The Brent oil price piled it on last night finishing firmly above the half century at $50.48. Henry Hub gas joined in up to $2.44mmBtu:
The rise has nothing to do with “rebalancing”. It is the weaker US dollar as the Fed moves to the sidelines and it is Nigeria, from CNBC:
After seven years of relative peace, one of the world’s most oil-rich regions is once again under siege by militants. And though Nigeria is well-acquainted with violence on its southern shores, the group behind a new wave of attacks — the Niger Delta Avengers — is shrouded in mystery and sabotaging one of the world’s biggest oil producers
