U.S. shale producers boost oil hedging after #Saudi attack: sources - Reuters

U.S. shale producers boost oil hedging after Saudi attack: sources - Reuters:

U.S. shale producers pounced on the chance to lock in future revenue for this year and next after oil prices surged by the most in 30 years early this week following attacks on Saudi Arabia’s oil facilities, sources familiar with the money flows said.

The additional protection at higher prices could boost U.S. production growth rates, they said, after slowing earlier this year as investor pressure forced companies to rein in spending.

Crude swap activity spiked sharply on the heels of the attacks in Saudi Arabia, which temporarily knocked out about 5% of global supplies. Swaps are a type of contract that allow producers to lock in or fix the price they receive for their oil production.