Daily LNG price update (Iranian revolution)

The oil market was bashed lower Friday and then leaped again last night as the big news was a successful outcome to Iranian nuclear negotiations with provision to lift the oil embargo. It is trading at $57.83 as I write. All sides are claiming victory for their respective domestic audiences but it appears a deal is done:

This is an excellent deal for the Western and Arab worlds. It ensures lower oil prices for longer to boost growth, will keep the pressure on Russia and at worst delay Iranian nuclear ambitions, as well as boosting the prospects of evolving Iran into a co-operative international state while also holding back a regional arms race. It will very much aid the reconstruction effort in Iraq and in that way help deter the advance of Islamic State.

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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.