Big iron and gas lose momentum

Tuesday 2 February 2016

It’s beginning to turn hostile for the big miners again as oil runs out of pep. BHP and FMG are down -1.1%, RIO is -2%:

Idiocy spreads are still widening and Dalian is off another point:

Brent has continued to fall during the day and big gas is taking in the team again as well with WPL down -2.5%,OSH down -1.5%, ORG down -2.9%, STO down -2.3% and LNG up 1.6%:

Hard to know if the oil rally is done but the narrative in support of it sure is.

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.