Mexico’s oil hedgers, one of the world’s most-active sovereign oil-trading desk, has spent nearly $1 billion on options contracts to protect the government’s revenues from oil sales for 2020 against volatile price action. The news is especially notable because, as we reported last month, Russia is considering oil prices could drop to as low as $25 in 2020. WTI prices remain in a 12-month bear market from last October’s 76.90 high as oil products demand worldwide have dropped, as well as a synchronized global slowdown continues to gain momentum. Mexico Oil Hedge (Click to enlarge) Sources told Reuters that Citigroup Inc, Goldman Sachs Group Inc, NP Paribas SA, and JPMorgan Chase & Co are among some of the top firms on Wall Street aiding Mexico in building out the hedging program for next year. Reuters noted, “It was not immediately clear what volumes Mexico had hedged or what price […]