Daily oil and LNG price update (flame out)

Monday, 10 October 2016

Brent oil fell back Friday night to $51.67 as Hurricane Matthew passed. Henry Hub gas has broken out and ripped to $3.17mmBtu:

For oil the news the OPEC deal continues to astonish only in its thinness, from the WSJ:

According to the people familiar with the matter, Prince Mohammed didn’t authorize a sea change in Saudi Arabia’s market-share strategy. While Saudi Arabia will take on the bulk of OPEC’s proposed cuts, slashing up to 400,000 barrels a day by the end of the year, the kingdom was planning to make those cuts anyway, the people said.

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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.