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Not much. Yet the market keeps on loving it, very strongly outperforming the oil price and treating the correction like a cycle, which it isn’t:
Risks are rising, from Credit Suisse:
Wheatstone start up pushed back to ‘mid’ 17: Woodside announced today (1 February 2015), following guidance from operator Chevron, that Wheatstone will now see first LNG (not cargo) in ‘mid’ 2017. No update was provided on cost increases which would tend to accompany such a delay. With the oil industry often stretching the word ‘mid’ fairly liberally, we have effectively assumed an end-3Q17 first cargo, modelling for 1mt of sales in 2017.
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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.
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