I'm staring down Goldman, and calling their bluff. F- them to call on 85 oil in the heart of a recession while we are swimming with inventory
Keeping in mind I am also long NatGas (to also play the contraction in ratio of oil:natgas that should take place) and PBR (as it was sitting on support and oil above 60 for PBR is really good). I guess these can be viewed as a hedge too.
But as far as backing away from the oil play, i say, f-u GS ;)
Will look to add to the short USO (via oct puts) and long UNG (via shares in the ETF) when/if oil hits 75. (I'm sure GS can arrange it for me)