All that news is already known for a goodish bit. Both the demand and supply factors that you mentioned – slow global demand, Iran supply and shale gas. Have they all not been factored in adequately?

I think in part, everyone expects Iran to come back with somewhere between 3,000 and 5,000 barrels a day. The Iranians themselves think one million barrels a day in 12 months, but that seems unlikely. So, all these things have been factored into people’s oil balances, but it is difficult to square that this is not going to tip the balance in the physical oil market where things are looking pretty bearish right now. And part of the reason you go lower is because the time spreads having to weaken incrementally further to pay for the cost of storage. And as I said before, with the weather, you are just not having any supportive news flow coming for oil markets and so, you continue to just grind lower with perhaps, cash costs being potentially needed to bring the market back into balance.