Daily LNG price update (bottom?)

Monday 29 February 2016

Brent oil rocketed to new highs Friday night but could not hold the gains and ended down mildly at $35.16. Henry Hub did the opposite, plunging to new lows before rebounding to flat:

The Brent chart now has both a bullish ascending triangle pattern and bearish false breakout with a “shooting star” candle. Make of that what you will.

The US oil rig count fell again another 13 rigs to 400 and has now wiped out its entire post-GFC boom:

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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.