Daily LNG price update (no returns)

Tuesday, 24 March 2015

The oil price took off last night as the US dollar slumped. As I write, Brent is trading at $55.83, up 70 cents. This was despite a royally bearish news flow with Iran optimistic about a nuclear deal; Saudi keeping production pressure up and hedgies going fully short on US storage running out. Basically it appears markets have been caught overly short as the Fed has turned dovish so much of the move remains technical.

In LNG, the indicative contract price rose to $8.15mmBtu:

Two senior commentators fall in behind the MB view of things today. Clyde Russell compares LNG with iron ore:

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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.