Daily oil and LNG price update (down she goes)

Monday 25 July 2016

Brent oil is sick and getting sicker, down 2% to $45.15 overnight. Henry Hub gas also fell to $2.70mmBtu:

There was no smoking gun though Genscape data showed more US inventory pressure. Even more bearish for prices, they fell despite another Nigerian bombing and Libyan delays. Market positioning is also swinging bearish fast, from John Kemp:

COMBINED BRENT AND WTI POSITIONS (LONG AND SHORT)

Plenty of room to get short there yet. And good reason too as well, from Morgan Stanley:

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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.