We still hold to our $73-$77 price target because the physical market doesn’t support the current rally above $77. Just as the physical market didn’t support the drop to $71- the physical market is essentially anchoring the Brent crude market to a $75 average with some swings in between. The slowing demand in the region helps balance the loss of CPC, gain of Libya, and slowdown of Iranian exports. Net/net there hasn’t been much change in physical crude availability, which has kept the physical reaction fairly muted. There was a sizeable spike in the geopolitical premium as we discuss below, but the physical market has barely flinched. This is why we believe that futures prices will fall back within our range and settle at around $75 over the near term.