Daily LNG price update (IEA bash)

It was a volatile oil market on Friday night as the IEA bashed crude lower with dour rumblings before the crash in US inflation expectations put a rocket under everything undollar on doubts of rate rises. After reaching a low of $73.25, the oil price ended at $75.80, up $1.70 on the day in what looks like technical action:

The IEA broke with convention to predict more price falls ahead in 2015. In its monthly oil report it said, from Reuters:

“While there has been some speculation that the high cost of unconventional oil production might set a new equilibrium for Brent prices in the $80 to $90 range, supply/demand balances suggest that the price rout has yet to run its course,” the IEA said.

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:

$24.99 / month

$249 / year

Cancel at any time through our billing provider, Stripe

Share

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.