 Good morning. Official energy data from the US government revealed yesterday that despite expected one million draw of crude oil inventories, there was a build of 2.3 million barrels. That was the reason why oil was weaker yesterday. Crude production remains at a nine month high in the United States. We've got this head and shoulders pattern, where the $43 mark is the trigger for that topic formation. We tested that and bounced off of that, so it's interesting to see what will happen today. The mineral oil and the crude oil, so refined products plus the crude oil inventories, are 28% above the 2010 until 2014 average, so between those four years the average. And now we are 28% above that. The Saudis are somehow saying that there will be, and not that there will be, but there can be potentially be another OPEC cut coming this year, should it not be possible to stem against the pressure of prices. Naturally want to go down because of the higher US production and because of the high global inventories. Gasoline demand in the United States is at a three year low. That wasn't really helping prices yesterday. Mario Draghi said that there is crude oil inflation or crude oil is helping inflation to go up in the eurozone. That is completely right. One year ago crude prices were at $30 around that. Now we are at $55 a barrel. So yes, that's really helping. And yesterday we also had the Philly Fed Index, which is a manufacturing index. And there is one component about prices paid, and that price is paid component sold to the highest since February of 2012. So inflation is coming to the United States. China has another way of fighting smog and the smog problem. They have just ordered to stop smog warnings. Beijing, the mayor there said that Beijing is not a city to live in that was some time ago. Now the alerts might only be spoken out for fog. So whenever there is 10 kilometers or less of sight, then everybody can speak about fog, but not smog. That's the new way of fighting that problem that hasn't been solved. Now there are not two departments going on for reporting on fog. It's just one department. So yeah, that's from their side. The tick data, which is very interesting to see has been published for the month of November. And we see that the foreign holdings of US Treasuries went down by 8.4%. One reason for that might be that some countries like China used the Treasury sales to stem against cash outflows, to stem against a faster drop in the yuan. Other countries like oil producing countries with the exception of Saudi Arabia, which actually bought Treasuries, but other oil producing countries felt the pain from twinkling oil prices. And they just needed cash in their coffers so they sold to Treasuries. But whatever the reason for that, drop in foreign holdings of Treasuries, any future issuance of Treasuries will be harder to do, will be harder to be made if there are no foreign buyers. But it's interesting, I think that rates have to go up further or might have to go up further to find new foreign buyers for those papers.