1 2 3 4 5 6 7

Quote of the Day

“The notion that they were going to somehow cooperate with each other in an oil investment is difficult at best right now.”

— Occidental Petroleum Corp.’s Chief Executive Officer Steve Chazen on efforts to sell a stake in its Middle East business to a

consortium made up of Oman, the United Arab Emirates and Qatar.

toDay’s events

BCAL <GO>All day: Howard Weil Energy Conference, New Orleans. Presenters include Canadian Natural Resources, Pioneer Energy Services, Whiting Petroleum Corp.

10 a.m.: Ecopetrol annual general meeting.

10:30 a.m.: DOE Inventory data.

11 a.m.: Legacy Oil + Gas, 4Q earnings call.

4 p.m.: California weekly fuels report.

All times Eastern.

InsIDe

the traDIng floor: Page 2. Spectra Energy patterns suggest bearish move.

MarKet Calls: Page 2. There have been some positive signs in the integrated oil sector, HSBC said.

Data release: Page 3. U.S. crude production and imports cross.

the WIre: Page 3. The Houston Ship Channel reopened in nearly all directions of vessel traffic for the first time since a March 22 oil spill.

natural gas WatCh: Page 5. Higher demand by power sector may push natural gas prices up over long term.

sPot PrICes: Page 6.

futures PrICes: Page 7.

Showa Shell Boosts Use of South American OilBy TSUyoSHi inajiMa

toa oil, a unit of japan’s showa shell, has boosted its use of South american crude as the grades are cheaper than Middle Eastern oil, yasuyuki shishido, chief of the company’s corporate planning office, said in an interview today.

South american crude, mainly from Ecuador, accounted for about 25 percent of the feedstock processed at the company’s Keihin refinery in 2013, up from less than 20 percent the year before, Shishido said. The company plans to maintain the same level of South american crude use in 2014, Shishido said.

The company processed about 88,600 barrels of crude a day in 2013. South american crude is used by the Keihin refinery’s 27,000 barrel per day coker, which allows the facility to produce less low-value residual fuel oil and more high-value light products such as gasoline and diesel.

oIl WatCh

south american Western Crude’s Discount to Dubai fateh Declines

OUtAgeS Brent-WtI FlOAtIng StOrAge API eStImAte

Refinery outages. For details, see Page 2.

149 Brent-WTI spread.

7.55▲

Global crude oil, mil bbls.

96.9▲

API’s estimate for U.S. oil inventories, mil bbls.

382▲

149 on Mar 25 7.02 on Mar 25 93.9 on Mar 24 376m last week, actualREFO <GO> CLC01 Index NOON<GO> tNI API OIL<GO>

Source: Bloomberg LP

PGCRDUBA Index (Bloomberg Arabian Gulf Dubai Fateh Crude Oil Spot Price)LACRORIE Index (Bloomberg Latin American Oriente Crude Oil Spot Price)Dubai-Ecuador Crude

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Bloomberg ®Charts 1 - 1

BRIEFOil Buyer’s Guide

Wednesday

03.26.14www.bloombergbriefs.com

1 2 3 4 5 6 7

Spectra Energy’s Bollinger bandwidth reached a new low (shown by the red horizontal trendline.) Both the Bollinger Percent B and RSi lines break an upward slanting trendline indicating potential downward move. Look for a break of the 23.6 percent Fibonacci line which matches up to prior highs and lows, as well as a break of the lowest Fibonacci fan level to confirm the bearish trend.

— Teresa Chan

SEP US Equity (Spectra Energy Partners LP)

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Bloomberg ®Charts 1 - 1

Spectra energy Patterns Suggest Bearish trend

the trAdIng FlOOr

Bloomberg Brief oil Buyer’s guideBloomberg Brief executive editor

Ted Merz tmerz@bloomberg.net +1-212-617-2309

Data editor:u.s. Crude oil

Joseph Abousslemanjaboussleman@bloomberg.net+1-609-279-4281

newsletter Business Manager

Nick Ferris nferris2@bloomberg.net +1-212-617-6975

Managing editor, global energy Markets

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Data editor:Canadian Crude

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advertising Adrienne Bills+1-212-769-0480

Managing editor, energy and Commodities

Tim Coultertcoulter@bloomberg.net +44-20-7330-7901

Data editor:natural gas

Andrew Stewartanstewart@bloomberg.net+1-609-279-4258

reprints & Permissions

Lori Husted lori.husted@theygsgroup.com +1-717-505-9701

oil Buyer’s guide editor

Deirdre Fretzdfretz@bloomberg.net 212-617-5166

To subscribe via the Bloomberg Terminal type BRIEF <GO> or on the web at www.bloombergbriefs.com. To contact the editors: jresnickault@bloomberg.net. 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. © 2014 Bloomberg LP. All rights reserved.

