Daily oil and LNG price update (up and away)

Friday, 13 May 2016

The Brent oil price soared close to new highs overnight at $47.92 as I write. Henry Hub was flat at $2.15mmBtu:

The primary driver was the IEA’s new OMR:

Global oil supplies rose 250 000 barrels per day (250 kb/d) in April from the preceding month to 96.2 mb/d as higher OPEC output more than offset deepening declines in non-OPEC countries, the newly released IEA Oil Market Report (OMR) for May informs subscribers.

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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.