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Last Updated: March 31, 2017
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NEW YORK (Bloomberg) -- A surge in hedging contracts is helping U.S. shale drillers ride out the turmoil in global oil markets this year. Next year may not be so easy.

As of March, the biggest explorers had hedged 28% of this year’s production, according to Warren Russell and Michael Cohen of Barclays Plc. Those contracts, which lock in future payments, are expected to help U.S. output reach a “multi-decade high by December, within sights of the all-time high reached in 1970," the analysts wrote in a note to clients.

There are no guarantees for 2018, however, when most of the hedges expire. The falling price of crude, which has dropped 10 percent since the start of the year, is taking its toll, according to Francisco Blanch, head of commodities research at Bank of America Corp. in New York.

"There was a lot of hedging when prices were between $50 and $55," Blanch said in a telephone interview on Tuesday. "Now that it’s trading under $50, not many people are rushing to hedge.”

West Texas Intermediate crude for May delivery rose 23 cents to $48.60/bbl on the New York Mercantile Exchange at 10:10 a.m., on reports that Libya had curbed shipments from its biggest oilfield. Still, oil has given back all of its gains since an OPEC-led deal last year to trim production. The rally faltered as the cuts failed to quickly dissipate crude stockpiles and rig counts rose in the U.S.

“Oil futures prices must recover before producers can lock in prices over $55/bbl for next year, which is what we think is needed" to fund significant new growth, Andy McConn, a Houston-based analyst at Wood Mackenzie Ltd, said in a research report released Monday.

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