<table><tr><th>From:</th><th>Barrett, Paul S</th></tr><tr><td>Sent:</td><td>Tuesday, February 7, 2012 5:26 PM</td></tr><tr><td>To:</td><td>Jeffrey Epstein</td></tr><tr><td>Cc:</td><td>Giuffrida, David J</td></tr><tr><td>Subject:</td><td>Oil</td></tr></table>

&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.

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