I was out the morning of the announcement of the BTA. Must say I had been waiting for that and hopefully the second BTA to be announced real soon also. I was looking for an SP rise to sell out.
After reading the announcement a couple of things that struck me were.
1. The BTA had no details about price - market doesn't like that and I know it probably had to be kept confidential. Not much detail except it is a monthly payment, isn't it - not a $x/unit
2. Second BTA not until last qtr this year. I think the market was lead to believe it was going to be quite a bit sooner.
2. The FID is out to - by the end of the first qtr 2016 approx.
Slippage on the 2nd BTA and FID.
I believe the above was enough for the shorts to go on the attack. Not much happening for the next few months - run it down and clean up. This kind of thing could happen a bit into the future with LNG.
I fully agree with you, shorting should be banned full stop. Just my two cents worth.
LNG Price at posting:
$3.10 Sentiment: Hold Disclosure: Held