I sold on the news as well. The LNG story is less compelling now than just a few weeks ago. Energy presently is in oversupply for political reasons and developing and/or serving new markets with NG more challenging than anticipated.
If naming a new CEO adds 7.5% to the share value than LNG should name one every week! A little humor here. So should we sell the news?
They last longer, look better and above all serve as status symbols to out do the other women in yoga class. The same reason people buy STAR PUKE coffee.
To me it looks like the refining industry is going back to the nickel and dime business of the 70s, 80s and 90s. Consider demand for distilled product overall is still decreasing as cars become more efficient and the trend toward renewable "clean" energy is gaining momentum. Also consider that oil producers are divided and unlikely to arrive at a workable production level. As more and more oil producers turn into failed states production will be reduced albeit at a terrible cost.