar= still stocks waiting to be loaded at the port it is unlikely to result in and short term supply issues. M=laysian Finance Ministry officials are meeting to discuss the 6% tax on me=als placed in warehouses from April that is expected to cause copper and n=ckel stocks to leave the region. Rusal has seen gains on an improving outlook on Aluminum as demand rises and sto=ks fall in its key European markets

Shanghai Aluminum on warrant stocks are flat at 112.= kMT. LME Aluminum on warrant stocks are up 1.57% to 1927 kMT Shangh=i Copper on warrant stocks are down 0.93% to 83.3 kMT. LME Copper stocks a=e up 0.41% to 247 kMT. LME Nickel stocks are flat at 314 kMT.

Copper Vols are unch, Ali Vols are unch, Nickel Vols=are unch, Lead Vols are unch Zinc Vols are unch

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Regards,</=pan>

Prateek

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