Daily LNG price update (how high?)

Thursday, 7 May 2015

I’ve missed a couple of sessions over several days Brent oil broke to new highs then consolidated last night to $67.47. Libyan and Saudi tensions provided support Wednesday and last night the US finally saw crude oil inventories falling, from the DOE via John Kemp:

As you can see this is the seasonal pattern. It is part peaking shale output and part increasing refinery draws:

How high does the price get? On the one hand Saudi is now confident enough to be lifting prices, from the FT:

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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.