Daily LNG price update (Kumbaya)

Tuesday 23 February 2016

The Brent oil took off again overnight and the chart looks bullish:

That’s an ascending triangle pattern forming and any break above $36 will indicate a break out. Henry Hub gas rallied a little too to $1.87mmBtu.

There is nothing in the fundamentals to support this chart action so I remain skeptical of the rally, not least because of the OPEC non-deal which has bamboozled many a mind, Nick Butler at the FT being one of them:

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:

$24.99 / month

$249 / year

Cancel at any time through our billing provider, Stripe

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.