US shale producers increased hedging in 1Q.

摘要

According to a review by Reuters of regulatory disclosures by 30 of the largest shale drillers, 17 of the 30 increased hedging in 1Q 2016, locking in prices that would allow them to survive a renewed slump. 55MM bbl of future production were hedged, the highest volume in a quarter for at least a year. Given that oil prices have since recovered to close to $50/bbl, however, those hedges seem to have been ill-timed. Marathon Oil, for example, hedged 2Q 2016 output at an average price of $39.25/bbl, significantly less than actual prices, which averaged just under $46/bbl. Denbury Resources, meanwhile, hedged 1Q 2017 production at about $42/bbl—but now, futures for that period are now trading at $52/bbl.