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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