Daily LNG price update (flame out)

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The Brent oil price crashed back to earth last night, down 4.3% to $5.60. The chart has not turned bearish yet:

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We can flop around for a while and consolidate that ascending triangle pattern before it turns bearish. The news flow was bearish thanks to OPEC, from the WSJ:

Oil prices dropped Monday after the Organization of the Petroleum Exporting Countries reported that its output rose to a more-than-three-year high last month.

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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.