So Joe’s overweight the space. You’re really overweight. 15% of the book. Yeah. Yeah. Well, and here’s the thing. I mean, last year we were 15 to 20% and started taking it down the early part of the year. We loaded back in in May. I mean, look at a lot of this stuff has done really well since we saw this pullback.
And to Joe’s point, the expiration, the December contract, December. And when you get the futures together, futures trading. December is a big month, not only for crude oil, but a lot of a lot of the futures. So yesterday was the options expiration and so a lot of options, especially institutions that are hedging and producers are hedging, may go out to December contracts when this thing was rolling off the board yesterday.
It creates a sort of a pocket, you know, and there was an air pocket. The market started breaking new lows. You already had a lot of institutions dumping exposure to oil after some of the more premium was coming out. We had an air pocket. It’s no surprise to see it bounce a bit here today. I think, though, that Cruz going to continue to trade fairly well and then I think we could shop around a bit and improve.
The thing about it is, as Joe pointed to the Opec+ meeting comes around the corner. You have Brant, the basically the world’s staple for for oil is below 80 Opec+ can really start to jawbone a little bit on that. On top of that, JPMorgan said earlier this week they wouldn’t be surprised to see more production constraints from OPEC’s.
I think it’s another and then China they’re destocking I think China is really to ramp up imports first quarter this year. So I love the names that we have. I think it would be interesting to if President Biden’s administration begins to