Short and Long Term
Short Term: Weather will play a part. Should be some reaction Tuesday on spot. Well freeze-offs in the USA are very likely.
Long Term: Those with the lowest OPEX, highest efficiency (recycle ratios), top-drawer assets and strong balance sheets will be leading the pack.
Short term hedges may hurt a bit in the Short Term, but AAV has a prime property that is a drill (or complete a DUC) to fill. The reserves are real.