First, what is pulling crude down so relentlessly in the last few weeks ?

It is just the continuation of the fact that supply remains outpacing demand. And as a result of that, when your S is greater than your D, you are going to have to put that oil somewhere and that oil ends up going into homeland inventories. And what you are seeing now, even at these lower prices, you are not yet bringing the supply demand relationship back into balance. So, your supply is not slowing down fast enough and your demand has not been high enough to re-address that balance. Hence, you are putting an increasing amount of oil into storage and as a result of that, that is weighing on both the flat price and the time spreads of crude whilst the very recent development of this extremely temperate winter that you are having as a result of El Nino, particularly in North America and Europe that is just hitting desolate demand as well. It is just a continuing rumbling of the bearish fundamentals in the crude market.