When IO goes up they tell us there's no upside because we're hedged,
when IO goes down they tell us we're losing money.
Dec Q hedged production was at average spot rates from the Sep Q.
Current Q hedged production at average spot rates from Dec Q.
To suggest that this Q will be similar to previous Q is not possible.
Look at the difference between ave spot price for Sep and Dec Q's.
Given the current discount of 57% AGO hedge looks to be not too far off the money.
It looks like there's blood in the streets people...you know what that means!
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