Protecting the downside right now is probably more important then trying to squeeze the last $ out of WTI.

I just don't now what kind of tool they use.

If they use options on the oil and they buy put options for a certain amount then they gain when the price drops.The higher the drop in price the higher the put option price when they sell again .If they price stays at almost same level the price will drop in time and if the price get higher the put option loose their value.

I know a company up here which is a zinc producer.They have used options to counter a drop in the zinc price when in 1999 to 2000 the zinc price jumped up.So the loss on their products was countered by the higher value op their put option.

What kind of tool use CLL?Of course options is a tricky thing.I had used options before 2000 and made nice profits but burned my fingers in the collapse of the market when I was to late to get out.It can go very fast.Now I stay of these tools.