This document is being provided for the exclusive use of EMMANUEL MARTINEZ at FREE TRIAL

Oil Buyers Guide

BRIEF

IEA Sees U.S. Oil Shockwaves Supplanting OPEC

Tuesday

05.14.13

www.bloombergbriefs.com

HEARD Today

By Grant SMITH

The IEA shifted its production forecast, saying most new production will come from outside OPEC. The agency last year predicted that supply growth would be spread equally
between the two blocs.
Non-OPEC producers will bolster output over six years by 6 million barrels a day to
59.3 million a day to 2018 while OPEC crude capacity will rise by 1.75 million a day, the
agency forecast.
The U.S. shale boom will send shockwaves through the global oil trade over the next
five years, benefiting the nations refiners and displacing OPEC as the driver of supply
growth, the IEA said.
North America will provide 40 percent of new supplies to 2018 through the development
of tight oil and oil sands, while OPECs contribution will slip to 30 percent, the IEA said.
Demand will climb 0.9 percent to 800,000 barrels a day this year, driven by growth from
developing nations, the agency said. The projection is a slight increase from the IEAs
forecast last month. Still, it lags the agencys outlook in October.
Global
oil demand
by 6.1
OPCRTOTL
Index (Bloomberg
Total OPECwill
Crudeincrease
Oil Production Output
Data) million barrels to 96.7 million a day by 2018, as
DOETCRUD Index (DOE Crude Oil Total Production Data)
the recovery gathers pace, the IEA said. The agencys previous outlook went only to 2017.

U.S Oil Production Growth Outpaces OPEC, Will Lead New Supply

Oil pipelines in North America

spilled three times as much as
trains for comparative distances
over an eight-year period.
The International Energy Agency.
For more on the IEAs forecasts see page 3.

Upcoming Events
EVTS <GO>

Tue-Weds: Oppenheimer Industrial Growth

Summit including Marathon Petroleum,
Praxair and Urs
Tue-Thu: Citi Global Energy and Utilities
Conference including Marathon Petroleum, Valero, Repsol, Baker Hughes
Eco10 <GO>

Tue: API inventories at 4:30 p.m.

Wed: DOE inventories at 10:30 a.m.
Earnings Calls
EVTS <GO>

Tue: Aurora Oil & Gas at 5 p.m.

Wed: KazMunaiGaz at 7 a.m.
Thu: Subsea 7 at 7 a.m.
All times U.S. Eastern.
Inside
THE TRADING FLOOR: Page 2. Chevron
rally shows signs of exhaustion.
MARKET CALLS: Page 2. Barclays says
Chinas oil demand lackluster until end Q2

Source: Bloomberg LP
The BLOOMBERG PROFESSIONAL service, BLOOMBERG Data and BLOOMBERG Order Management Systems (the Services) are owned and distributed locally by Bloomberg Finance L.P. (BFLP) and its subsidiaries in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the
BLP Countries). BFLP is a wholly-owned subsidiary of Bloomberg L.P. (BLP). BLP provides BFLP with all global marketing and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. The Services include electronic
trading and order-routing services, which are available only to sophisticated institutional investors and only where necessary legal clearances have been obtained. BFLP, BLP and their affiliates do not provide investment advice or guarantee the accuracy of prices or information in the Services. Nothing
on the Services shall constitute an offering of financial instruments by BFLP, BLP or their affiliates. BLOOMBERG, BLOOMBERG PROFESSIONAL, BLOOMBERG MARKET, BLOOMBERG NEWS, BLOOMBERG ANYWHERE, BLOOMBERG TRADEBOOK, BLOOMBERG BONDTRADER, BLOOMBERG
TELEVISION, BLOOMBERG RADIO, BLOOMBERG PRESS and BLOOMBERG.COM are trademarks and service marks of BFLP, a Delaware limited partnership, or its subsidiaries.

Oil Watch

Bloomberg Charts

Outages

Refinery
outages.
For details,
see Page 2.

