This excerpt taken from the PBR 6-K filed Nov 12, 2008.
Market derivatives of oil and oil products
*A negative notional amount represents a short position
Oil and oil product derivatives operations were reduced by approximately 90% at the beginning of October. In addition, in that month there was a drop of approximately 40% in prices on the oil market. Accordingly, a stress scenario analysis with respect to the prices and the volume exposed at September 30, 2008 is not representative of the Companys current risk in these operations.
The accumulated results of the net derivative operations for oil and oil products as of September 30, 2008 generated a gain in the Parent company of R$ 63.926 thousand and in Consolidated of R$ 44.662 thousand.