Daily LNG price update (rig slow)

Monday, 2 March 2015

The big news Friday night was more slowing in the US rig count down -43 to 1,267. The rate of decline continues to slow with the 6 week average at -70.9:

I would have thought this was bearish for oil but the market went the other way with Brent up nearly 4% to $62.19. If markets can hold at these prices a while then shale is going to stabilise and the glut persist, but whatever!

The indicative LNG contract price rose to $9.08mmBtu:

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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.