The Brent oil price continued its march lower Friday night ending down another 2% at $54.63. The culprit was easy enough to find. The US rig count took off, up 19 TO 876:
I continue to target $50 but it has to be said that if we get a decent run of rigs then we’re going to blast through that. Shale’s cash cost is much lower and it may well take a fall to that level to take enough production out.
The indicative LNG contract price fell to $7.65mmBtu:
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