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The Brent oil fell 2% to $44.72 last night. Henry Hub joined at $2.06mmBtu:
The IEA was out with its feel good message, from Reuters:
International Energy Agency (IEA) chief Fatih Birol said on Thursday he expects the oil market to come back into balance from oversupply by next year, providing there is no major economic downturn.
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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.