Daily oil and LNG price update (a very bad day)

Monday, 4 July 2016

The Brent oil price rallied Friday night to $50.65 and Henry Hub gas continued to charge higher at $2.99mmBtu:

Underneath this, however, oil had a very bad day and I would not be at all surprised to see it come under near term pressure. First, from Reuters:

The global oil market should see supply and demand in balance by 2017 though it will remain structurally well-supplied for the next couple of years, U.S. Energy Secretary Ernest Moniz said on Friday.

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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.