HOUSE_OVERSIGHT_022263.jpg
1.58 MB
Extraction Summary
4
People
3
Organizations
6
Locations
1
Events
1
Relationships
3
Quotes
Document Information
Type:
Email
File Size:
1.58 MB
Summary
This document is an email from c. March 2014 written by 'Nav', likely a trader at Deutsche Bank, to an unnamed recipient. The email provides market analysis concerning a US Strategic Petroleum Reserve release and its geopolitical implications for Europe and Russia, and proposes specific WTI crude oil options trading strategies. A colleague named Tazia is CC'd to assist with pricing and liquidity.
People (4)
| Name | Role | Context |
|---|---|---|
| Obama | President of the United States (inferred) |
Mentioned in the context of a 5 million barrel release from the 696 million barrel Strategic Petroleum Reserve (SPR).
|
| Merkel | German Chancellor (inferred) |
Mentioned as the target audience for Obama's SPR release, in the context of European energy dependence on Russia.
|
| Nav | Sender of the email |
Author of the market analysis and options trading suggestions. Appears to be a trader or analyst.
|
| Tazia | Colleague (inferred) |
CC'd on the email and mentioned as someone who may be able to source liquidity from the street.
|
Organizations (3)
| Name | Type | Context |
|---|---|---|
| Deutsche Bank |
Inferred from the email disclaimer URLs (http://www.db.com).
|
|
| Bloomberg |
Mentioned as a platform to find live strikes and bid/ask prices for commodities (CL1 <comdty> OMON).
|
|
| House Oversight |
Inferred from the Bates stamp 'HOUSE_OVERSIGHT_022263' at the bottom of the document.
|
Locations (6)
| Location | Context |
|---|---|
|
Origin of the SPR release and a reference point for asset correlations.
|
|
|
Mentioned in relation to countries dependent on Russian gas and a focus for market analysis (European equities).
|
|
|
Baltic countries
|
Mentioned as a group of countries that receive 70%+ of their gas from Russia.
|
|
Mentioned as the source of gas for European and Baltic countries.
|
|
|
Mentioned as getting 30% of its gas from Russia.
|
|
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Mentioned in the context of EM FX (Emerging Markets Foreign Exchange) and the Turkish lira.
|
Key Quotes (3)
"My sense is the Obama 5m of 696m SPR release is to show Merkel and co he will step in. He needs to because there are 8 small European and Baltic countries that rec 70%+ of their gas from Russia."Source
HOUSE_OVERSIGHT_022263.jpg
Quote #1
"I'm worried there is a 30-40pct(?) chance of a hard risk off move in markets in first half of next week - more focused on European equities, copper, EM FX (Turkey, ZAR, Ruble etc) than SPX."Source
HOUSE_OVERSIGHT_022263.jpg
Quote #2
"If 5d is too short and 35d is too long / not enough gamma, Tazia may be able to source liquidity from the street. Am Cc'ing her for any live pricing or additional comment"Source
HOUSE_OVERSIGHT_022263.jpg
Quote #3
Full Extracted Text
Complete text extracted from the document (2,039 characters)
sanctions. My sense is the Obama 5m of 696m SPR release is to show Merkel and co he will step in. He needs
to because there are 8 small European and Baltic countries that rec 70%+ of their gas from Russia. Germany
gets 30%.
to because there are 8 small European and Baltic countries that rec 70%+ of their gas from Russia. Germany
gets 30%.
Cross asset correlations outside of the US are increasing past few days - eg copper and the Turkish lira hourly
charts are on top of each other past 4 days. I'm worried there is a 30-40pct(?) chance of a hard risk off move in
markets in first half of next week - more focused on European equities, copper, EM FX (Turkey, ZAR, Ruble
etc) than SPX. In that scenario oil is way up.
charts are on top of each other past 4 days. I'm worried there is a 30-40pct(?) chance of a hard risk off move in
markets in first half of next week - more focused on European equities, copper, EM FX (Turkey, ZAR, Ruble
etc) than SPX. In that scenario oil is way up.
Exchange WTI calls - there are 2 options (as of 3pm est):
5day expiry 17march 2014 underlying clj4 97.92
and
35d expiry 16april2014 underlying clk4 97.59
and
35d expiry 16april2014 underlying clk4 97.59
** The 5 day options are a bit short - one possibility is sell a 3usd out of the money put (95.5 strike) for
20cents and buy a 2usd OTM 100 call for 25. Net pay 5cents. But 5d is a bit short for me.
20cents and buy a 2usd OTM 100 call for 25. Net pay 5cents. But 5d is a bit short for me.
**For 35d expiry You could look at selling 91.50 (6usd OTM put) for 56cents and buying 103c (5.5usd OTM)
for 58cents or the 102c (4.5usd OTM) for 76cents.
for 58cents or the 102c (4.5usd OTM) for 76cents.
CL1 OMON on Bloomberg has live strikes and bid/ask.
If 5d is too short and 35d is too long / not enough gamma, Tazia may be able to source liquidity from the
street. Am Cc'ing her for any live pricing or additional comment
street. Am Cc'ing her for any live pricing or additional comment
Best
Nav
Nav
c
h
h
---
This e-mail may contain confidential and/or privileged information. If you are not the intended recipient (or
have received this e-mail in error) please notify the sender immediately and delete this e-mail. Any
unauthorized copying, disclosure or distribution of the material in this e-mail is strictly forbidden.
have received this e-mail in error) please notify the sender immediately and delete this e-mail. Any
unauthorized copying, disclosure or distribution of the material in this e-mail is strictly forbidden.
Please refer to http://www.db.com/en/content/eu_disclosures.htm for additional EU corporate and regulatory
disclosures and to http://www.db.com/unitedkingdom/content/privacy.htm for information about privacy.
disclosures and to http://www.db.com/unitedkingdom/content/privacy.htm for information about privacy.
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HOUSE_OVERSIGHT_022263
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