Mr. Davies please take note, page-30

suppose it depends on everyone’s timeframe. Some may have bought much higher years ago, some may have been accumulating since 12c lows 2.5 years ago, others might just have bought a trading parcel recently.
Right now on current earnings, I rate the SXY SP as fairly valued, no more. POO goes higher, so will SXY.
The future is gas. In 3 years time, E.Coast gas prices will be 30% higher. If that’s within your investment time horizon (and if it’s not, why are you in SXY anyway) then SXY SP will be a question of how many Dollars.