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The Brent oil short squeeze appears to be finally running out of juice posting a stable night Friday and settling at $50.80mmBtu:
The news flow is bad for prices. Libya is clearing its latest blockages. Nigeria‘s Niger Delta Avengers have declared a ceasefire. US rigs continue to drip back into the field, up another 10 to 406. The Saudi jawboning joke is now obvious to all not least because it’s pumping with its ears pinned back, from John Kemp:
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The short squeeze looks likely done or soon will be. Perhaps in advance of the OPEC meet.
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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.
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