Daily oil and LNG price update (OPEC dead)

Monday, 9 May 2016

The Brent oil price rose Friday night on Canadian supply threats to $45.32. Henry Hub was also firm at $2.09mmBtu:

The news flow was positive in the short term but decidedly less so for the long. Supporting prices for now are Canadian wild fires that are threatening to choke one million barrels per day in oil sands production. But that appears to be easing. Also bullish, the US oil rig count fell again down 4 to 328. There is also Libya, from Bloomberg:

The odds of a Libyan oil revival are diminishing amid intensifying conflict between factions that is crippling production and 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.