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Oil market sentiment has suddenly turned very bearish indeed as Brent sank again last night to $46.38mmBtu. Henry Hub stabilised at $2.81mmBtu:
This was despite OPEC resuming the jawboning as expected:
“We remain deeply optimistic about the possibility that the Algiers agreement will be complemented by precise, decisive action among all producers,” according to the statement.
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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.
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