■ There have been some positive signs in the integrated oil sector, even as full-year results and strategy updates remain mixed, hsBC said in a note. The bank said there have been no fundamental changes in investor sentiment as a whole and that the market remains wary of free cash flow and growth opportunities; however, any immediate signs that counter this view are rewarded very quickly. Recent positive news has mainly come in the form of lower capex guidance, including for total and statoil, and improved cash flow guidance, includ-ing for BP and Chevron, HSBC said. Some of the market’s skepticism about the integrated oil sector can be attributed to the fall in crude prices in 2008 and 2009, even though balance sheets are in a better state now, the bank said.

— James Cone

■ Urals differentials in northwest Eu-rope are expected to drop due to high-er loadings, JBC said in an e-mailed report. “increase in cargoes loading in the north is strongly expected to cool Urals nWE and send it to a deeper and steady discount to the tighter Mediterranean market,” jBC said. The total volume of Urals supplied to the market is in line with higher Russian refinery maintenance, jBC said, noting that the Mediterranean market is still missing sizable amounts of medium-sour crude from iran, Syria and north-ern iraq given frequent outages along the Kirkuk-Ceyhan pipeline.

— Sherry Su

mArket CAllS

Source: Bloomberg LP

selected refinery outages REFO <GO>

jX nippon oil & Energy refinery in japan said most of its units will be “mothballed” as of March 31.

COmPAny lOCAtIOn reASOn StArt OF OUtAge

PrOJeCted end dAte

Toa Keihin Refinery Japan Japan No. 3 CDU of 70,000 b/d to shut in

spring for maintenance.Qtr 2, 2014 Qtr 2, 2014

JX Nippon Oil & En-ergy Corp Muroran Japan Most units, including No. 2 CDU of

180,000 b/d, are to be mothballed. 31-Mar-14 NA

Citgo Corpus Christi TX Refinery (PADD 3)

Corpus Christi, Texas

Refinery reported a shutdown of A sulfur train after breach of reactor shell, a filing to the state shows.

24-Mar-14 8-Mar-13

Neste Porvoo Refinery Finland Finland Refinery is conducting maintenance,

the company said March 25. 24-Mar-14 30-Mar-14

Source: Bloomberg

03.26.14 www.bloombergbriefs.com Bloomberg Brief | oil Buyer’s guide 2

1 2 3 4 5 6 7

rising u.s. oil Production fuels Congressional DebatePolicy

■ “america can and should be an energy superpower,” Senator Mary landrieu, chairman of the Energy and natural Resources Committee, said yesterday at her first hearing as head of the panel. a House Energy and Commerce Commit-tee panel also took up the issue of U.S. energy exports including liquefied natural gas yesterday and the House Foreign affairs Committee will hold a hearing on the subject today. Some lawmakers are skeptical about stepped up overseas sales. “Unlimited LnG exports would have serious impacts on consumers and manufacturers,” Representative henry Waxman, a California Democrat, said at the House hearing. “Foreign policy arguments in favor of energy exports are gaining momentum on Capitol Hill,” Whit-ney stanco, a Washington-based energy policy analyst at guggenheim securities llC, said in a note to investors. “never-theless, it remains unlikely that Congress will coalesce around a plan on LnG exports and highly unlikely that Congress will act on crude exports in the near term.” Congress remains split on the issue, said Michael Webber of the University of Texas. Lawmakers from energy-consuming states are more likely to oppose exports out of concerns it will drive up prices. There are also divisions among businesses. Crude oil exports are backed by producers such as exxon Mobil Corp. and ConocoPhil-lips that say it would encourage more U.S. drilling, increase government revenue and create thousands of jobs. Four U.S.-based oil refiners recently formed a coalition to fight increased crude exports. They say overseas sales would raise U.S. gasoline prices. america’s Energy advantage, a coalition that includes Dow Chemical Co., eastman Chemical Co. and alcoa Inc., said the conditional ap-proval Monday of the jordan Cove LnG terminal in oregon was a “grievous error” that could raise domestic prices.

