Hmmmm
Just speculating but it just occurred to me that as of two days ago we're in a new tax year and some-body may be unwinding their position.
We've had over 8 million shares change hands since the market opened two days ago.
Its a maybe, but could explain why ATH hasn't had any legs even with oil up 5 bucks.
jmo
As for hedging, it's a necessary evil if you have debt. Proceeding without it would be like driving a car without insurance. A bit of a fool's mission.
A year ago there were oil names (including ATH) teetering on death so they were committing to long Hedges to preserve cash flow - to stay alive.
With oil in the $70's for a few Q's that'll sort itself out.
As long as oil stays where it is, we'll all be swimming in dough.
more jmo
glta