Thanks Mike100 for setting this out. If you or anyone else can find the forward contracts for two years ago and for last year ,you will see that what you have pointed out for now going forward has always been the case. Why this is so is beyond me. The forward contracts get it wrong with oil about 90% of the time.Nearly always the actual price is greater than what the contracts would have them.This is probably because they are treating it as a commotity instead of a vanishing resource.
I would also like to ask anyone wanting a forward contract to refer to my question of where we would be now if we had taken one out two years ago at 40 dollars. Last year it was 55 dollars. In both case we would have lost a lot of needed money. This has been ignored and posters are still saying well do 50% then. So what is so good about being half wrong.
The forward contracts do not reflect reality and are a good way to lose money.
Nothing would make me exit this company more than finding out that the company were to do some of the future profit give away some of you posters are suggesting.
A big NO to forward contracts. Keep all future profits for the NZO.