Thanks sp. interesting talk. Key thing for him is that world...

Thanks sp. interesting talk. Key thing for him is that world energy prices are now so volatile with the U.S now effectively the worlds swing oil producer. They can increase or decrease production and react to demand and price inputs both up and down quicker than anyone else in the world. In this new paradigm of volatility he says energy users are managing this volatility through optionality. That is you have a diverse range of supply options with both oil linked and Henry hub pricing because you can't be sure which way the price will go. He thinks the wider EU like the UK will have to embrace the U.S as a gas supplier. Eventually as an alternative to Gazprom. Reiterates what we were saying in general that the oil price falling so rapidly is actually a reason for you to diversify into gas because it can go back up quickly as lower prices stimulates demand and the market reaches equilibrium again.