200

197 on May 13
REFO <GO>

Brent-WTI
BrentWTI spot
spread.

7.30

7.85 on May 10

OILCBNTA Index

Floating Storage

OIL Inventory Survey

The median
of analysts
estimates.
For more
see p. 3
100.3 on May 10
395.5 m last week
NOON<GO>
NRGZ<GO>

Global
crude oil,
mil bbls.

95.5

395.9

123456

1 -1

DATA RELEASE: Page 3. Sentiment grows

bearish on WTI futures.
THE WIRE: Page 3. Africa oil demand seen
climbing faster, China SPR larger than
expected.
SPOT PRICES: Page 5
FUTURES PRICES: Page 6

This document is being provided for the exclusive use of EMMANUEL MARTINEZ at FREE TRIAL
05.14.13 www.bloombergbriefs.com

Bloomberg Brief | Oil Buyers Guide

The Trading Floor

Market Calls

CVX US Equity (Chevron Corp)

Chevron Rally Shows Signs of Exhaustion

Barclays says Chinas oil demand

is expected to remain lackluster until
the tail end of the second quarter.
The countrys oil demand rose to 9.6
million barrels a day in April. Stocks
had eased 2 percent for gasoline
and 12.5 percent for diesel from
end-march highs, which suggests
underlying demand was slightly stronger than headline data, analysts led
by Sijin Cheng said,.

Jessica Resnick-Ault

Weak oil demand data from China

plus plentiful supply are currently
precluding higher oil prices, Commerzbank said in a note today.
The weakness is likely to be only
temporary in nature, the bank said.
Nonetheless, the market is currently
focusing primarily on the negative
news, the analysts said. There is little
reason for an imminent price recovery, they said.

Chevrons price line is diverging from RSI, which could not make a higher high. The current collection of small bodied candles and the flattening of the ADX line also suggest a possible change in
Bloomberg Charts
trend. Look for support at prior highs and at last sustainable uptrend line.
Adriana Gill

The BLOOMBERG PROFESSIONAL service, BLOOMBERG Data and BLOOMBERG Order Management Systems (the Services) are owned and distributed locally by Bloomberg Finance L.P. (BFLP) and its subsidiaries in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the
BLP Countries). BFLP is a wholly-owned subsidiary of Bloomberg L.P. (BLP). BLP provides BFLP with all global marketing and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. The Services include electronic
trading and order-routing services, which are available only to sophisticated institutional investors and only where necessary legal clearances have been obtained. BFLP, BLP and their affiliates do not provide investment advice or guarantee the accuracy of prices or information in the Services. Nothing
on the Services shall constitute an offering of financial instruments by BFLP, BLP or their affiliates. BLOOMBERG, BLOOMBERG PROFESSIONAL, BLOOMBERG MARKET, BLOOMBERG NEWS, BLOOMBERG ANYWHERE, BLOOMBERG TRADEBOOK, BLOOMBERG BONDTRADER, BLOOMBERG
TELEVISION, BLOOMBERG RADIO, BLOOMBERG PRESS and BLOOMBERG.COM are trademarks and service marks of BFLP, a Delaware limited partnership, or its subsidiaries.

Selected Refinery Outages

1 -1

Phillips 66 will shut a hydrogen plant at its Los Angeles refinery for short-term maintenance,a person familiar with
the refinerys operations said.

Company

LOCATION

Jessica Resnick-Ault

REFO <GO>

REASON

START OF
OUTAGE

PROJECTED
END DATE

ExxonMobil

Torrance,
California

Rreturned to normal operations after

breakdown in unspecified unit.

10-May-13

13-May13

Tesoro

Martinez,
California

Plant at ``planned, unspecified rates

after vapor release.

13-May-13

13-May13

Phillips 66

Los Angeles,
California

Hydrogen plant to be shut for short-term

maintenance.

13-May-13

26-May13

Phillips 66

Ferndale,
Washington

Crude unit began restart May 12, after

shut for crack in tower, person said.

