From: Daniel Sabba I 
Sent: 1/9/2015 1:53:22 AM 
To: Jeffrey Epstein [jeeyacation@gmail.com] 
Subject: Fw: EOD Commodities Note - 8 Jan [C] 
Attachments: image001.jpg; image002.png 
Importance: High 
Classification: Confidential 
Vol in crude continues to collapse 
From: Prateek Jain 
Sent: 01/08/2015 09:15 PM GMT 
Subject: EOD Commodities Note - 8 Jan 
Oil 
A relatively quiet day in Crude today. We hovered around unchanged for most of the day before selling off in the 
afternoon and testing 50$ BRE again. However, we failed to break it and rallied towards unchanged for the close, 
perhaps off the back of some index buying. Newswise, Feb Azeri BTC loadings will be up a whopping 11% m/o/m to 
821kbd. Interestingly, there is apparently some floating storage interest happening as well, as some major phys trading 
firms have booked long term tankers for this as long term charter rates are cheaper and thus make the economics of 
storage look good. The window was again weak with ekofisk and brent offered down a bit. In other news, RTRS cites GCC 
"sources" saying that there is no chance of OPEC cut even though oil has dipped to 50$...Stateside, we learned yesterday 
that the Seaway Twin is moving 100% heavy crude. Furthermore, USGC diffs weakened again, with LLS now trading 1$ 
above WTI. In the morning WTI spreads were quite bid, but that abated towards the end of the day. The arb did 
however stay bid throughout the day, as the fact that LLS/WTI is tight at 1$ means that there is more room BRE to 
discount vs LLS so as to place those Jan and Feb overhang cargoes in the US. In politics land, the Senate committee voted 
13-9 to have Keystone "bypass" presidential approval. So if the Senate passes this bill (which it should as it has 60 co 
sponsors), Obama may have to veto it. It is not clear that the Senate has 67 votes needed to overturn the veto, so this 
should be interesting to follow...In products land, distillate bounced back a bit after yesterday's post stats ugly showing, 
perhaps off the realization that the stats didn't add up along with the extremely cold weather giving NG a (rare) bid as 
well... 
Oil Vols  
Another day of carnage in oil vols today. Early morning NY vols were down 0.4-0.5 through the curve, but a one way 
selling streak started just before the open and all the bids out there started getting hit. As an example Dec5 atm 
straddles started the day 1465/1505, were 1405/1450 at 9am, and were 1350/1390 later in the day. Within 2 hours of 
open, vols were down about 3 vols across the curve..and stayed there for most of the day till about 1:30pm when 
futures took a quick leg lower., prompt vols traded 1.5% higher than close at that time and Jun5 was up 2% from the 
lows. However, with a quick rally back vols started fading again and ended 1.5-2.5 lower. 
Wings got smashed again and put skew collapsed quickly. 8000 lots of $40puts in WTI Mar15 were sold on the screen, 
which is quite an impressive volume outside floor trading.. 
WTI (/change) 	BRE (/change) 
G15 	50.40% 	-1.60% 	44.00% 	-2.60% 
H15 	45.50% 	-2.40% 	43.70% 	-1.10% 
M15 	41.40% 	-2.10% 	38.20% 	-2.60% 
Z15 	35.15% 	-1.60% 	33.10% 	-2.15% 
Z16 	28.60% 	-2.00% 	28.50% 	-1.80% 
Index  
No rhyme or reason to flat price action today. 
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Energy up, precious down, ags down, softs up, base mixed. 
Contributing to the choppy action was day one the SPGS and BCOM index rebalance and it was quite choppy during the 
closing bell. 
Estimated rebalance numbers are next to today's performance grid. Only 4 more days to go......Sean Kemery 
+ NGG5 	.2.949 	+.07S 	+2. 
