Pioneer Natural Resources chief executive Scott Sheffield said future oil prices will likely stay in backwardation going forward, with current prices higher than future contracts
The Organization of the Petroleum Exporting Countries will likely take steps to boost oil prices, which started the year in free-fall, Pioneer Natural Resources chief executive Scott Sheffield said on Thursday.
His comments came as oil posted its biggest two-day loss in three decades to start the year this week. Brent futures were trading around $78 a barrel on Thursday morning. “There is no liquidity in the market,” he said referring to later-dated oil contracts. “Banks aren’t hedging, there’s nobody using that product and hedging any more. No airlines are hedging, so there is nothing to bring up the strip.”
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