Oil producers in Canada have jumped on an opportunity to lock in revenues for 2019 and 2020 as average crude futures for those years have soared more than 20 per cent to their highest levels this year, sources familiar with the deals said.
After crashing more than 40 per cent in the fourth quarter, oil prices have rallied after the Organization of the Petroleum Exporting Countries and its allies began to curb supplies since the start of the year. Falling output from Iran and Venezuela because of U.S. sanctions have also supported the market.
It was not immediately clear which Canadian companies were hedging, but they are putting on hedges incrementally, a cautious approach “given recent memory of how quickly the market can unravel,” one banking source said.Earlier this month, MEG Energy said it would add to its hedge book in coming days.
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