Daily oil and LNG price update (boom!)

Friday, 7 October 2016

Brent oil is on a tear and does not care, last night ripping to $52.61 and ready to break out of a bullish ascending triangle chart. Henry Hub is stable at $3.03mmBtu:

The causes? This for laughs:

Should OPEC members find that the oil market needs more cuts, the cartel could decide to lower production by one percent more than last week’s deal-to-make-a-deal, Algerian Energy Minister Nouredine Bouterfa has said to local Ennahar TV.

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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.