Any risk of a disappointing road opening is fading fast.

While much of the criticism is factually incorrect or misleading, it is undoubtedly having a political impact.

[The administration's move puts at risk] some of the last, most pristine portions of America's national forests, ... Road building simply paves the way for logging, mining and other kinds of resource extraction.

They decided to take a risk the moment they've hit a road block.

It would appear that the market is simply looking ahead to the tightness looming for later in the year.

The fact is we have massively underestimated the impact of investment fund flows into the sector.