Feb. 18 at 6:16 PM
$VG
VG is overly correlated with TTF right now. The base value of
$15+ (
$18+ after arbs in) is still intact at much lower spreads than today, which is why e.g Goldman had them at
$18 even with TTF in 20s. AFTER we hit
$15+ floor, the TTF spread should represent a "gravy" opportunity correlation. And the floor should grow as debt paid off, expansion completed etc. If there is a protracted ME situation, we'll be over
$25 no question.