Duane Pfennigwerth: Thank you, Glen. And then just on fuel, maybe this is Ed or Dan. You own a refinery. Can you talk a little bit about your outlook for jet fuel, and I am not asking for guidance, we can obviously see that. But just with respect to the unusually high crack spreads and refining margins, which week-to-week look like we are going to get relief and then that relief sort of goes away, obviously, you have a hedge in that regard, but I wondered if you could talk kind of intermediate term about when the — when we see sort of refining margin relief?
Dan Janki: Yeah. No. You saw it constrained markets throughout 2022 state elevated certainly was disrupted significantly in the second quarter, particularly we don’t anticipate it being at those levels for the current year giving back. But I would say for the next 12 months to 18 months, I think, you are at least in a period where you are structurally constrained. The global flows for both oil and refined products have changed. Things that used to revert both gasoline diesel and jet coming out of Europe into the U.S. aren’t taking place. Utilization of refineries are high and you get disruptions, you have seen it as the winter storms came through in December and incredibly low temperatures. Refineries were impacted and you are seeing the rippling effect here in January and the unusual nature even in the last seven days to 10 days, where the physical market is short.
Jet many times throughout 2022 it was diesel and you see a spike. And then the — as the refineries get the utilization back up and optimize you get a balancing, but they are still tight and we expect them to stay elevated.
Duane Pfennigwerth: Appreciate the thoughts.
Operator: Thank you. Your next question is coming from Savi Syth from Raymond James. Your line is live.
Savi Syth: Hey. Good morning. Glen, could you talk a little bit more about what you are seeing on the corporate demand side on the — across the international entities and just as you get to the summer, I realized it’s early days, but where you expect kind of capacity be restored across these entities?
Glen Hauenstein: Yeah. I think we talked a little bit about that in the previous question, we expect the transatlantic to be about 108% restored to 2019 levels, so it will be bigger than 2019. Most of that is engaged as we bring in the newer, more efficient fleets. So we have some exciting departures. We haven’t loaded our entire summer schedule yet. That will be announced over the next eight days to 10 days. There are a few more things we need to put back in. And then in the Pacific, absent of China, we are more than rebuilt in Australia, we are more than rebuilt in Korea and we are about 75% rebuilt in Japan. We expect to be somewhere between 75% and 100% rebuilt in Japan. If we do or don’t receive slot waivers — if we do receive slot waivers, we are probably sitting at 75%.
If we don’t, we will go back to 100. And then China is the big question mark, as I mentioned earlier. We just don’t know what’s going to go on there with demand. So we are not going to get ahead of that and publish a China schedule for the summer that we don’t know if we can fly and we don’t know if the demand will be there. So we will let demand drive what we are going to fly in China. And then last but not least, in Latin, we are very close to fully restoring Latin right now with Deep South really starting to turn on with our partners at LATAM and getting some really, really positive early results on that. So I think other than China, we are fully restored internationally and we see international restoration where countries are open and that’s very similar to domestic at about 80%.
