Oil: Are We There Yet?

Research evidence excerpt

Oil: Are We There Yet?

r from those of the Macquarie Research Department.

Macquarie Trading desks are not subject to any prohibitions on trading prior to the dissemination of this information. The views are not independent or objective of the

interests of the Authors and other Macquarie Sales and/or Trading desks that trade as principal in the financial instruments mentioned within and who may be compensated

in part based on trading activity. The views do not include and are not intended as trading ideas, investment advice or recommendations specifically tailored for the needs of

any particular investor.

This communication is provided for information purposes only, is subject to change without notice and is not binding. Any prices or quotations in the information provided

are indicative only, are subject to change without notice and may not be used or relied on for any purpose, including valuation purposes. This communication is not

a solicitation to buy or sell any product, or to engage in, or refrain from engaging in, any transaction, except to the extent covered by the CFTC Rules (see Important

Derivatives Disclosure). Nor does it constitute investment research, a research report or a personal or other recommendation. Nothing in the information provided should be

construed as legal, financial, accounting, tax or other advice.

Important Derivatives Disclosure: This material constitutes a solicitation for entering into a derivatives transaction only for the purposes of, and to the extent it

would otherwise be subject to, U.S Commodity Futures Trading Commission Regulations §§ 1.71 and 23.605 promulgated under the U.S. Commodity Exchange Act

(the "CFTC Rules").