Starfuels Metals Commentary

Volatility & Flows Commentary

ClearPort Flows (As of 6-10-14 Close)

Symbol	Quantity	Strike	Structure	Price	Ivol	Hedge Month	Futures	Delta
OGZ4	750	1400	Calls	8.90		GCZ4	1262.00	0.12
OGM5	450x900x450	1200/1075/950	Puts Fly	16.40		GCM5	1263.50	0.10
OGQ4	450x900x450	1300/1250/1200	Put Fly	18.40		GCQ4	1261.00	0.13
OGZ4	300x600	1350/1450	Call Spread 1x2	5.10		GCZ4	1261.00	0.10
OGG5	70	1360	Calls	20.30		GCG5	1257.00	0.23
OGZ4	150x150	1000/1500	Strangle	5.90		GCZ4	1262.50	0.02
OGZ5	150	1300	Calls`	75.00	`	GCZ5	1266.00	0.50
OGG5	175	1275	Straddle	111.00		GCG5	1262.00	ref

SON5	780x780	19/15	Put Spread	1.46		SIN5	19.34	0.34
SOQ4	202	18	Puts	0.135		SIU4	19.20	ref
SOZ4	100x200	18.50/16.25	Put Spread 1x2	0.325		SIZ4	19.28	0.12
SON4	500	20	Calls	0.048		SIN4	19.19	ref
SOQ4	500	20	Calls	0.192		SIU4	19.2	ref
SOZ5	176	20	Calls	1.700		SIZ5	19.48	0.5
SOZ4	50	23	Calls	0.175		SIZ4	19.28	0.10

PAOQ4	250	840	Puts	16.85		PAU4	850.00	ref
PAOU4	300	900	Calls	14.20		PAU4	851.00	0.27
PAOU4	100	900	Calls	11.80		PAU4	854.00	ref
PAOQ4/PAOZ4	115x115	850/950	Calendar Fence	3.00p		PAU4	853.00	0.652
PAOU4	150x300	850/950	Call Spread 1x2	19.50		PAU4	853.00	0.31

PLOV4	200	1600	Calls	21.00		PLV4	1478.00	ref
PLOV4	200	1300	Puts	4.90		PLV4	1478.00	ref
PLOQ4	220	1470	Puts	29.40		PLV4	1482.00	ref

Straddle Runs & Skew Summary

Straddle Runs (As of 6-10-14 Close)
			Future Price			Straddle Price			Volatility
Symbol	Expiry	Strike	Settle	Prior	Change	Settle	Prior	Change	Settle	Prior	Change
GCN4	06/25/14	1260.00	1260.10	1253.90	6.20	22.70	24.90	(2.20)	11.17	11.72	(0.55)
GCQ4	07/28/14	1260.00	1260.10	1253.90	6.20	40.50	41.70	(1.20)	11.12	11.30	(0.18)
GCZ4	11/24/14	1260.00	1260.90	1254.60	6.30	91.10	91.20	(0.10)	13.42	13.41	0.00
GCG5	02/27/15	1260.00	1261.40	1255.10	6.30	111.00	111.30	(0.30)	13.06	13.10	(0.04)
GCM5	05/26/15	1260.00	1262.20	1255.90	6.30	142.20	142.10	0.10	14.49	14.50	0.00
GCZ5	11/24/15	1265.00	1264.70	1258.40	6.30	182.30	181.00	1.30	15.09	14.99	0.09

SIN4	06/25/14	19.25	19.168	19.066	0.102	0.522	0.578	(0.056)	16.71	17.60	(0.89)
SIQ4	07/28/14	19.25	19.210	19.108	0.102	0.920	0.979	(0.059)	16.55	17.42	(0.87)
SIZ4	11/24/14	19.25	19.261	19.159	0.102	2.019	2.071	(0.052)	19.47	19.97	(0.49)
SIN5	07/31/15	19.25	19.365	19.261	0.104	3.269	3.381	(0.112)	20.00	20.74	(0.74)

updated Tuesday, June 10, 2014 8:14:33 PM GMT

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