30-Apr-13

12-May13

ExxonMobil

Baytown,
Texas

Hydrocracker No. 1 feed pump restarted

after shutdown, according to filings.

11-May-13

12-May13

TonenGeneral

Sakai, Japan

No. 1 CDU of 156,000 b/d shut for maintenance.

13-May-13

Jun-13

JBC Energy said crude loading

delays at the port of Ceyhan promises a bullish run up to summer for
Urals Med, especially in light of the
general shift of Russias European
seaborne exports toward Baltic ports,
according to a note today. Differntials
on the grade have recently taken a
hit as pressured refining margins may
have seen refineries across Europe
cutting crude runs, the analysts said.

Jessica Resnick-Ault

Source: Bloomberg

Bloomberg Brief Oil Buyers Guide

Bloomberg Brief Ted Merz
Executive Editor tmerz@bloomberg.net
212-617-2309
Managing Editor, Justin Carrigan
Global Energy Markets jcarrigan@bloomberg.net
+44-20-7673-2502
Managing Editor, Tim Coulter
Energy and Commodities tcoulter@bloomberg.net
+44-20-7330-7901
Oil Buyers Guide Jessica Resnick-Ault
Editor jresnickault@bloomberg.net
212-617-3058

Data Editor: Joseph Aboussleman

U.S. Crude Oil jaboussleman@bloomberg.net
609-279-4281
Data Editor: Paul Batchler
Canadian Crude pbatchler@bloomberg.net
609-279-4128
Data Editor: Andrew Stewart
Natural Gas anstewart@bloomberg.net
609-279-4258

Newsletter Busi- Nick Ferris

ness Manager nferris2@bloomberg.net
212-617-6975
Advertising bbrief@bloomberg.net
212-617-6975
Reprints & Lori Husted
Permissions lori.husted@theygsgroup.com
717-505-9701

To subscribe via the Bloomberg Terminal type BRIEF <GO> or on the web at www.bloombergbriefs.com. To contact
the editors: jresnickault@bloomberg.net. 2013 Bloomberg LP. All rights reserved. This newsletter and its contents
may not be forwarded or redistributed without the prior consent of Bloomberg. Please contact our reprints and
permissions group listed above for more information.

123456

This document is being provided for the exclusive use of EMMANUEL MARTINEZ at FREE TRIAL
05.14.13 www.bloombergbriefs.com

Bloomberg Brief | Oil Buyers Guide

The Wire
IEA Demand Forecast

Bearish Expectations For WTI Prices Rise As Neutrals Decline

China will add 245 million barrels

of capacity in the second phase of its
emergency stockpile plan, 45 percent
more than originally expected, the IEA
said. Completion may be delayed to 2015,
according to the agency, which originally
forecast the project would be finished by
the end of this year. China, which buys
about half its crude from overseas, is
building emergency oil reserves equivalent to 100 days of net imports before
2020 in three phases to lessen the risk of
supply disruptions.

100%

90%
80%
70%
60%
50%
40%
30%
20%

Bloomberg News

Africas oil demand will climb at a

faster pace than most of the world in the
next five years because of rising transport
and power-generation needs, the IEA
said. Gasoline and gasoil consumption
are each forecast to rise 4.5 percent a
year, while the use of jet fuel or kerosene
will advance 3.9 percent. The gains will
boost Africas oil use by 4 percent a year
from 2012 to 2018 compared with an average of 1.2 percent growth globally.

10%
0%
12/30/11
3/30/12
Source: Bloomberg LP

Colin McClelland

Refinery runs will increase 3.6 million barrels a day to 77.5 million barrels
in August, the IEA said. The unusually
steep increase is expected to come from
recovery output at Venezuelas Amuay
plant after a fire and new Saudi capacity.
April was the probable peak in refinery
maintenance.

