Daily LNG price update (thumped)

Monday, 3 August 2015

The Brent oil price was pole-axed 3% Friday night to $51.68 as the glut takes center stage:

We are clearly setting up for a retest of the lows in the mid $48s and if they break, and I suspect they might, further downside to the GFC lows at $40ish is very possible.

The news that kicked things along was another rise in the US rig count from 659 to 664 (the total count, including gas, was down 2 to 874):

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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.