Daily oil and LNG price update (Saudi capitulation)

Friday, 26 August 2016

The Brent oil price managed to rebound last night on some Gulf of Hormuz tensions at $49.67. Henry Hub is roaring again up to $2.83mmBtu:

But the wider news flow was price bearish with Saudi all but conceding its oil freeze is a joke, from Reuters:

Saudi Arabian Energy Minister Khalid Al-Falih does not believe it is necessary for any “significant intervention” in oil markets at this time, he told Reuters following a speech on Thursday.

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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.