Konstantin Rozhnov

Supply
U.S. crude inventories probably rose
for a fourth week to a near peak for 2013
as refineries got ready to increase gasoline
production for the warm-weather driving
months, a Bloomberg survey showed.
Supplies climbed 450,000 barrels, or 0.1
percent, to 396 million last week, according to the median of 10 analysts before the
EIA report. Were getting close to the seasonal peak in U.S. crude oil inventories,
said Tim Evans, an energy analyst at Citi
Futures Perspective.

Mark Shenk

Neutral
6/30/12

Bearish
9/30/12

Bullish

12/31/12

3/31/13

The bearish sentiment on WTI futures rose 27.8 percent as neutral sentiments fell 31.9 percent, according to analysts estimates compiled by Bloomberg.
Jessica Resnick-Ault

More than 60 oil companies ranging

from Exxon Mobil, Chevron, and Cnooc
to Brazilian start-up Ouro Preto Oleo &
Gas, are set to bid on exploration permits
offshore Brazil. Theyre betting that deepwater deposits off the northern coast hold
reserves like those found thousands of
miles across the ocean in Africas Gulf
of Guinea. The two-day, $5 billion sale
by the oil regulator ANP starts today in
Rio de Janeiro. Interest in bidding for
289 blocks spread over 11 basins will be
focused on the mainly untapped offshore
Foz do Amazonas basin near neighboring
French Guiana, according to consulting
firm Wood Mackenzie. The area shares a
geological heritage with the African land
mass that separated from Brazil millions
of years ago and has produced oil since
2007 from geology that dates to the Cretaceous period.

Rodrigo Orihuela

BP is seeking approval to drill four

expansion wells in the Great Australian
Bight, spokesman Jamie Jardine said.
The company expects to get a rig by year
end. The first stage of the program was

estimated to cost about A$600 million

when the permits were first received in
2011, he said.
James Paton

Pipelines
Azeri oil exports through BakuNovorossiysk pipeline to Black Sea will
be halted, Prime newswire said, citing
an unidentified person. Russias Foreign
Ministry was ordered to inform Azerbaijan
of decision, the newswire said, without
giving a timeframe.

Jake Rudnitsky

Turkey says repairing the KirkukCeyhan pipeline will take 3 days after oil
flow stopped yesterday morning. Repairs
started on the Iraqi side of the pipeline,
a Turkish Energy Ministry official said by
telephone from Ankara.

Ali Berat Meric

123456

EnCap Flatrock Midstream is investing $200 million in Cardinal Midstream

II, five months after the firms doubled their
money in a previous pipeline investment.

This document is being provided for the exclusive use of EMMANUEL MARTINEZ at FREE TRIAL
05.14.13 www.bloombergbriefs.com

Bloomberg Brief | Oil Buyers Guide

the wire
continued from previous page

Cardinal is looking to build pipelines to

shale fields, with a focus on Texas, Chief
Executive Officer Doug Dormer said in
an interview.
Mike Lee

Oil Products
Cosmo Oil plans to boost middle distillate exports to 1.54 million kls this year
from 45,000 kls in fiscal year ended in
March, managing director Satoshi Miyamoto said in Tokyo.

Yuji Okada

The number of European naphtha

cargoes heading to Asia rose to 16 shipments in May, the most in six months,
shipping data showed. About 1.1 million
metric tons were scheduled to load in Europe this month. If all the shipments head
to Asia as planned, that would be the
highest monthly volume since November.

Ann Koh

Trading
Vector Commodity Managements
assets slumped 86 percent this year. The
energy hedge fund run by former Goldman Sachs trader Gilbert Saiz managed
$43 million by the end of April, down from
$318 in December. The fund trades mostly
crude oil and products from January
through April.

Statoil was raided by European and

Norwegian authorities probing anti-competitive practices related to oil pricing. Statoil
said it is cooperating with the authorities.

