Just a heads up to be very careful with any.....>

OIL: Just a heads up to be very careful with any newswire quotes re: oil price

movements. A lot of them are still referencing CLK0 for WTI, which expires on

Tuesday. CLM0 should be used here. As a note CLMO has ~5x the open interest of

CLK0 and had ~3x traded volume on Friday (even more than that today).

- CLK0 has been hammered, but CLM0 also trades heavy, with worries re: a U.S.

oil supply glut seemingly outstripping that observed on the global front, via

Brent, after physical markets continued to languish into the weekend. The

underperformance of WTI can probably be explained by greater physical supply

constraints for the U.S. benchmark, vs. waterborne Brent. Suggestions are that a

record ~160mn of crude is being stored at sea aboard "supertankers." Elsewhere,

various reports have pointed to Saudi sending some ~600K bpd worth of crude to

the U.S. in April, which represents the largest amount in around a year. That

will not help the U.S. storage/oversupply picture.

- WTI (CLM0) -$1.30, Brent -$0.20, with the contango structures of each curve

deepening.

- Fund flows into the large oil ETFs are also creating havoc for the space.