Surge in US shale hedging expected to lift crude output to new high in 2018
Traders say growth next year will likely exceed government forecasts, heralding a record year that could pressure prices in the near term
New York
WHEN oil prices rocketed towards US$60 a barrel this fall, US shale producers hedged more barrels of oil during the quarter than in at least three years, which could help propel the country to record crude production by next year.
More than 144 million barrels were added to hedges, after global oil markets rallied by as much as US$13 in the quarter. Higher prices help producers lock in profits for future sales.
