Daily oil and LNG price update (target $60)

Thursday, 9 June 2016

The Brent oil price ripped to another high last night of $52.72. Henry Hub stalled at $2.46mmBtu as the IEA turned negative:

Oil is going to keep running until US rigs charge back in my view. $60 is the target. Nigeria is struggling and the US drew down more crude, from John Kemp:

Falls are seasonal. Production rose for the first time in months:

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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.