Australian LNG

Dalian is a little soft today: Big Iron is still firming: Big Gas has all but ignored the oil rebound.

Judith Sloan thinks so: So what can federal Energy and Environment Minister Josh Frydenberg offer by way of electricity price relief?

Brent tumbled Friday night: As the US shale count rose seven to 793: Permabullish brokers are slowly waking to the new reality.

Grid scale batteries are not a Tesla speciality but pollies do love a little celebrity: South Australia has announced Elon Musk’s Tesla as the principal builder of the world’s largest lithium ion battery to expand the state’s renewable energy supply.

Last night we got more signals of the increasing oil glut.

Via the AFR: The normally meek June quarter for electricity markets has been turned on its head with wholesale prices breaking records to an extent that is appalling experts and should scare energy users, regulators and governments.

Dalian soft: The spark is gone from Banana Man.

Via the ABC: Four Arab nations seeking to isolate Qatar over its alleged support for extremist groups have been angered by what they say is a “negative” response by the tiny Gulf nation to their demands for ending crisis in the region.

Dalian is soft again today but not decisively so: Big Iron is up anyway: Not sure why, the rebound is hitting turbulence.

Dalian is quiet today: I’m not calling any tops in the Banana Man bubble.

As always, look past sectarian and other rationales to the national interest to determine what is afoot in Qatar, via Bloomie: An alliance led by Saudi Arabia apparently enjoys Trump’s full support.

Via the AFR: East coast gas buyers say the federal government is likely to trigger its new powers to limit LNG exports at the earliest opportunity to help bring an end to a situation that Australian Industry Group describes as “disastrous” for manufacturers.

Banana Man is still in control at Dalian: Big Iron up: No idea how far it gets.

Big developments in oil over the weekend.

Via the AFR: Royal Dutch Shell has marked a milestone in its ground-breaking Prelude floating LNG project off north-west Australia, with the departure of the massive vessel from the South Korean shipyard where it was built towards its final location.

There’s nothing like good growth to upset Banana Man.

I thought he’d been whipped but how wrong I was.

As noted earlier this week, oil markets were stretched to the downside: Shorts are now puking: This is despite the data flow remaining quite bearish.

China is stimulating again so it’s time to buy Straya!

From Citi:  The oil bears look to have taken perhaps their final fling as money manager net positioning as a percentage of open interest fell to ~7% and just ~1% above the all-time low in 1Q’16 when oil prices fell below $30/bbl.