Daily LNG price update (China dumps Origin)

The oil price firmed Friday night as the US dollar weakened along with rate hike prospects following the dodgy jobs report, and the US rig count was walloped 26 to 614. With gas, the fall even larger down 29 to 809:

At least in terms of rigs, the entire shale boom has now been wiped out. Some are also arguing that Syria is also geopolitical concern, from the WSJ:

“We need to start putting some geopolitical risk premium in the oil price,” said Olivier Jacob at consultancy Petromatrix. “There are many countries active in some way in Syria and it is not yet clear how each will react to the increasing Russian open military action in that country.”

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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.