Mexico has completed the 2018 oil 'Hacienda hedge'
Mexico hedge guarantees export price of $46 per barrel
An interesting look at flows in the oil market works is how Mexico hedges its oil production far in advance.
In what may be the world's biggest annual oil deal, Mexico hedges its annual output by selling puts, something they have been doing since 1990.
It's no surprise that the hedging for the year ahead is done, it usually takes place from May to late August and covers from Dec 1 until Nov 30 of the following year.
Here is a great story from April about how Mexico's 'Hacienda hedge' works.