HH basis hedgesfurther on hedges points from yesterday, looks like the 2020 position has been unwinding, compared to earlier this year;
these were the avg. positions
at Feb 2019 - 183mmcfe/d
at Jun 2019 - 176mmcfe/d
at oct 2019 - 172mmcfe/d
the basis pricing avg. is more or less the same
from Sept 2019 to Oct 2019 the HH basis hedges came down by
50, 20, 20, 6 mmcfe/d for Q1-Q4/2020, respectively
to Yash's point, not clear how these were unwound, but, barring schedule errors, there are some options; could be they got traded out, presumably for a loss, in anticipation of the declining basis, or perhaps there are other mechanisms that have to do with physical delivery volumes....
in any case, at least these high basis hedges are coming down, rather than going up, as AECO seemingly improves; that should ease the pain, in case HH does not recover before then