— Jim Snyder and Brian Wingfield

supply Disruptions

■ The Houston Ship Channel reopened in nearly all directions of vessel traffic for the first time since a March 22 oil spill. The Coast Guard planned to shut down

the channel at about sunset last night and resume movements at daylight today, Pet-ty officer Eric Coleman said. as of 5:30 p.m. local time yesterday, 50 vessels were waiting to come into the Houston Ship Channel and 30 were waiting to leave, Petty officer Matthew Schofield said by telephone. Three tankers were waiting to enter Galveston-Texas City and three were waiting to leave; 19 barges were in the queue at Pelican Cut; three barges were at Barbours Cut; seven barges were at Bayport; and 35 barges were at Bolivar.

— Barbara Powell and Dan Murtaugh

■ Colonial Pipeline Co., which operates the largest oil products pipeline system in the U.S., shut a segment that can carry 885,000 barrels a day of fuel to the northeast for repairs. The leg, known as Line 3, was taken out of service yesterday after work crews investigated “an anom-aly” in Virginia and began a repair plan, the alpharetta, Georgia-based company said in an e-mailed statement. The line, part of Colonial’s larger system that ships gasoline, diesel and other fuels to the northeast from Gulf Coast refiners, was expected to be shut “through the night,”

and Colonial had updated shipping sched-ules to reflect the outage. The shutdown threatens to trap product supplies in the Gulf Coast, a region already facing trans-port challenges after a fuel-oil spill closed the Houston Ship Channel for three days.

— Lynn Doan

exploration

■ Brazil will look to auction oil exploration licenses by mid-2015, following three bid-ding rounds last year, as the South ameri-can country seeks to reverse a decline in crude output and stoke economic growth. The government hasn’t set a date or de-cided whether to offer ultra-deep fields in the so-called pre-salt area, oil Secretary Marco antonio almeida said.

— Rodrigo Orihuela

■ Bg and Woodside together won four offshore blocks in a Myanmar auction, the nation’s energy ministry said on its web-site. shell won three exploration blocks. eni and reliance Industries won two blocks each. statoil-Conoco and roc oil-tap oil partnerships each won one

the WIreDWOPUSA Index (DOE USA Crude Oil Production Data)DOCRTOTL Index (DOE Crude Oil US Import Data/Total)

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 electronictrading 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. Nothingon 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, BLOOMBERGTELEVISION, BLOOMBERG RADIO, BLOOMBERG PRESS and BLOOMBERG.COM are trademarks and service marks of BFLP, a Delaware limited partnership, or its subsidiaries.

Bloomberg ®Charts 1 - 1

Source: Bloomberg

in november, the U.S. produced more oil than it imported for the first time since 1995, fueling a debate on current restrictions to oil and gas exports. See story, left.

— Jim Snyder and Brian Wingfield

03.26.14 www.bloombergbriefs.com Bloomberg Brief | oil Buyer’s guide 3

1 2 3 4 5 6 7

block. Myanmar received a total of 64 bids for 30 offshore oil blocks.

— Kyaw Thu and Rakteem Katakey

■ exxon Mobil Corp. is negotiating to bring oao rosneft into oil and gas licenses in iraq’s Kurdistan region, ac-cording to people familiar with the talks. Rosneft is still considering the proposal, part of a global alliance between the largest U.S. and Russian oil companies, and a deal isn’t guaranteed. Exxon signed six production sharing contracts covering more than 848,000 acres in Kurdistan in october 2011, according to the company’s 2013 annual report. Exxon began a seis-mic survey on four of six blocks in 2013 and has begun drilling one well, according to the report.

— Stephen Bierman and Brian Swint

Mergers & acquisitions

■ seadrill ltd. plans to resume acquisi-tions and rig building by early 2016 when the market for deep-water rigs is expected to improve, Chief Financial officer rune Magnus lundetrae said yesterday in an interview in new orleans.

— David Wethe

legal

■ Cleopatra shipping agency ltd., the operator of the bulk carrier that collided with a barge carrying oil in the Houston Ship Channel, was on probation for a 2011 federal pollution violation. Cleopatra Shipping operates the Summer Wind, a 585-foot Liberian flag vessel owned by sea galaxy Marine sa, Greg Beuer-man, a spokesman for the U.S. Coast Guard joint information Center, said in a telephone interview yesterday. Cleopatra, based in Pireas, Greece, pleaded guilty in September 2012 to violating the act to Prevent Pollution from Ships. it was ordered to pay a $300,000 fine and serve a three-year term of probation requiring implementation of an environmental com-pliance program. Both Cleopatra Shipping and Kirby Inland Marine lP, owner of the barge carrying fuel oil, were sued by commercial and sport fishermen on Monday. The fisherman claimed damages from the March 22 oil spill.

