 Welcome ladies and gentlemen, welcome to your daily news update from the Frankfurt Office of CMC Markets. Mexico is holding big short positions in WTI in West Texas Intermediate. They built up a short position for one billion US dollars in short puts on WTI and prints on the oil price. They have had their whole exposure, their whole supply, they can sell their whole oil supply in the year 2016 for 49 US dollars. So well done, they made and reaped a profit of 2.6 billion dollars out of that one billion short position in the price of oil. In 2015 they reaped a profit of 6.4 billion. So they are of the large producers, they are the only country who is hedging their oil exposure. Everybody else, Saudi Arabia, Russia and so on, are selling the market prices, selling with market orders into what they produce. So it will be very interesting to see what will come out of the OPEC meeting next week. If you compare the dividend yield of the MSCI world, that will be the next topic in this video. The MSCI world has a dividend yield of 2.6%. Then US treasuries on a 10 year duration have a yield of 2.35%. So almost there and so well, some might ask, okay, if I can have 2.35% on the 10 year treasuries, why not buy US treasuries and get out of the world MSCI world index. So there is some competition starting to happen. So there is no large gap that had been in the zero interest rate environment that we had been in the first half of the year and in the past years, this is somehow changing at least for US treasuries, which is creating some heavy demand for the US dollar. So what's Euro dollar? It's well supported at 105, 105, 60. There are strong supports there should Euro dollar break below that support. There could be a true sell off coming with a continuation of the US dollar strength. The IEA, that is the International Energy Agency has said that gasoline demand will peak this year and will continue to go down after that year until the year 2040. Reason for that are more efficient cars. Reason for that are electrical cars like from Tesla. One million electrical cars will be sold this year, 40 million cars will be sold in the year 2040. Shell, the oil company has forecasted just one month ago that the global oil demand will peak within five years and PricewaterhouseCoopers expects that it's very unlikely that we will ever see $100 per barrel of an oil price again. They say that the oil price is capped at between 60 and 70 US dollars because of the oversupply and also because of the reason that or because of the fact that one quarter of the industry will continue to or will start to invest again in new production capacities should the price of oil rise above 55 or 60 dollars should it rise between 60 to 70 dollars the complete industry, the whole industry will start to invest again and that will increase supplies again and thereby somehow capped the oil price between 60 to 70. PricewaterhouseCoopers of course says if there is any emergency or catastrophe or something that is unforeseen of course the oil price can go to 100 but in normal circumstances it's very unlikely that the price of oil will...