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The Brent oil price was up overnight trading at $41.63 as I write. Henry Hub crashed – 5% to $1.81mmBtu:
In news, some of OPEC is getting together to talk about doing nothing, from Reuters:
Iran may join other oil producers planning to freeze production to support prices at a later date, OPEC’s secretary general said on Monday, since the country is seeking to raise its exports.
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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.