— Harry R. Weber and Dan Murtaugh

the wire…

eMea gas

■ Ukraine began talks on importing natural gas from the European Union via Slovakia, in an effort to decrease reliance on supplies from Russia. Representatives from ukrtransgas aC and eustream as, the Ukrainian and Slovakian pipeline op-erators, met with European Commission

officials in Brussels yesterday to discuss technical aspects of trying to reverse the flow of gas through Slovakia’s pipeline, EC spokeswoman Sabine Berger and Eustream spokesman Vahram Chuguryan said. Ukraine currently exports the fuel to Slovakia.

— Ladka Bauerova and Ewa Krukowska

european natural gas Prices

key PrICeS tICker lASt PrICe ChAnge FrOm OPen

tIme OF lASt trAde

trAde SOUrCe FAIr VAlUe

nBP PrOmPt (gB PenCe/therm)Day Ahead NBPGDAHD Index 54.50 -0.50 8:16:38 AM ICASApr 14 NBPG1MON Index 54.10 -0.15 8:13:25 AM ICAS 54.22Sum 14 NBPGS1 Index 54.30 0.02 8:02:11 AM EGFI 54.20

ttF dUtCh gAS (eUr/mWh)Day Ahead TTFGDAHD Index 22.15 0.10 8:22:05 AM ICASApr 14 TTFG1MON Index 22.02 0.02 8:05:42 AM EGFI 22.092015 TTFGCY1 Index 24.55 0.05 8:15:17 AM ICAS 24.53

u.s. natural gas Priceshenry hUB PrICeS ($/

mmBtU) tICker lASt PrICe ChAnge FrOm OPen

tIme OF lASt trAde

Spot price NGUSHHUB Index 4.50 -- --APR 14 NG1 Comdty 4.40 0.01 8:14:26 AMMAY 14 NG2 Comdty 4.39 0.00 8:14:31 AMJUN 14 NG3 Comdty 4.42 0.00 8:13:54 AM

european natural gas supply and Demand IndICAtOr tICker VAlUe 1-dAy ChAnge

GIE Total EU Gas Storage (MCM) GIEDSTTL Index 50,681.68 -291.31GIE Total EU Gas Storage (% Full) GIEDFTTL Index 64.55 -0.37Yesterday UK gas demand (MCM) UGASDEMD Index 247.76 0.00Dayahead UK forecast gas demand (MCM) UGASFD1D Index 270.85 1.74

u.s. natural gas supply and Demand

IndICAtOr tICker mmCF/d ChAnge FrOm PreVIOUS dAy

Change In Total Gas Storage NAGSTSTO Index -13,642.00 -1,872.00Total Gas Demand NAGSTOTC Index 91,053.00 453.00

global lPg Pricing DataIndICAtOr tICker lASt PrICe ChAnge

Mont Belvieu LST Propane LPGSMBPP Index 103.75 1.75Mont Belvieu Non-LST Ethane LPGSMBPE Index 28.75 0.62Naphtha fob Singapore NAPHSINF Index 100.97 -0.38

03.26.14 www.bloombergbriefs.com Bloomberg Brief | oil Buyer’s guide 4

1 2 3 4 5 6 7

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BRIEF

nAtUrAl gAS WAtCh naUREEn S. MaLiK, BLooMBERG nEWS

Demand for gas, used to heat half of U.S. households and generate 27 percent of the nation’s power, reached records from new york to Los angeles in january, sending regional prices to all-time highs.

“The market is basically looking at this situation as a weather anomaly,” said angie storozynski, a new york-based utility analyst with Macquarie Capital usa Inc. “They aren’t pricing in the tightness of power generation supply sources. a number of these plants won’t be around soon.”

a record number of coal units, 86 gen-erators accounting for 10,308 megawatts of capacity, were mothballed in 2012, while the 79 plants slated for shutdown in 2015 account for another 11,993 mega-watts, said M. tyson Brown, an analyst with the eIa, who based the estimate on data collected from power producers.

Power from coal-fired plants will ac-count for about 40 percent U.S. electric-

ity generation this year, down from 44 percent in 2009, Eia estimates show. Gas will supply 27 percent, up from 23 percent five years ago.

as many as 13 nuclear reactors may be mothballed or retired early because of public opposition to extending licenses, high costs, poor performance or tough market conditions, according to Irr energy data released March 19 in a BnP Paribas sa conference call. The plants

account for about 11 percent of U.S. nuclear capacity, Eia data show.

