In a collaboration between Nacha Cattan, Bloomberg News politics and economy correspondent in Mexico, and Javier Blas, Chief Energy Correspondent at Bloomberg News, it is said that Mexico has begun to quietly hedge 2017 oil price.
Mexico started quietly buying contracts to lock in 2017 oil prices when futures were near their peak in June, signaling the start of what has in prior years been the world’s largest sovereign petroleum hedge, according to people familiar with the deal.
The Latin American country bought put options, which give it the right to sell crude at a predetermined price, in June and July, earlier than the usual period of late August to late September, said the people, who asked not to be identified because the process is private.
Brent crude, the global benchmark, peaked at nearly $53 a barrel in early June. Since then, prices have declined about $10 a barrel as the outlook for the global economy soured and OPEC countries boosted production. The people didn’t say how much Mexico was able to hedge before prices fell back.
In response to a list of e-mailed questions, the Mexican Finance Ministry’s press office declined to comment on the status or progress of Mexico’s oil hedge negotiations.
more recommended stories
Private initiative proposes to bring liquefied natural gas to Yucatán by sea
The president of the Confederation of.
Tips for Trading Crude Oil Online
Aside from forex and stocks, there.
With AMLO, construction reports worse start in three administrations
The sector reported an annual fall.
Antidote for “Violinist Spider” bite is Mexican made
It is called “Reclusmyn” it has.
Two suspects wanted for murder in Campeche caught in Mérida by Yucatan State Police officers
An anonymous report to emergency number.
For the first time, Mexicans decline to less than half of the U.S. unauthorized immigrant population
Relations between the United States and.
CDMX issues guidelines for expropriating land
The Commission for the Integral Reconstruction.
National Guard deployment of 52,000 planned for June 30 to 150 hot spots
Security Secretary Alfonso Durazo announced that.
“Family Operation” 2,040 undocumented family members to be deported in the coming days
ICE confirms plans to arrest more.
Trump Falsely Claims Obama Began Migrant Family Separations
(Bloomberg) — President Donald Trump dismissed.