Ann: Quarterly Activities Report, page-29

GlobalX still has some buying to do, not far off. Rebalancing again in January. once

@john12

Spot price is a thin market compared to the term market, as you can see from bright blue v grey shading. While it can move independently by trades for delivery 1-12 months ahead, the sheer volume of term contracts has more influence. Spot price can also be influenced by churn berween traders and has a history of manipulation, especially at month-end when base price for traders was established.

So once term conteacting starts you will see more pronounced movements north in spot price. Term contracting fell off a cliff because of the section 232 petition... and now the Russian suspension agreement and Iran waivers are also causing doubt with the utilities.

The 2nd half of 2020 will start to see the curtailed supply from KAP's suspended well fields, so if they and JV partners have to buy on spot in volume we could see some movement there as well.

Regardless, I see it moving up by the end of the year and early next year.