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The Brent oil price rallied sharply last night to $55.30 as I write. The rally was fueled by a weaker US dollar on a dovish Fed and looks rather like a short squeeze. Fundamentals went the other way as the US inventory build hit the afterburners, up another 10 million barrels plus on the week, charts from Zero Hedge:
The indicative LNG contract price is at $8.07mmBtu:
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In news, the local gas shock is back, from the AFR:
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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.
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