Big gas stinks it up as oil rises

Monday, 12 October 2015

Big gas is stinking up the joint today despite Brent firming throughout the day:

Green line is Brent. STO (top line on the chart at right edge) is down 2.4%. WPL is down 1.6% on Fairfax attack on its OSH takeover. OSH is itself down 3% as markets realise the bid is bullshit. ORG (bottom on chart) is down almost 6% and approaching the $6 mark where it announced its $4 rights issue. Hoocoodanode that was going to happen?

I still say oil is going to rise some more before falling but the LNG sector looks even more sick than iron ore today.

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.