joining me with more is mark connors, credit suisse global head of risk advisory. il. what do you do if you are trading oil, holding oil in the market? what are your clients talking about? mark: good morning. obviously, it is something that very few would have entertained to have that type of price action that kept going through zero into negative territory. from our positioning, the majority of speculative or relative value clients' macro -- funds have had a recession trade on. but we want to talk about particulars and drilling to that front month contract that is expiring. it is a light contract, meaning that there isn't a whole lot of volume in it. people have rolled out already prior to that move. it doesn't mean that people weren't caught unawares or profiting. the intel we gathered from our client basis, ocular traders were -- client bases, speculative traders were on that. you folks have a good call on what the rest of the curve is doing, and what is brent doing. that is going similar trajectory , right? alix: right. it sort of begs the question, when you hav