Daily oil and LNG price update (Brent breaks)

David Llewellyn-Smith

Thursday 9 March 2017

Last night the oil price cracked to the downside sliding nearly -5%:

The driver of the sell-off is the immense and growing US storage glut, from John Kemp:

Which is growing as refineries cut production to clear the petrol glut:

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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.