BMO Commodity Products Group

Daily Market Summary Report New York: (212) 605-1570

Chicago: (312) 845-2163
Houston: (713) 546-9782
Calgary: (403) 515-3682 & 1-888-432-0222
April 8, 2011 http://www.bmocm.com/products/marketrisk/commodity/

NYMEX Crude Oil ($USD/BBL) NYMEX Natural Gas ($USD/MMBTU) Alberta Natural Gas - AECO/NIT ($CAD/GJ) AECO Basis ($USD/MMBTU) Exchange Rates
Price Change Price Change Fixed Price Change Basis Change BofC Noon Rate 0.9566 -0.0027
Prompt $112.79 $2.49 Prompt $4.04 -$0.02 May 2011 $3.31 -$0.02 ($0.40) $0.00 CAD (CAD/USD) 0.9575 -0.0014
May 11 - Dec 11 $114.07 $2.40 May 11 - Dec 11 $4.30 -$0.02 May 11 - Dec 11 $3.44 -$0.02 ($0.52) $0.00 EUR (USD/EUR) 1.4438 0.0130
Zero-Cost Collar $100.00/$130.77 Zero-Cost Collar $4.00/$4.72 Zero-Cost Collar $3.25/$3.66 GBP (USD/GBP) 1.6349 0.0027
Zero-Cost Collar $95.00/$137.76 Zero-Cost Collar $3.75/$5.15 Zero-Cost Collar $3.00/$4.03 JPY (JPY/USD) 84.88 -0.0100
Calendar 2012 $111.54 $2.23 Calendar 2012 $4.86 -$0.04 Calendar 2012 $3.89 -$0.04 ($0.64) $0.00 $CAD Crude Oil
Zero-Cost Collar $100.00/$122.10 Zero-Cost Collar $4.50/$5.33 Zero-Cost Collar $3.50/$4.32 Q3 2011 $109.76 $2.16
Zero-Cost Collar $95.00/$127.13 Zero-Cost Collar $4.25/$5.72 Zero-Cost Collar $3.25/$4.68 Q4 2011 $109.89 $2.06
Q3 2011 $114.28 $2.42 May 11 - Oct 11 $4.19 -$0.02 May 11 - Oct 11 $3.35 -$0.02 ($0.51) $0.00 May 11 - Dec 11 $109.62 $2.14
Q4 2011 $114.07 $2.31 Nov 11 - Mar 12 $4.76 -$0.03 Nov 11 - Mar 12 $3.82 -$0.03 ($0.59) $0.00 Calendar 2012 $108.31 $2.02
Q1 2012 $113.29 $2.28 Apr 12 - Oct 12 $4.78 -$0.04 Apr 12 - Oct 12 $3.81 -$0.04 ($0.64) -$0.01 AESO Power ($CAD)
Q2 2012 $112.20 $2.24 Nov 12 - Mar 13 $5.29 -$0.04 Nov 12 - Mar 13 $4.30 -$0.04 ($0.64) -$0.01 May-Dec 11 Flat $66.56 $0.07
Q3 2012 $110.87 $2.22 Apr 13 - Oct 13 $5.20 -$0.03 Apr 13 - Oct 13 $4.21 -$0.03 ($0.67) $0.00 Calendar 2012 Flat $59.78 -$0.37
The US President and Congress are working about Natural gas continued its trek back to $4.00 today as Current Storage Levels Refined Products
as well as Jen, Brad, and Angelina would on a bearish fundamentals continue to dominate the
movie, and what that spells is a potential US landscape. Mild weather forecasts and abundance Current Change Last Year 5 Yr. Avg. NYMEX Heating Oil $3.320 $0.114
government shutdown. Why should we care? of supplies will most likely spurn another battle at US Natural Gas (BCF) 1,579 -45 1,665 1,569 HO Q3 2011 $3.365 $0.106
Probably because the US dollar is about a valuable $4.00 by Monday. Don't be surprised if we see sub
as a Greek promissory note to pay of existing debt. $4.00 prices by the end of trading. If we get below CAN Natural Gas (BCF) 195.44 -5.05 319.2 N/A RBOB Gasoline $3.261 $0.074
A weakened dollar + bullish geopolitical fundaments $3.96 the next key level looks to be $3.78. Below Crude Oil (MBbls) 357,664 1,952 354,189 341,654 RBOB Q3 2011 $3.153 $0.073
+ technical resistant levels falling by the wayside that well, I don't think bulls don’t want to go there at
equals a market above $112 in the front. this point. Motor Gasoline (MBbls) 216,679 -357 224,872 216,672 Fuel Oil (NYH 1%) $108.63 $1.250
Distillates (MBbls) 153,520 195 144,606 127,608 Fuel Oil (NYH 3%) $106.38 $0.750
Natural Gas at Various Basis Locations ($USD/MMBTU) Other Markets
NYMEX Natural Gas
$8 Location May 2011 May 11 - Oct 11 May 11 - Dec 11 Cal 12 Prompt IPE Brent $126.61 $4.16
$7 ANR Okla. ($0.24) ($0.24) ($0.24) ($0.27) Dated Brent $128.05 $4.22
Chicago Citygate $0.04 $0.01 $0.03 $0.02 NBP Front Month $10.04 $0.13
$6
CIG, Rockies ($0.43) ($0.44) ($0.41) ($0.40) OPEC Basket $117.65 $0.03
$5 El Paso, Permian ($0.25) ($0.24) ($0.25) ($0.31) Edm Par (USD) $107.77 $9.54
El Paso, San Juan ($0.25) ($0.25) ($0.25) ($0.34) Lloyd Edm (USD) $99.11 $2.17
$4
Houston Ship Channel ($0.04) ($0.05) ($0.07) ($0.09) Mt. Belvieu Propane $1.4000 $0.010
$3 Malin ($0.17) ($0.23) ($0.23) ($0.31) NYMEX Coal $74.13 -$1.17
NW Rockies ($0.40) ($0.41) ($0.39) ($0.36) Gold (London PM Fix) $1,469.50 $10.00
$2
Panhandle ($0.27) ($0.27) ($0.27) ($0.31) CRB Futures Index 368.70 4.22
NYMEX Crude Oil PG&E Citygate $0.12 $0.08 $0.09 ($0.01) USD Index 75.06 -0.50
$100
$90 SoCal Gas ($0.05) ($0.05) ($0.07) ($0.16) Contact Information
$80 Sumas ($0.38) ($0.37) ($0.24) ($0.29) New York Chicago
$70 TCO $0.11 $0.08 $0.12 $0.06 (212) 605-1570 (312) 845-2163
$60 Tennessee 500 ($0.06) ($0.05) ($0.05) ($0.05) George Ellis Mark Mathews
$50 Tetco M3 $0.27 $0.28 $0.42 $0.64 Christopher Coyne
$40 Transco Zone 3 $0.01 $0.01 $0.01 $0.01 Houston Calgary
$30 Transco Zone 6 $0.35 $0.35 $0.66 $1.13 (713) 546-9782 (403) 515-3682
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Waha ($0.13) ($0.15) ($0.16) ($0.21) Renee Morgan 1-888-432-0222

Commodity Value Per MMBTU Richard Kieval Scott DeBusschere
Prompt Calendar 2011
Crude Oil Heating Oil Fuel Oil (NYH 1%) Fuel Oil (NYH 3%) Coal Jenn Ross Marielle James
All prices are mid-market indications as of the close of NYMEX . $19.38 $24.60 $17.28 $16.92 $3.09 Tim Holtby
*Canadian natural gas storage data based on the Enerdata survey

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