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We have growing concerns about crude fundamentals and prices in 2H15 and 2016 after the quick recovery (since January) ... The market appears complacent about rising OPEC production and upcoming Iran discussions, both of which could more than offset U.S. declines, that said, retesting YTD (year-to-date) lows is very unlikely. Healthy transport demand, reflected in strong refining margins, capex cuts and low spare capacity should limit downside.