Question on hedging for long-term oil positions

Been trying to get my head around how some of you manage risk on longer-term positions in crude, say holding WTI for a few months based on an macro outlook. I get the basic idea of options for hedging, but the specifics of balancing premium cost against the protection offered, especially with contango/backwardation at play, feels like a dark art. Are most of you just adjusting exposure, or are there specific option strategies you find most effective for managing tail risk without completely eroding profits?