Oil flood continues

Friday, 7 July 2017

Last night we got more signals of the increasing oil glut. US data was price supportive as we saw a big draw in inventories:

However, shale production rebounded strongly after weather disruptions:

And Nigerian crude is flooding into the Atlantic, via Reuters:

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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.