The Brent oil price rebounded last night to $49.05 as Henry Hub tumbled back to $2.14:
A whole lot of nothing drove the rebound, other than broader excitement at recovering US housing construction. News flow was thin but bearish, from Bloomie:
…under the economic plan known as Vision 2030 promoted by the king’s powerful son, Deputy Crown Prince Mohammed bin Salman, the government is signaling it wants to wean the kingdom’s economy off oil revenue, lessening the need to manage prices. Moreover, the planned privatization of Saudi Arabian Oil Co. will make the nation the only member of the Organization of Petroleum Exporting Countries without full ownership of its national oil company.