Jonas Bergman

India lifted a ban on trading guar gum

futures after a rally in prices spurred
farmers to produce a record crop. Indias
commodities exchanges today began
trading three contracts each in guar seed
and guar gum, according to separate
notices on the bourses websites. The
Forward Markets Commission suspended futures trading in March 2012 to curb
excessive speculation after prices surged
nine-fold to a record

Prabhudatta Mishra

European Natural Gas Prices

KEY PRICES

Ticker

Day ahead
June 13
Win 13/14

NBPGDAHD Index
NBPG1MON Index
NBPGS1 Index

Dayahead
June 13
2014

TTFGDAHD Index
TTFG1MON Index
TTFGCY1 Index

Change
Time of
From Open Last Trade
NBP prompt (GB pence/Therm)
65.80
0.65
12:03:00 PM
64.15
0.55
1:18:00 PM
70.75
0.20
1:18:00 PM
TTF Dutch Gas (EUR/MWh)
26.38
0.08
12:17:00 PM
26.25
0.10
1:18:00 PM
26.30
0.05
11:53:00 AM

Last Price

Trade
Source

Fair Value

SPEC
SPEC
SPEC

64.15
70.81

SPEC
TPNG
SPEC

26.25
26.30

European Natural Gas Supply and Demand

indicator
GIE Total EU Gas Storage (MCM)
GIE Total EU Gas Storage (% Full)
Yesterday UK gas demand (MCM)
Dayahead UK forecast gas demand (MCM)

Ticker
GIEDSTTL Index
GIEDFTTL Index
UGASDEMD Index
UGASFD1D Index

Value
21,828.21
28.26
229.81
245.40

1-Day Change
210.55
0.27
-71.66
1.80

U.S. Natural Gas Prices

Henry Hub Prices ($/MMBtu)
Spot price
June 13
July 13
August 13

Ticker

Last Price

NGUSHHUB Index
NG1 Comdty
NG2 Comdty
NG3 Comdty

3.87
3.99
4.03
4.06

Change
From Open
-0.03
0.02
0.02
0.02

Time of
Last Trade
12:00:00 AM
10:10:54 AM
10:10:50 AM
10:10:44 AM

U.S. Natural Gas Supply and Demand

Indicator

Ticker

Change In Total Gas Storage

Total Gas Demand

MMcf/d

NAGSTSTO Index
NAGSTOTC Index

11,642.00
57,137.00

Change From
Previous Day
-846.00
-378.00

Global LPG Pricing Data

Indicator
Mont Belvieu LST Propane
Mont Belvieu Non-LST Ethane
Propane fob NWE Small
Butane fob NWE Small
Naphtha fob Singapore

Ticker
LPGSMBPP Index
LPGSMBPE Index
LPGIEFSP Index
LPGIEFSB Index
NAPHSINF Index

EMEA Gas

Last Price
95.00
28.00
660.00
656.00
93.50

Change
-0.63
-0.38
0.00
-13.00
-0.72

Americas Gas

Russias Federal Tariff Service may approve price growth for gas sold to industrial users in Russia by the end of May or
mid-June, Denis Volkov, head of oil and
gas regulation, said. Gas-price increases
may be 5 percent or 10 percent.

Anatoly Temkin

123456

U.S. propane exports are expected to

represent over 15 percent of total global
propane exports in 2013, Enterprise
Products Partners said in a presentation
at Mitsubishis oil and gas conference in
New York.

Jessica Resnick-Ault

This document is being provided for the exclusive use of EMMANUEL MARTINEZ at FREE TRIAL
05.14.13 www.bloombergbriefs.com

Bloomberg Brief | Oil Buyers Guide

SPOT PRICES
BENCHMARKS

Prices as 5 p.m. NY time

AMERICAS

PRICE

Bloomberg USGC Sour Index

Light Louisiana Sweet (LLS)
Mars Blend
WTI Cushing
West Texas Sour (WTS)
Gasoline New York 87
Gasoline U.S. Gulf 87
Gasoline LA 85.5 CARBOB
Jet Fuel No. 54 NY
Jet Fuel No. 54 U.S. Gulf
Diesel ULS NY
Diesel ULS U.S. Gulf
Diesel LS CARB LA
Heating Oil No. 2 NY
Heating Oil No. 2 U.S. Gulf
Fuel Oil NY Cargo 1.0% Low Pour
Fuel Oil U.S. Gulf Coast 3.0%

