NEW YORK/HOUSTON—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 2020. The rally has sparked optimism among shale companies, but after a bracing year of pandemic-induced demand destruction, they aren’t ready to ramp up production. Instead, they are using futures markets to lock in higher sale prices.
