Daily LNG price update (OPECircus)

Monday 22 February 2016

Ahhh, markets still haven’t quite woken up to the three-ringed circus that is the OPEC non-deal but they’ve started with Brent down solidly Friday to $33.10. Henry Hub gas crashed to $1.80mmBtu and seems destined for new post-GFC lows:

The OPEC non-deal is looking more and more amusing by the day as key architects go home and do the opposite. Venezuela returned from the meeting and devalued its currency 37% enabling it compete at much lower oil prices. Russia got off the plane and declared:

Agreements with OPEC do not exclude the growth of oil production in Russia in 2016 by 1.9%, Deputy Energy Minister Kirill Molodtsov said Thursday.

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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.