Oil is hovering around $58 per barrel and our stocks mentioned in our last post, WLL and CLR are both up roughly 50%. The strategy of writing covered calls still appears to be valid and we don’t expect another implosion in oil prices in the next few months as the summer driving season is around the corner. We are steering clear of BEXP in the short term due to the large hedging losses of over $100 million that they reported today as well as share dilution with a public offering of 30 million shares. The shares are going to be under pressure in the short term. Goldman Sachs expects oil to drift to $45-50 per barrel in the short term and then reverse course and hit $65 in the medium term. This is somewhat in line with my thinking as I expect oil to be rangebound between $50 and $70 for the remainder of this year. We are seeing trends with some of the smaller players issuing stock to raise capital and I think that will probably continue and provide some downward pressure going forward.