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Brent oil finally got the treatment last night as markets managed to swallow that an Iran hawk running Saudi oil policy was not a bullish development. Brent was hit -4% to $43.46 and Henry Hub was stable at $2.08mmBtu:
Also hurting prices was an easing in the Canadian wild fires. Libya is still offering support, from Reuters:
Libya’s crude oil output has fallen to a trickle amid a standoff over export rights that prevented trading giant Glencore from loading a tanker.
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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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