Daily oil and LNG price update (crack)

Sunday 24 July 2016

The Brent oil price cracked lower Friday night settling at $45.66. Henry Hub gas went the other way at $2.77mmBtu:

Hitting oil was the US rig count which is now off to the races up 14 to 371:

It appears rigs will keep climbing perhaps all the way down to $40, which is where we’re headed and lower. The world is not ready for more US oil, indeed the recovery is a year early on my numbers:

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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.