Australian LNGCommodities

Daily oil and LNG price update (new lows)

David Llewellyn-Smith
Wednesday, 27 July 2016
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The Brent oil price hit more new lows overnight with Brent at $44.91 as I write and Henry Hub falling to $2.66mmBtu:

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Nigerian and Libyan rumblings roll on but the big news was US API data which confirmed that a switch from gasoline glut to oil glut is in the offing:

20160726_API2

John Kemp has an interesting argument on why oil has not fallen more:

HEDGE FUND SHORTING WTI (3)

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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.