Xiaohan lao shi, a couple of questions if you have time.

1. I read somewhere that the reason gas has been much stronger than crude in the US is because a lot of the gas in the US market is refined from crude imported overseas. Since crude prices are higher overseas, therefore gas prices are strong. Is it correct?

2. What's your view of the crude contango? Now it's less pronounced as it was a few weeks ago. But the May contract is still more than 10% higher than spot. If the contango is caused by excess crude inventory, do people think the excess will be gone in two months such that spot is trading at 10% discount? I just don't get why the curve is so steep.

thx. :-)