Daily LNG price update (smack)

Thursday, 9 April 2015

Brent oil was whacked 5% lower last night to $56.07 as I write. The main cause was a giant surge in DOE reported US inventories, from Reuters:

U.S. crude oil inventories surged 10.95 million barrels – three times more than expected – to a modern-day record 482.39 million last week, U.S. government data showed, the biggest one-week increase since 2001. Stockpiles in Cushing, Oklahoma, rose by 1.2 million barrels, much more than expected.

The data added to earlier losses triggered by comments that Saudi oil production rose to 10.3 million barrels per day (bpd) in March, the highest monthly total on record.

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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.