Daily LNG price update (full)

Thursday 19 February 2015

The Brent oil price rebounded 1% to $60.68 last night, which showed some price strength because the news flow was pretty poor. The big one was US inventories courtesy of the EIA which climbed 7.7 million barrels on the week and added to its all time high:

The production versus rig count is supportive of the market:

I still think that we’ll see production begin to fall within three months. In the meantime The Economist makes a keen observation that could show more price weakness yet ahead:

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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.