You can have that one, @annmarie.  It’s a vibe contract with the vibe set in Washington. The reason it’s a vibe contract is that ICE Brent never touches a wet barrel. Instead it converges to a futures contract on Dated Bent and is cash settled, making it a derivative on a derivative. Whether Washington sold barrels is irrelevant, it is the undenied threat that matters here because it has become unpriceable risk that discourages market participants which has caused a sharp decline in open interest, creating this disconnect with reality. As we discussed earlier, the impact goes beyond pricing. Futures markets exist to help participants hedge risk and guide them on investments. When those signals become distorted, hedging becomes harder, hedgers become hesitant and physical scarcity can worsen. Washington may be focused on keeping the screen price down, but that doesn’t solve the physical shortage. It makes it worse in the end.