+ CLHS 	149.33 
+ COHS 	-.27% 
+ XBG5 	1133.98 	+.22 
+ HOGS 	1170.50 	+.5: 	+..1)% 
+ QSG5 precious 	1490.00 	+5.00 	+1.111% 
+ GCG5 	1 	-.26% 
+ SIHS 	-1.26% 
+ PLF5 grams 
+ KWH5 	-1.98% 
+ W HS 	-2.16% 
+ C HS 	-.50% 
+ S H5 	-.76% 
+ SMHS 	1.1.92% 
+ BONS meats 	s33.76 	-.6n 	+1.01% 
+ LOS 	&1.82% 
+ FCHS 	11;1.83% 
+ LH35 softs 	161.92% 
+ CTRS 	s60.56 	+.13 	+.22% 
+ SBH5 	s14.88 	+.10 	+.(4% 
+ KCHS 	s176.90 	+1.85 	+% 
+ CCHS base 	s2986 	+74 	+2.illt 
+ HGHS 	1276.95 	+1.10 	+.41Yi 
ILMCADS03 	-.18$ 
LMAHDS03 	s1832.00 	+42.00 	+2.110 
LMNIDS03 	s15550.00 
LMZSDS03 	s2160.00 	+27.00 	+API 
Commodity 	Total 14,801 
WT1Crude 
Brent Crude 	46,197 
Heating Oil ULSD 	6,713 
Unleaded Gas RBOB 	12,303 
Natural Gas 	18,340 
Gas Oil 	(13,566) 
Aluminum ( primary ) 	(16,404) 
Copper LME 	393 
Copper CME 	(305) 
Nickel 	(4,213) 
Zinc 	(6,504) 
Lead 	484 
Gold 	(7,599) 
Silver 	2,671 _ 
Wheat 	(10,993) 
Wheat(HRW- Hard red i.vinter) 	(2,921) 
Cocoa 	204 
Coffee 'C' 	(17,223) 
Corn 	118,6251 
Cotton No.2 	4,515 
Soybean 	5,065 
Sugar 	(8,1651 
Soy Meal 	1,917 
Soy Oil 	(2,2281 
Feeder Cattle 	1,064 
Live Cattle 	(14,602) 
bean Hog 	(2,759) 
Base Metals 	dod change 	support 	resistance 
3m Ivls 
Al $1832 	+$42 	$1800 	$1900 
Cu $6101 	-$11 	$6000 	$6200 
Zn $2160 	+$27 	$2125 	$2200 
Ni $15,550 	+$0 	$15,000 	$15,650 
Pb $1851 	+$1 	$1830 	$1900 
The base complex was up in the morning, with most metals rallying around 12:30, retracing in the afternoon then 
rallying to the close. Gains in stock markets, Fed confidence in the US economy and the increasing likelihood of 
aggressive stimulus in Europe are holding up the complex, but the re-wieghting of commodity indexes is likely to result 
in a sell off in Nickel Ali and Zinc between 8-14 Jan. Aluminium prices recovered as shorts were covered. Commerzbank 
expects to see a further rebound in coming days.Copper prices are suffering due to the sell off in the energy 
HOUSE OVERSIGHT 030857 
market. Nitaxis sees the Chinese Stare Reserve Bureau cutting its purchases from 600-700 kMT in 2014 to —300 kMT in 
2015 as domestic supply catches up with demand. Zinc open interest is looking very high leading Macquarie to suggest 
that prices may be going down this quarter. 
Shanghai Aluminium on warrant stocks are down 3.52% to 46.9 kMT. LME Aluminium on warrant stocks are flat at 
1852.2 kMT. Shanghai Copper on warrant stocks are up 0.97% to 31.1 kMT. LME Copper stocks are up 0.67% to 155.1 
kMT. LME Nickel stocks are down 1.21% to 324.4 kMT. 
Copper Vols are up 0.28% in the front, Ali Vols unch, Nickel Vols are unch in the front, up 0.27% in the back, Lead and 
Zinc Vols unch 
Upcoming Data 
8/1- EC Consumer Confidence-Sury -10.9, Actual -10.9, Prior -10.9 
8/1- US Initial Jobless Claims-Sury 290k, Actual 294k, Prior 298k 
Regards, 
Prateek 
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HOUSE OVERSIGHT 030858