Producers tapered oil hedging activity in Q1 2017. We believe this was driven by general price weakness and the fact that companies were already well hedged for 2017 entering Q1. Last November operators rushed to lock in oil prices above US$50/bbl when OPEC announced plans to cut production. Most new hedges in Q1 were on the gas side. Swaps were the most popular type of contract used accounting for 54% of new derivatives up from 38% the previous quarter.