RE:RE:RE:Hedging - the factsWhen you say "in Q2 about 37m pounds settled at about $1.32" that means that TV realized $48.84m. The fact that they had to refund $2.96m (or 8 cents/pound) is simply an offset to the $48.84m, not a loss. Yes, TV has not realized as much profit as they could have but they still have a profitable trade (assuming costs are in line with current estimates).
Over the next two quarters, I'm looking forward to consecutive reports of higher EPS and significant debt reduction. Beyond that I remain optimistic that TV will establish a new record breaking stock price.