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The Brent oil price too a solid 3% hit last night to $40.47 as I write because US inventories continue to climb at a breakneck pace. Henry Hub was hammered too to $1.79mmBtu:
It’s not a trend break for oil yet but is a warning that it is coming, in my view.
The major cause was the weekly DOE report which showed an huge 9.4m jump in US inventories, from John Kemp:
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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.