While coal and nuclear plants close, gas-fired generating capacity will increase to about 410,000 megawatts by 2016, up 10 percent from 2012, accounting for 35 percent to 40 percent of total U.S. capac-ity, according to roshan Bains, director of utilities power and gas at fitch ratings in new york.

“as you rely more on natural gas, or one fuel, you will see more and more spikes in power prices,” Bains said. “Rolling black-outs would be more of the norm because of the aggravated fuel supply.”

Spot gas at the Transco Zone 6 hub serving new york rose to a record $135 per million Btu jan. 21 on the interconti-nentalExchange. Prices have averaged $18.24 so far in 2014, more than double a year ago and the most for the time of year in data compiled by Bloomberg going back to 2002.

Winter’s higher natural gas Costs hint at Future as Power generation Shifts

“Rolling blackouts would be more of the norm because of the aggravated fuel supply.”

– Roshan Bains, director of utilities power and gas at Fitch Ratings in New York on

increasing U.S. use of natural gas

03.26.14 www.bloombergbriefs.com Bloomberg Brief | oil Buyer’s guide 5

1 2 3 4 5 6 7

SPOt PrICeS

SPREAD TOBloomberg USGC Sour Index 96.41 -0.34 -3.13 WTILight Louisiana Sweet (LLS) 102.54 0.19 3.00 WTIMars Blend 97.94 -0.36 -1.60 WTIWTI Cushing 99.54 -0.56 0.00 NYMEXWest Texas Sour (WTS) 93.54 0.94 -6.00 WTIBakken 97.10 0.14 -3.00 WTIWest Canadian Select 79.53 0.18 -19.00 WTIEdmonton Syncrude Sweet 100.83 0.18 2.00 WTIGasoline New York 87 266.78 -4.56 -21.50 NYMEXGasoline U.S. Gulf 87 265.65 -1.44 -22.63 NYMEXGasoline LA 85.5 CARBOB 290.78 -1.18 2.50 NYMEXJet Fuel No. 54 NY 295.65 -0.01 3.50 NYMEXJet Fuel No. 54 U.S. Gulf 284.15 1.99 -8.00 NYMEXDiesel ULS NY 292.65 0.49 0.50 NYMEXDiesel ULS U.S. Gulf 288.15 0.99 -4.00 NYMEXDiesel LS CARB LA 290.65 0.99 -1.50 NYMEXHeating Oil No. 2 NY 285.15 0.74 -7.00 NYMEXHeating Oil No. 2 U.S. Gulf 274.65 -0.01 -17.50 NYMEXFuel Oil NY Cargo 1.0% Low Pour 99.63 0.25Fuel Oil U.S. Gulf Coast 3.0% 88.38 0.25

SPREAD TOCrude Tapis (Bloomberg) 112.65 0.26Crude Dubai Fateh 103.65 0.32 3.29 BRENTC&F Japan Naphtha 927.38 7.38

Dated BFOE 106.59 0.26Daily BWAVE 106.94 -0.2295 RON - ARA - FOB barge 962.00 27.00MTBE ARA FOB barge 1132.00 28.00Jet Fuel NW Europe CIF cargo 954.50 -4.75Jet Fuel W Med FOB 928.50 -4.75Gasoil ARA FOB barge 894.00 -4.25Gasoil NW Europe CIF cargo 901.00 -4.25Gasoil W Med CIF cargo 900.00 -4.25Diesel ULS ARA FOB barge 913.50 -3.75Diesel W Med CIF cargo 925.25 -3.75Fuel Oil ARA FOB barge 3.5% 571.50 -1.75Fuel Oil W Med FOB cargo 3.5% 568.50 -1.75Fuel Oil ARA FOB cargo 1% 641.50 -6.50Fuel Oil NWE FOB cargo 1% 625.50 -6.50Fuel Oil W Med CIF cargo 1% 647.50 -6.50

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

EUROPE PRICE1 DAY

CHANGE

BENCHMARKS Prices as of end of day in New York PRICE SPREADS

PRICES ARE EXPRESSED IN USD PER BARREL

ASIA PACIFIC PRICE1 DAY

CHANGEDIFFERENTIALS

DIFFERENTIALSAMERICAS PRICE1 DAY

CHANGE

March 25, 2014

-5-1371115192327

60708090

100110120130140

M A M J J A S O N D J F M

Brent Crude, WTI Crude Spread ( R)Brent Front Month (L)WTI Front Month (L)

