Daily oil and LNG price update (pole-axed)

Thursday 1 September 2016

Brent oil was pole-axed last night another -2.5% to $45.77. Henry Hub fell a little too:

Oddly enough, there was little news to trigger it. It just seems that the combination of improving prospects for OPEC output, the freeze joke, a firmer US dollar and the ongoing glut have finally toppled sentiment. The path to $40 appears wide open.

Turning to LNG, the indicative oil-linked contract price was hammered lower to $6.40mmBtu:

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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.