RE: Oil update [C]

Jeffrey-

Good morning. Post payrolls, WTI has rallied about 1%. Your M4 93.5/101collar is now worth $1.55 with M4 WTI trading at $100.62.

The equity rally is fading a bit and to be honest, expecting a soft commodity close as well going into the weekend.

Thanks,

Matt

[x]

Matthew O'Connor
Managing Director I Commodity Investor Sales

Deutsche Bank AG

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Good morning Jeffrey —

We are trading very similar to where we were Friday morning after this morning's large rally. M4 WTI is trading $100.74 and the 93.5/101collar is now worth $1.55 again. You can see the decay kicking in a bit as we are 12c higher in flat price, but the option is worth the same as Friday.

To give you a sense, the collar closed yesterday (before the big rally) at $1.10.

Thanks,
Matt

Oil just popped. A couple of factors, the DOE short term report cut OPEC spare capacity projections and also cut non- OPEC production estimates. We have rallied up to $101.53 in M4 (up nearly .80 from this morning). The collar is now trading at $2.00

Thanks,
Matt

Good morning. DOE stats came out this morning and with a draw of 5mm barrels of gasoline, WTI rallied. The collar is now trading at $2.40 with June 14 WTI trading at $102.20

Dovish FOMC minutes sent all markets rallying. M4 WTI has moved up to $102.65 and the collar is now worth $2.60 as we head into the close.

Story that NATO expects Putin to try for "full occupation" of Ukraine one of the reasons oil is so well bid suddenly.

With June WTI trading at $102.90, the collar is now worth $2.78

2 stories driving oil higher. Russian aggression in Ukraine and China GDP overnight came out over 7% which provided some relief to the market. As a result, June WTI is now trading up nearly $1 to $103.95. The collar is worth $3.55.

In copper, the China GDP has helped rally copper nearly 2% which is good because the call you own has been struggling. With copper at $6680, the call is worth $225 now.