Daily LNG price update (bomb Shelled)

Friday, 30 January 2015

The Brent oil price rose touch overnight to $ 49.07 as I write. The big news was a large capex cut from Shell, via the FT:

Excluding exceptionals such as tax adjustments from the sale of certain assets, profits for the fourth quarter of last year were $3.26bn, lower than analysts’ estimates of about $4.1bn and down from $5.85bn in the third quarter. But earnings were up 12 per cent from a year ago.

Ben van Beurden, chief executive, said the group would respond to the fall in oil prices by “stepping up our drive for stronger capital efficiency”.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.