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Brent oil continued its bear market rally over night rising to $35.28. Henry Hub gas was also firm:
The major driver was a wave rumourtage surrounding OPEC production cuts. The following CNBC video captures it nicely, as well as outlining the best way to think about the rally in my view:
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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.