99.04
103.97
99.62
95.17
95.42
273.25
271.10
313.10
275.98
271.48
289.60
285.35
283.85
270.60
269.60
95.38
90.13

ASIA PACIFIC

PRICE

Crude Tapis (Bloomberg)

Crude Dubai Fateh
Singapore Jet Kerose
Singapore Gasoil 0.5% S
Singapore 180cSt Fuel Oil
Singapore 380cSt Fuel Oil
C&F Japan Naphtha

108.17
100.35
115.50
117.35
607.75
600.50
861.50

EUROPE

PRICE

Urals - Mediterranean
Urals - North West Europe
Dated BFOE
Daily BWAVE
95 RON - ARA - FOB barge
Naphtha NW Europe CIF cargo
MTBE ARA FOB barge
Jet Fuel NW Europe CIF cargo
Jet Fuel W Med FOB
Gasoil ARA FOB barge
Gasoil NW Europe CIF cargo
Gasoil W Med CIF cargo
Diesel ULS ARA FOB barge
Diesel W Med CIF cargo
Fuel Oil ARA FOB barge 3.5%
Fuel Oil W Med FOB cargo 3.5%
Fuel Oil ARA FOB barge 1%
Fuel Oil NW Europe FOB cargo 1%
Fuel Oil W Med CIF cargo 1%

102.24
101.52
102.36
102.85
953.00
832.50
1101.00
921.25
897.50
859.50
864.50
870.50
881.50
881.50
577.50
561.50
604.50
602.50
623.50

May 13, 2013

1 DAY
DIFFERENTIALS
CHANGE SPREAD TO
-0.75
3.87 WTI
-1.27
8.80 WTI
-0.92
4.45 WTI
-0.87
0.00 NYMEX
-0.77
0.25 WTI
-4.03
-8.85 NYMEX
-4.18
-11.00 NYMEX
-4.43
31.00 NYMEX
-4.14
-13.13 NYMEX
-1.64
-17.63 NYMEX
-2.15
0.50 NYMEX
-1.77
-3.75 NYMEX
-4.52
-5.25 NYMEX
-0.90
-18.50 NYMEX
-3.27
-19.50 NYMEX
-1.00
-2.00
1 DAY
DIFFERENTIALS
CHANGE SPREAD TO
-1.03
5.80 ICP
-1.17
2.23 BRENT
-0.75
-0.60
-11.75
-11.00
-6.50
1 DAY
DIFFERENTIALS
CHANGE SPREAD TO
-1.19
-0.09 NSS
-1.27
-0.81 MDS
-1.00
-1.08
-4.50
5.50
-5.00
9.25
9.25
10.25
10.25
10.25
6.25
6.25
-4.00
-4.00
-1.50
-1.50
-1.50

PRICE SPREADS
PRICES ARE EXPRESSED IN USD PER BARREL

USD/BBL

25

Brent Crude, Gulf Coast 321 Crack Spread

20
15
10
5
0
(5)
(10)
May-12

USD/BBL

25

Aug-12

Nov-12

Feb-13

LLS Crude, Gulf Coast 321 Crack Spread

20
15
10
5
0
(5)
(10)
May-12

USD/BBL

130

Aug-12

Nov-12

Feb-13

Brent Crude, WTI Crude

24

120
110

20

100

Source: Bloomberg LP
For live prices on Bloomberg enter BOIL<GO> 4<GO>

123456

16

90
80

Spread ( R)
Brent (L)
WTI (L)

70
60

May-12

USD/BBL

Aug-12

Nov-12

12
Feb-13

This document is being provided for the exclusive use of EMMANUEL MARTINEZ at FREE TRIAL
05.14.13 www.bloombergbriefs.com

