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Oil and gas companies hedging production farther into the future By Shane Randolph, Josh Schulte, and Jeff Nicholson on 4/26/2021
Hedging remains a mainstay activity for many oil and gas producers, and some crude producers are hedging their crude production farther out into the future than they have in recent history.Â
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Price volatility in oil and gas markets remain an enduring fact of the energy industry. Spot prices for NYMEX WTI futures plummeted in early 2020 mostly due to the uncertainty around the coronavirus outbreak. NYMEX WTI futures even traded at negative prices for a brief period in April 2020, but prices ticked upward and hovered in the $40/bbl range for most of the last half of 2020. Natural gas price remained depressed from 2019, and the spot price of natural gas remained below $2/MMBtu for most of early 2020. However, prices for natural gas did trend upward during the last quarter of 2020.Â