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Disclaimer: This report, its data and opinions are provided as is and as available and are provided for
general informational and educational purposes only. This report, its data and opinions are not intended to
be a personalized recommendation to buy, hold or sell investments. The report, data and opinions do not
take into account the particular investment objectives, financial situations or needs of individual clients.
Clients should consider whether any advice or recommendation in this research is suitable for their
particular circumstances and, if appropriate, seek professional advice. This is not a solicitation to buy or
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endorsement or recommendation to invest in any such instruments. Prices and information contained in
this report have been obtained from sources, both internal and external, that we consider to be reliable,
but Parity Energy, Inc. has not verified this information and makes no representation or warranty express
or implied as to the completeness, accuracy or correctness of this report or the data and opinions
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The price and value of investments referred to in this research may fluctuate rapidly and past
performance is not a guide to future performance. Any statements that are non-factual in nature constitute
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incurred or suffered which are claimed to result from this report or the data or opinions contained herein.
Crude Oil
6.24
9.87
12.50
14.34
16.08
17.68
18.94
20.22
21.06
22.01
22.97
23.69
24.33
24.98
25.39
25.82
26.24
26.57
H12
J12
K12
M12
N12
Q12
U12
V12
X12
Z12
F13
G13
H13
J13
K13
M13
N13
Q13
27.2%
29.1%
30.0%
29.9%
29.8%
29.9%
29.6%
29.6%
29.2%
29.0%
28.8%
28.6%
28.4%
28.1%
27.7%
27.4%
27.1%
26.8%
Months
J12
K12
M12
N12
Q12
U12
V12
X12
Z12
F13
G13
H13
J13
K13
M13
N13
Q13
U13
Crude CSO's
0.03
0.28
0.38
0.49
0.53
0.62
0.63
0.67
0.76
0.72
0.63
0.70
0.72
0.78
0.80
0.82
0.84
0.86
Month
H12
J12
K12
M12
N12
Q12
U12
V12
X12
Z12
F13
G13
H13
J13
K13
M13
N13
Q13
0.1769
0.3524
0.4350
0.5068
0.5873
0.6528
0.7425
0.8191
0.8650
0.8774
0.8867
0.8967
0.9213
0.8968
0.9216
0.9524
0.9828
1.0123
Natural Gas
55.8%
47.3%
43.0%
40.7%
40.2%
39.9%
41.3%
42.0%
39.5%
34.9%
32.4%
31.1%
31.0%
29.4%
28.9%
28.5%
28.2%
28.1%
May '12
Jun '12
Dec '12
Strike
82 P
85 P
87 P
92 P
95 P
100 P
103 P
112 C
115 C
120 C
140 C
150 C
120 C
130 C
90 P
105 C
110 C
120 C
130 C
150 C
Settle
0.07
0.11
0.15
0.36
0.63
1.65
2.81
0.85
0.64
0.43
0.17
0.10
1.19
0.72
1.64
6.00
4.00
1.92
1.12
1.41
change
-0.04
-0.06
-0.08
-0.17
-0.27
-0.49
-0.62
0.05
0.04
0.03
0.00
-0.01
0.09
0.07
-0.18
0.37
0.27
0.16
0.10
-0.05
Parity Value
0.07
0.11
0.16
0.36
0.63
1.64
2.79
0.86
0.62
0.44
0.25
0.24
1.19
0.73
1.67
6.00
4.00
1.90
1.11
1.38
change
-0.04
-0.05
-0.06
-0.18
-0.32
-0.65
-0.90
0.09
0.04
0.04
0.04
0.04
0.12
0.10
-0.27
0.61
0.45
0.22
0.14
0.00
Parity Vol
41.2%
38.4%
36.5%
32.3%
30.3%
28.0%
27.3%
30.6%
33.3%
38.5%
59.5%
70.0%
33.8%
39.9%
33.8%
30.0%
29.9%
32.0%
35.9%
30.8%
change
0.4
0.4
0.4
-0.3
-0.7
-0.9
-1.1
-1.8
-1.8
-1.4
0.3
1.1
-0.8
-0.1
0.0
-0.3
-0.2
-0.3
0.0
-0.5
Parity Delta
-0.9
-1.5
-2.2
-6.4
-12.2
-30.7
-47.6
10.4
5.6
2.9
0.8
0.7
7.2
3.2
-15.6
47.2
32.1
12.0
5.1
4.7
Volume
2827
1576
1590
2794
2731
3507
1944
2260
3441
2729
1724
2696
3965
4962
3244
1751
1721
3198
3766
3210
Dec '12
Dec '13
Strike
120 C
80 P
85 P
90 P
95 P
100 P
140 C
60 P
70 P
80 P
85 P
90 P
100 P
110 C
120 C
125 C
Settle
0.43
0.57
0.98
1.64
2.68
4.24
0.72
0.62
1.43
2.84
3.85
5.07
8.33
8.17
4.80
3.70
change
0.03
-0.08
-0.12
-0.18
-0.25
-0.33
0.04
-0.03
-0.06
-0.11
-0.13
-0.15
-0.21
0.08
-0.02
-0.06
Parity Value
0.44
0.59
1.01
1.67
2.69
4.24
0.75
0.65
1.45
2.82
3.80
5.02
8.31
8.19
4.84
3.75
change
0.04
-0.10
-0.17
-0.27
-0.42
-0.59
0.13
-0.06
-0.14
-0.24
-0.28
-0.32
-0.46
0.32
0.22
0.17
Parity Vol
38.5%
37.7%
35.7%
33.8%
32.1%
30.8%
39.9%
40.9%
38.1%
35.4%
34.1%
32.8%
30.3%
28.5%
27.8%
27.9%
change
-1.4
0.1
0.1
0.0
-0.2
-0.2
0.5
-0.2
-0.4
-0.4
-0.3
-0.3
-0.3
-0.3
-0.2
-0.2
Parity Delta
2.9
-5.8
-9.7
-15.6
-24.8
-37.5
2.8
-3.7
-7.5
-14.2
-18.6
-23.8
-36.9
44.1
26.2
19.3
Strike OI
26619
35911
41615
35125
31000
30410
28907
25286
27041
58072
26437
38653
65752
25601
38029
26092
130 C
2.91
-0.06
2.96
0.11
28.2%
-0.3
14.1
36604
150 C
1.41
-0.05
1.38
0.00
30.8%
-0.5
4.7
51910
100 P
13.35
-0.04
13.34
-0.30
26.1%
-0.3
-42.3
25487