I agree, but it also depends on how they structure the LT...

I agree, but it also depends on how they structure the LT contract whether it be a fixed price for several years or one that is spot plus a premium with a maximum upside and downside. There's a few different ways they can negotiate the terms, I'm sure Duncan will be all over it and get us a great deal when the time comes.
You definitely wouldn't want to be 100% locked in at today's LT price, think its still only around $40lb. If they locked in LT contracts now you would want to be more tied to the spot price to get the big upside when it shoots higher, probably not until next year now, the big spike in spot has settled down from the SPUT fund initial mass buying. Hopefully it spikes again soon when they list SPUT on the NYSE, which i thought was early next year but heard the other day its more mid year now.
It's a little frustrating sometimes how cloudy and opaque the whole U sector is because it seems no one can know for sure so many of the possibilities around what supply is actually out there floating around!
Still good time to accumulate more BOE, can't see it getting below 20c again!