Daily oil and LNG price update (jawbone returns)

Wednesday, 16 November 2016

Brent oil rocketed 6% overnight to $47.05 but Henry Hub fell to $2.70mmBtu:

The return of the OPEC jawbone did it, combined with a market now much more short than a few weeks ago (all blue charts from John Kemp):

Also helping, Nigeria’s great push for peace has failed seemingly. Nothing really new here. While the USD remains so strong I can’t see oil getting very far. Even if OPEC cuts deep, any price inflation will drive the USD even higher and cut it off.

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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.