EFTA02716185Set 11
2014-12-236p1,716w
expects. My sense is Iran upped production so as to store and ride the contango as its storage had been depleted
at the beginning of the year as China ... ground which is pretty much useless (although
they are implicitly riding contango there as well). Their thought process probably is that if prices rally, restrictions are
lifted, or china comes ... vols.. We heard about some producer activity in cal16,
taking advantage of the contango and relat=vely cheaper skew. Also, WTI/Bre vol spread rallied in the back
https://www.justice.gov/epstein/files/DataSet%2011/EFTA02716185.pdf
EFTA01747494Set 10
2014-12-212p960w
expects. My sense is Iran upped
production so as to store and ride the contango as its storage had been depleted at the beginning of
the year as China ... ground which is pretty much useless (although they
are implicitly riding contango there as well). Their thought process probably is that if prices rally,
restrictions are lifted, or china comes ... vols.. We heard
about some producer activity in cal16, taking advantage of the contango and relatively cheaper skew.
Also, WTI/Bre vol spread rallied in the back (0.75 in dec5
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01747494.pdf