Starfuels Metals Commentary

Volatility & Flows Commentary

ClearPort Flows (As of 6-11-14 Close)

Symbol	Quantity	Strike	Structure	Price	Ivol	Hedge Month	Futures	Delta
OGU4	525x1050	1200/1375	Fence 1px2c	1.60p		GCV4	1266.00	0.28
OGZ4	200x200	1325/1400	Call Spread	13.00		GCZ4	1264.00	0.17
OGG5	90	1275	Straddle	110.00		GCG5	1263.50	ref
OGN4	125	1400	Puts	138.00		GCQ4	1263.00	ref
OGN4	125	1500	Puts	237.00		GCQ4	1263.00	ref
OGM5	825x825	1125/1475	Fence	8.90p		GCM5	1266.00	0.29
OGU4	100	1265	Straddle	55.00		GCV4	1263.00	ref

SON4	500	20	Calls	0.075		SIN4	19.25	ref
SOH5	400	20	Calls`	1.01		SIH5	19.38	0.45
SOZ4	500x1000	20/22	Call Spread 1x2	0.16		SIZ4	19.32	0.12
SOZ5	50	20	Straddle	3.82		SIZ5	19.45	ref

PAOQ	120x120	850/825	Put Spread	8.47		PAU4	861.50	0.175
PAOU4	50x50	850/810	Put Spread	14.00		PAU4	861.00	ref

Straddle Runs & Skew Summary

updated Wednesday, June 11, 2014 7:03:37 PM GMT

Futures contracts, swaps contracts and options thereof (collectively "Commodities Contracts") involve risk of loss and are not appropriate for everyone. Past performance is not indicative of future performance. Any market recommendations or information communicated by Starfuels, Inc. ("Starfuels"), are based upon information obtained from sources believed by Starfuels to be reliable. Such recommendations and information may be based solely on the opinion of Starfuels and that such information may be incomplete and may be unverified. Starfuels makes no representation, warranty or guarantee as to, and shall not be responsible for, the accuracy or completeness of any information or trading recommendation furnished to you. Changes in market conditions may affect the foregoing market reports. Please contact Starfuels for firm bids and offers. The foregoing market reports are strictly those of Starfuels. This is a solicitation to enter into a derivatives transaction.

This material includes price information that does not account for transaction costs, such as commissions, or slippage. Actual trades made in reliance on this price information will result in transaction costs and may incur slippage, which will adversely affect the value of the trade.