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Last revised: May 24, 2018



This material has been compiled and presented as general information, without specific regard to the particular circumstances or risks of any company, institution, or individual. It is not intended as, nor should it be construed to be, investment advice. Readers are solely responsible for their own investment and trading decisions and actions. This material is not an offer or solicitation for the purchase or sale of any security or futures contract. Blacklight Research, LLC (“Blacklight”) is not liable for any loss or damage caused by reliance on information contained in this material or in any other research products published by Blacklight. The information and opinions presented herein are based on third-party sources we deem to be reliable; however, Blacklight makes no warranty, assurance, or guarantee, express or implied, about the completeness, reliability, suitability, or accuracy of this content. The views expressed herein are our interpretations as of the date of publication and are subject to change without notice or update. All pricing is as of the latest closing date prior to publication, unless otherwise stated. Blacklight has no obligation to update the information or views in this material or to notify any particular reader if such an update occurs. Past performance is not necessarily indicative of future performance. Our research products are distributed to subscribers electronically by email and through website portals: delivery time may vary due to factors beyond our control. This material is for your personal use and may not be redistributed in whole or in part without the prior written consent of Blacklight. No part of the compensation of any Blacklight analyst is determined by the specific views expressed in an analyst’s research products or public or private meetings with clients. Blacklight and its Managing Partner may trade long and short positions in equities, indices, commodities, currencies, and other financial products for their own accounts. As these situations may create potential conflicts of interest, Blacklight has implemented policies, including a Code of Ethics, relating to personal investment transactions (including private equity) and insider trading which are designed to identify and prevent or mitigate actual conflicts of interest. A copy of Blacklight’s Code of Ethics is available for Subscribers on request. Blacklight’s Managing Partner is the co-chair of the Advisory Council at the J.P. Morgan Center for Commodities at the University of Colorado at Denver. Blacklight is an adviser to Ursa Space Systems (“Ursa”), a provider of satellite-based oil inventory estimates and other market data that Blacklight uses on a non-exclusive basis in its research products. Blacklight’s Managing Partner holds a minority financial interest in Ursa (<5%) but has no executive or management role within Ursa. Cover art, charts, and photos represent fair use of public images, licensed content, and/or Blacklight’s intellectual property. 

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