Daily LNG price update (squeeze)

All of the news flow for oil last was bearish but there’s short squeeze on seemingly and the price took off. As I write, Brent is trading up 4% to $57. See if you can pick a reason why here:

Not much bullish there. There was one positive story out of the USDOT, that cheap gas has triggered a surge in US miles driven which has hit a new all time record (chart from Calculated Risk):

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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.