Daily LNG price update (convergence)

The Brent oil price took a caning last night as reality dawned that the glut is not yet over. As I write the price is down nearly 5% to $59.70. The news flow was nearly all negative. From CNBC:

Iranian Foreign Minister Mohammad Javad Zarif said a deal on Iran’s nuclear program could be concluded this week if the United States and other Western countries had sufficient political will and agreed to remove sanctions on Tehran.

…Analysts say Iran could increase its oil sales fairly quickly if sanctions were lifted and may eventually be able to raise exports by up to 1 million barrels per day. A Reuters survey last week showed Iran pumped around 2.8 million bpd in February.

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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.