Daily LNG price update (more carnage)

Monday, 24 August 2015

The Brent oil price is in free fall, closing Friday night at $45.30. The long term chart says it all:

I’m still looking for a $40 bottom before reassessing. Friday night’s proximate cause was more growth in the US oil rig count, up 2 to 674:

But we now have another problem. The mounting emerging market and commodity crisis is hitting growth and that is filtering through to weak oil demand now, from BofAML:

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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.