Thank you for the question.
Certainly there is a broad market in futures and options and all sorts of speculative trading in crude markets. What still anchors that market at one end is the operator producing the barrel. At the other end is the entity burning or using the barrel, transforming it into transportation fuels.
In the short term, absolutely you can see amplifications. In the long term, it has to come back to the same thing as it was in 2008, when there had to be someone willing to pay $147 to burn a barrel of oil. Today there has to be somebody willing to produce and deliver a barrel of oil to market at $50. That's really still the fundamental that underpins the market.
I think what you've seen more aptly, as Mr. McLellan alluded to, is that technology has changed in the market. It now allows more people to bring barrels of oil to market and make money at those lower prices. That's changed the game much more than speculative investing in the market.