They still have to explain to the FCA why they didn’t disclose - as required - that they were building an enormous short position. Big fine? Restitution of some kind? Or just a feeble tap on the wrist?
Surely it would be madness to hedge at $35? Provided recovery is not buried under a fresh tsunami of infections, poo will be considerably higher before long. The trend is clear.
The Norway point is stale buns - very stale. Their sovereign wealth fund decided to exit fossil fuels several years ago. For obvious reasons (don’t crash the value of your own portfolio) this is being done gradually. And announced after the fact.