Daily oil and LNG price update (OSH pump)

Wednesday, 24 August 2016

The prospect of OPEC action rebounded the Brent price overnight to $49.46. Henry Hub leaped to $2.76mmBtu:

Saudi is racing to boost production, from John Kemp:

While there are a number of explanations for this, including strong domestic demand, I’m sure it is not lost on the Saudi’s what message this is sending to other producers vis signing up to any production freeze. I remain deeply skeptical given the state of play in Iran, Iraq, Libya and Nigeria.

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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.