The Brent oil price was hammered last night to $47.05. Henry Hub held up at $2.58mmBtu:
There was no specific news but it seems a whole string of things has reversed sentiment with record high fuel in Asia, a rising US oil rig count, returning Canadian production post fires, Brexit growth fears and, perhaps most importantly, huge Iranian out performance, from Bloomie:
Iran easily beat expectations with its speed in boosting oil exports after the lifting of sanctions. Without an injection of cash and the easing of remaining trade barriers, the recovery may have run its course.
