Daily oil and LNG price update (supply flood)

Monday, 3 October 2016

The Brent oil price managed to climb above $50 on Friday night as Henry Hub fell to $2.90mmBtu:

The news was all bad with the prospect of Saudi sharing any freeze pain diminishing with surging OPEC output, from Reuters:

Supply from OPEC has risen to 33.60 million barrels per day (bpd) in September from a revised 33.53 million bpd in August, according to the survey based on shipping data and information from industry sources.

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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.