In My Opinion Only
I'm invested in a Chinese retailer and we've been getting not good news for a quite a while now out of China - wouldn't be surprised if they have been inflating their real numbers for some time.
If some of the oil China is purchasing is going into storage then like Iron Ore they can turn on and off their purchases at will playing havoc - its hard to gauge just how much they're actually using rather than storing as this would then give a better reading as to continued demand over the forward estimates.
All in all lots of unknowns - not the environment to not have in place hedges of at least some % of production - end of Q2 2017 is still 15 months away and we'll have gone another entire reporting year before then.. STO will make it through 2016 on cash from asset sales but in 15 months from now the reduced capex is going to bite - they will need to start spending again to supply GLNG either by way of drilling or gas purchases from 3rd parties IMOO
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