Very reasonable look IMO. I don't expect a KU pipeline to become eestablished, but nor do I think it will be a prhibitvely warm bloodbath. Could be a pretty good latitudinal gradient around SNE/CNE.
I don't. I try to call BS when I think they are wrong, as I did last year when they bailed on cool ENSO. I am confident they are too meager with it yet again.