Just to be sure that all of us are on the same track !
The actual WTI price that we see right now is for future contract of November 2023 !
The actual BRENT price that we see right now is for future contract of December 2023 !
See below what was publish yesterday on a weekly bases by Oilprice.com to prove it :
This morning, I posted the full Oil & Energy insider weekly report of sept 22 by Oilprice.com.
This is what, I use to calculated monthly avg. price, the avg. of all 4 contracts publish by Oilprice.com. It's not perfect but compare to what Baytex published quarterly, so far this year, I have a positive diff. of 1,3 to 2% only. IMPORTANT TO REMEMBER : Trading shall cease at the end of the designated settlement period on the 4th US business day prior to the 25th calendar day of the month preceding the contract ... So base on this information, here is a comparaison between what Baytex publish on it's financial quarterly report compare to what is the monthly WTI price publish by OILPRICE.COM.
For sure many others factors comes into play for all producers like hedges in place or not and my method is not perfect.
My understanding is... so far, for the rest of 2023, Baytex is well position to receive the full price of WTI price.
Remember initial 2023 hedges were :
Baytex receives $78/bbl when WTI is between $62/bbl and $78/bbl;
So as JD said, the WTI price for Q3 should be a bit higher of 75.18$ with +/- 152,000 boe/d.
As you can see, October avg WTI is way over 85$ at 86,03$ or so.
Hope it help to understand the way WTI price is fix monthly !!!