Daily oil and LNG price update (India)

Monday, 27 June 2016

The Brent oil price took a decent -5% hit Friday evening to $48.40 while Henry Hub eased to $2.67mBtu:

The only non-Brexit news was a small fall in the US rig count down 7 to 330. Other than that it is all Brexit which will not be good for oil for two reasons. First, it will hit growth in Europe though that will be minor. Second, it will make the US dollar structurally stronger so that’s increased headwind for the oil price longer term.

Turning to LNG, the indicative oil-linked contract price plunged to $6.67mmBtu:

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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.