Daily LNG price update (double dip)

Tuesday, 17 March 2015

The oil price took another hammering last night with WTI falling to a new low below $43. Brent fell sharply too but rebounded to $54.27 as I write down 0.5% on the night.

There were several triggers. OPEC was cautious on any wind down in US production, from Reuters:

U.S. oil output could start to take a hit by late 2015 due to low prices, OPEC said on Monday, suggesting the exporter group will have to wait beyond its next meeting in June to see if its strategy to defend market share will dent the shale oil boom.

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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.