Daily oil and LNG price update (contractpocalypse calendar)

Monday, 19 September 2016

The Brent oil price was hit Friday night, ending at $46.02. Henry Hub is strong at $2.95 and appears set to break higher as US supply rebalances:

The major driver of oil weakness remains Libya, from the WSJ:

Libyan oil officials have since embarked on a plan to increase output to up to 1 million barrels a day by the end of the year, from the current 300,000 barrels a day, said Mohamed Oun, the country’s envoy to the Organization of the Petroleum Exporting Countries, a 14-nation cartel that controls over a third of the world’s oil production.

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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.