Daily LNG price update (the big short)

Wednesday, 19 August 2015

The Brent oil price did another round trip last night down, up then down again to finish where it stared at $48.58. There was no real news of interest but a strong US dollar kept a lid on the bid.

Some charts today from John Kemp tell and interesting story about the big short in oil discussed yesterday. The market is very short in terms of volume:

But in terms of the number of hedge funds short it is much less oversold:

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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.