Tom Nimbley: Well, it’s going to be — I’ll ask Tom O’Connor can to add value on this but it’s a work in progress right now. Obviously, Russia came out last whether is a Friday and said to Thursday, that they are going to decrease crude production by 500,000 barrels a day. And they said that was because their payback on the sanctions that have been put on them. Some people have said that they think that’s because the fact that the export ban on products went into place or the caps that in fact, they have to start to shed runs because they’re starting to build inventory. Recognize that Russia pumped a bunch of diesel into Europe in January in advance of the February 5 date. And in fact, that has had an impact on the marketplace.
It’s just simply too early in my mind for us to see whether or not which way this is going to go. I think there’s some chance that it could be like crude. They’re going to find ways to get trade flows done they are going to sell more barrels to Africa, that’s clear. But whether or not they can sell all of the barrels that are being displaced because they can supply the European market is something that remains to be seen. Tom ?
Tom O’Connor: Yes. I mean I think what adds to that is the front-loading, as you Tom described, is really important to talk about at this point. I mean Europe really did front-load an awful lot of demand in December and January. And now we got to find a home for the marketplace needs to find a home for, just call it, 600,000 barrels a day of diesel that had been going into Europe. We’ve seen so far, about half of that seems to have found some homes, whether it’s been in South America or in West Africa. The other half is less observant at this point. So I mean, to call it a nonevent. I think we don’t really know the outcome of the event. I think what we can say is prices have come off but I think that’s kind of the combination of the buildup and in front of it.
And then also once again getting back to the mild winter. But I think, as Tom said, really kind of over the next several months, we’ll have a little bit more transparency in terms of the data that we can see where those trade patterns have adjusted which would include Europe at that point, taking more product from the U.S. or from east of Suez to satisfy the supply that they’ve lost.
Tom Nimbley: One thing we can definitively say is as a result, both on the crude side and on the product side as a result of the trade patterns being dislocated. The cost of transportation to get to the marketplace is going up. Freight is going on. And that will ultimately put a foundation about — as an advantage if you are in a trip area where you are producing your products and not having to put them on a boat and selling them into a marketplace.
Operator: Next question is coming from Matthew Blair from TPH.
Matthew Blair: First one, could you talk about the dynamics in the East Coast jet market? What’s been pushing cracks up? And are you capitalizing at Del City in Paulsboro.
