Daily oil and LNG price update (calling OPEC’s bluff)

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Brent oil was hammered again last night to $47.09 and Henry Hub gas plunged to $2.77mmBtu:

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The trigger was the largest inventory build in 34 years in US crude (charts from ZH):

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As imports rebounded:

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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.