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While everyone is focused on the iron ore crash, an equally large mauling is taking place in LNG markets. Overnight, the oil price sank again well over 1% and is trading at $74. 37 as I speak:
Unless OPEC cuts deeply, it’s going to get worse, from Bloomie:
Shale drillers are planning on production growth with fewer rigs despite a worldwide glut that has sent crude prices to a four-year low.
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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.