Daily oil and LNG price update (all bad)

Friday, 8 July 2016

The Brent oil price was smashed -5% lower last night to $46.47, breaking key support as expected, as the cumulative news flow took its toll. Henry Hub is now rolling south as well at $2.76mmBtu:

The news was wholesale bad for prices. Weekly US DOE data showed much lower draws that expected and higher gasoline, via Zero Hedge:

Production was hammered:

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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.