Daily oil and LNG price update (India guzzles)

Tuesday, 30 August 2016

The Brent oil price hung on last night ending down a touch $49.45. Henry Hub gas is still strong at $2.89mmBtu:

New flow was bearish with Nigeria getting set for renewed volumes, Iraq pushing the same whereas Libya is still chopping through its politics. I see prices still headed for $40 before year end as the OPEC freeze freezes.

Turning to LNG, prices were virtually unchanged again at $6.94mmBtu:

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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.