USD/BBL USD/BBL

(5)

0

5

10

15

20

Mar-13 Jun-13 Sep-13 Dec-13 Mar-14

Brent Crude, Gulf Coast 321 Crack Spread USD/BBL

0

5

10

15

20

Mar-13 Jun-13 Sep-13 Dec-13 Mar-14

LLS Crude, Gulf Coast 321 Crack Spread USD/BBL

03.26.14 www.bloombergbriefs.com Bloomberg Brief | oil Buyer’s guide 6

1 2 3 4 5 6 7

FUtUreS

PeriodBal Mo 99.45 107.07 -7.62 292.67 23.47 15.85 289.40APR 14 99.27 107.00 -7.73 292.48 23.58 15.84 289.17MAY 14 98.53 106.77 -8.24 292.06 24.14 15.90 287.15JUN 14 97.71 106.38 -8.67 291.88 24.88 16.21 284.51JUL 14 96.78 105.89 -9.11 291.78 25.77 16.66 281.46AUG 14 95.87 105.32 -9.45 291.67 26.63 17.18 277.70

Bal Mo/APR 14 0.18 0.07 0.11 0.19 -0.11 0.01 0.23APR 14/MAY 14 0.74 0.23 0.51 0.42 -0.56 -0.06 2.02MAY 14/JUN 14 0.82 0.39 0.43 0.18 -0.74 -0.31 2.64JUN 14/JUL 14 0.93 0.49 0.44 0.10 -0.89 -0.45 3.05JUL 14/AUG 14 0.91 0.57 0.34 0.11 -0.86 -0.52 3.76

Bal Qt 99.45 107.07 -7.62 292.67 23.47 15.85 289.40Q2 14 98.50 106.71 -8.21 292.14 24.20 15.98 286.94Q3 14 95.90 105.36 -9.46 291.66 26.60 17.14 274.14Q4 14 93.39 104.00 -10.61 290.88 28.78 18.17 257.26

Bal Yr 96.28 105.53 -9.25 291.67 26.22 16.97 274.44Cal 15 88.68 101.30 -12.61 283.07 30.20 17.59 258.00

PeriodBal Mo 22.10 14.48 -3.27 899.50 13.67 5.20APR 14 22.19 14.45 -3.31 899.50 13.74 5.01MAY 14 22.08 13.84 -4.91 899.07 13.91 4.72JUN 14 21.79 13.12 -7.37 898.33 14.20 4.78JUL 14 21.44 12.32 -10.31 897.48 14.57 4.95AUG 14 20.77 11.31 -13.97 896.58 15.02 5.14

Bal Mo/APR 14 -0.09 0.03 0.04 0.00 -0.07 0.19APR 14/MAY 14 0.11 0.61 1.60 0.43 -0.17 0.29MAY 14/JUN 14 0.29 0.72 2.46 0.74 -0.29 -0.06JUN 14/JUL 14 0.35 0.80 2.94 0.85 -0.37 -0.17JUL 14/AUG 14 0.67 1.01 3.66 0.90 -0.45 -0.19

Bal Qt 22.10 14.48 -3.27 899.50 13.67 5.20Q2 14 22.02 13.80 -5.20 898.97 13.95 4.84Q3 14 19.24 9.78 -17.52 896.48 14.98 5.16Q4 14 14.66 4.05 -33.62 891.80 15.70 5.87

Bal Yr 18.99 9.74 -17.23 896.12 14.76 5.28Cal 15 19.68 7.06 -25.06 871.66 15.70 4.49Source: Bloomberg LPFor live prices on Bloomberg enter CFVL<GO> 96<GO>

WTI BRNT

NYHO NYHOWTI NYHOBR NYRB

NYRBBR RBHO GO BRNT HOGO

BRNT

ICEGO

FUTURES BASED SWAPS SWAP CURVESPrices as of 7:30 a.m. N.Y. Time March 26, 2014

NYRBWTI

WTI

70

80

90

100

110

Mar 14 Mar 18

WTI Today

Month Ago

-19

-15

-11

-7

Mar 14 Mar 16

WTI-Brent

20

25

30

35

Mar 14 Mar 16

HO-WTI

10

15

20

25

30

Mar 14 Mar 16 Mar 18

RB-WTI

03.26.14 www.bloombergbriefs.com Bloomberg Brief | oil Buyer’s guide 7

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