Oil Lock-In? C (Tazia Smith, 04 Aug 2014)

Subject: Oil Lock-In? C From: Tazia Smith < Date: Mon, 04 Aug 2014 15:34:50 -0400 To: ieevacationQgmail.com Cc: Nav Gupta Paul Morris < Vahe Stepanian Classification: Confidential Jeffrey - What is your current view on crude? With the recent pullback and fundamentals suggesting downside, yet significant geopolitical risk of Gaza, Iraq, and Russia arguably not being priced in (plus the favorable term structure for options g iven the forward curve's backwardation, that we know you are