Ann: Quarterly Reports - December 2017, page-87

Bron,
Yes, that was their "Upside Price Risk" assessment and assumed they were being valued on spot prices. As others have pointed out, we are seeing some suggestions that supply will grow later this year and next so the likelihood of a high spot price continuing has been somewhat muted.
This goes in cycles. We need to let this attempt blow over and look through all the short term noise the market throws our way. It will, I'm suggesting, test our patience as these instos have much deeper pockets and have a different perception of time (than us). They can go longer and lower than we can......
I have no doubt that we will hit the lofty heights you've quoted. It's just not going to be along the path we'd like it to take.