Bloomberg Brief | Oil Buyers Guide

Futures
FUTURES BASED SWAPS

Prices as of 10:00 New York time

May 14, 2013
Period
WTI
BRNT WTI-BR NYHO HO-WTI HO-BR
Bal Mo
95.28 102.38
-7.10 287.42
25.44 18.34
Jun 13
95.40 102.29
-6.88 286.73
25.02 18.14
Jul 13
95.38 102.11
-6.73 287.12
25.21 18.48
Aug 13
95.11 101.86
-6.75 287.90
25.81 19.06
Sep 13
94.74 101.59
-6.85 288.70
26.51 19.67
Oct 13
94.30 101.34
-7.04 289.28
27.20 20.15

SWAP CURVES
NYRB
283.13
281.57
279.05
275.89
262.41
259.91

Bal Mo/Jun 13
Jun 13/Jul 13
Jul 13/Aug 13
Aug 13/Sep 13
Sep 13/Oct 13

-0.12
0.02
0.27
0.37
0.44

0.09
0.18
0.25
0.27
0.25

-0.22
-0.15
0.02
0.10
0.19

0.69
-0.39
-0.78
-0.80
-0.58

0.42
-0.19
-0.60
-0.70
-0.69

0.20
-0.34
-0.58
-0.61
-0.48

1.56
2.52
3.16
13.48
2.50

Bal Qt
Q3 13
Q4 13
Q1 14

95.34
95.07
93.85
92.50

102.33
101.85
101.08
100.27

-6.99
-6.78
-7.22
-7.77

287.08
287.91
289.72
289.73

25.23
25.85
27.83
29.19

18.24
19.07
20.60
21.42

282.35
272.45
258.98
265.24

Bal Yr
Cal 14
Cal 15

94.68
90.99
87.68

101.68
98.93
95.37

-7.00
-7.94
-7.69

288.38
286.57
277.32

26.44
29.37
28.80

19.44
21.43
21.11

269.87
262.07
251.30

Period
Bal Mo
Jun 13
Jul 13
Aug 13
Sep 13
Oct 13
Bal Mo/Jun 13
Jun 13/Jul 13
Jul 13/Aug 13
Aug 13/Sep 13
Sep 13/Oct 13

RB-WTI RB-BR RB-HO ICEGO GO-BR HO-GO

23.64
16.54
-4.30 858.75 12.89
12.98
22.85
15.98
-5.16 860.54 13.22
11.72
21.82
15.09
-8.08 863.29 13.78
11.20
20.77
14.02
-12.02 865.83 14.38
11.16
15.47
8.63
-26.30 867.76 14.91
11.34
14.86
7.82
-29.38 868.90 15.30
11.56
0.79
1.03
1.05
5.30
0.61

0.56
0.89
1.07
5.39
0.81

0.86
2.92
3.94
14.28
3.08

-1.79
-2.75
-2.54
-1.93
-1.14

-0.56
-0.60
-0.53
-0.39
13.06

0.52
0.04
-0.18
-0.22
12.35

Bal Qt
Q3 13
Q4 13
Q1 14

23.24
19.35
14.92
18.90

16.26
12.58
7.69
11.13

-4.73
-15.47
-30.75
-24.49

859.64
865.63
869.29
869.04

15.62
16.39
14.51
16.79

11.87
11.97
11.75
11.05

Bal Yr
Cal 14
Cal 15
Source: Bloomberg LP

18.66
19.08
17.87

11.67
11.14
10.18

-18.51
-24.49
-26.02

865.50
862.10
841.27

14.51
16.79
17.54

11.75
11.05
8.50

For live prices on Bloomberg enter CFVL<GO> 96<GO>

123456

100
95
90
85
80
75
May 13

-5

WTI

Today
Month Ago

May 17

WTI-Brent

-7
-9
-11
-13
May 13

33

May 15

HO-WTI

31
29
27
25
May 13

30

May 15

RB-WTI

25
20
15
10
5
May 13

May 15

May 17