Daily oil and LNG price update (La Nina fade)

Monday, 24 October 2016

The Brent oil price was firm Friday night at $51.91 after political troubled flared in Venezuela. Henry Hub was smashed -5.5% to hit $2.97mmBtu:

Despite the price it was the usual flow of oil price bad news. US oil rigs are now surging, up 11 to 443:

Rigs not high enough yet to turn production but if the recovery pushes towards 600 rigs it will be and at current prices it will happen. Iraq hosed the OPEC deal, from Reuters:

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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.