美国页岩生产商锁定未来销售|美元_新浪财经

原标题：美国页岩生产商锁定未来销售

中国石化新闻网讯据能源世界网1月15日纽约/休斯敦报道，据知情人士称，美国页岩油生产商正利用石油市场上涨至近一年未见的水平，锁定未来销售的价格。

美国原油期货本月跳升至每桶50美元以上，为2月以来最高。油价上涨引发了页岩企业的乐观情绪，但在经历了疫情引发的需求破坏的令人震惊的一年之后，他们还没有做好增产的准备。相反，他们正在利用期货市场锁定更高的销售价格。

页岩生产商在期货和期权市场上买卖合同，这一过程被称为套期保值，以确保后期销售的现金流。

2019年美国石油日产量一度达到近1300万桶的峰值，但在新冠疫情封锁打击了燃料需求和油价后，目前约为1100万桶/天。预计2021年的产量不会增长太多，但即使油价再次下跌，那些现在进行对冲的国家也能保证以50美元以上的价格出售原油。

北美第二大水力压裂公司Liberty Oilfield Services的首席执行官克里斯赖特(Chris Wright)表示，目前正在进行大量的对冲操作。以目前的价格，拥有良好区域的生产商可以做得很好。

生产商对美国原油期货和期权的空头头寸自去年秋季以来一直在增加，这是对冲活动的一个迹象。根据美国商品期货交易委员会(CFTC)的数据显示，去年12月中旬价格触及五个月高点。

根据能源律师事务所Haynes and Boone的数据显示，2020年，46家北美勘探和生产公司宣布破产，其他公司则合并以减少债务。甚至在疫情爆发之前，投资者就已经在向页岩企业施压，要求它们控制支出，提高回报。

一位不愿透露姓名的美国页岩生产商高管表示，生产商以一定价格锁定一定数量的油井，并以50美元对冲，这听来让人很是兴奋。今年将是自由现金流的一年。

能源投资银行Petrie Partners董事长Tom Petrie表示，正在对冲的生产商可能一次锁定约15%至20%的产量。

一些公司之所以推迟，是因为他们预计价格会进一步上涨，可能会升至60美元或65美元。高盛（Goldman Sachs）本周表示，全球基准布伦特原油本周也触及11个月高点，接近57美元，到2021年夏季可能升至每桶65美元。

2021年美国原油均价已攀升至52美元以上，也是自去年2月以来的最高水平。

郝芬译自能源世界网

原文如下：

U.S. shale producers lock in future sales as oil prices rise to one-year high

U.S. shale producers are taking advantage of the oil market's rally to levels not seen in nearly a year by locking in prices for future sales, sources familiar with the matter said.

U.S. crude futures this month jumped above $50 a barrel to the highest since February. The rally has sparked optimism among shale companies, but after a bracing year of pandemic-induced demand destruction, they are not ready to ramp up production. Instead, they are using futures markets to lock in higher sale prices.

Shale producers buy and sell contracts in the futures and options markets in a process known as hedging to secure cash flows for later-dated sales.

U.S. oil production peaked at nearly 13 million barrels per day in late 2019, but is now around 11 million bpd after the coronavirus lockdowns crushed fuel demand and oil prices. Output is not expected to rise much in 2021, but those that hedged now are guaranteed sales of barrels at more than $50 even if prices drop again.

"There's a lot of hedging going on," said Chris Wright, chief executive of Liberty Oilfield Services, the second-biggest fracking company in North America. "At the prices available today, producers with good acreage can do pretty well."

Producers' short positions in U.S. crude futures and options, an indication of hedging activity, have been rising since autumn. They hit a five-month high in mid-December, according to the U.S. Commodity Futures Trading Commission.

In 2020, 46 North American exploration and production companies declared bankruptcy, according to energy law firm Haynes and Boone, while others merged to reduce debt. Investors had already been pressuring shale companies to curb spending and boost returns even before the pandemic.

"Producers locked in a certain amount of wells at a certain price and hedging at $50 makes you look like a rockstar. This year will be about free cash flow," one executive at a U.S. shale producer said, on condition of anonymity.

Producers that are hedging are likely locking in about 15% to 20% of production at a time, said Tom Petrie, chairman at energy investment bank Petrie Partners.

Some companies are holding off because they anticipate prices to rise further, perhaps to $60 or $65. Global benchmark Brent crude, which also hit 11-month highs this week near $57, could rise to $65 per barrel by summer 2021, Goldman Sachs said this week.

Average 2021 U.S. crude prices have climbed above $52, also their highest since February.