Daily LNG price update (rocket)

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The oil price took off again last, for no apparent reason, up more than 6% to $59.21 as I speak. The WSJ reckons:

Oil prices rose on Thursday on several bullish factors, including a weak dollar, a contract expiration and warnings from one of the world’s biggest oil companies.

Royal Dutch Shell PLC Chief Executive Ben van Beurden also warned of a rapid recovery in oil prices in the years to come if production projects get canceled. In prepared remarks he is expected to deliver later Thursday he said oil demand will outpace supply growth this year.

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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.