I expect banks have a lot to answer when placing Hedging...

I expect banks have a lot to answer when placing Hedging requirements on borrowers, often they appear to be backward focused when placing hedging requirements, there needs to be more input into where the market is going so that hedging %'s are set with a more futuristic approach - for the past year pundits have been projecting improvements in the Oil price & ATS have been locked into Y'days pricing!

Surely hedging can be managed month by month & not set & forget?

Well, the future pricing is looking brighter, the World is starting to realize that the transition to low emissions won't happen tomorrow, the hype of Super Funds avoiding fossil fuels I suspect is misplaced in the short-term & likely to underpin fossil fuel companies for many a year yet.

Provided ATS continue to pump the stuff up, this quarter & 2022 s/be quite an improvement - the icing on the cake will be bringing on a partner with the right credentials & favourable contract that meets ATS's expectations!