Daily LNG price update (spot crash)

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The Brent oil price fell last night to $63.40 after Saudi Arabia declared record production. Even so, prices rebounded off lows and still look primed for more technical upside. Speculators are going long with plenty of room to move to the upside:

However, I still do no expect it to last. Shale producers are still raising heaps of cash:

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And in the mid $60s, Canadian oil sands are also back in business:

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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.