Daily oil and LNG price update (fade)

The Brent oil price took a decent whack last night to $52.42 as markets digest that the OPEC non-deal is not a panacea for the glut. Henry Hub fell too to $3.22mmbtu:

In the oil patch, debate was dominated by the IEA versus Golman Sachs. From the first:

Global oil supply rose by 0.6 million barrels per day (mb/d) in September, the newly released IEA Oil Market Report (OMR) for October informs subscribers. Non-OPEC supply was up nearly 0.5 mb/d on higher Russian and Kazakh flows and OPEC supply was at an all-time high. World oil output of 97.2 mb/d was up 0.2 mb/d from last year due to strong OPEC growth. Non-OPEC supply is forecast to drop by 0.9 mb/d in 2016 before rebounding by 0.4 mb/d in 2017.

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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.