Daily oil and LNG price update (OPEC floor)

Friday, 30 September 2016

The BRent oil price held its gain last night at $49.67. Henry Hub was down sharply at 2.96mmBtu:

The OPEC deal is nicely summed up at the FT:

Agreeing, in principle, to cut production by 32.5m barrels a day to 33m b/d was enough to send oil prices shooting higher. Opec, it seems, is back, delivering a rebuke to those who have penned the cartel’s obituary. But hurdles remain before a deal is finally signed off.

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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.