Australian LNG

From a speech yesterday by Resources Minister Josh Frydencoal: In the years ahead to 2040, the LNG projects in Western Australia alone – Wheatstone, Pluto, Gorgon and North West Shelf – are expected to contribute a further $160 billion in taxes and royalties.

Hoocoodanode that this was coming?

The dead cat bounce continues for some today but not the banks.

Oil is climbing again on this from Reuters: Oil prices rose nearly 2 percent on Monday on news that ministers from Saudi Arabia, Russia, Qatar and Venezuela would hold a previously unpublicised meeting in Doha this week, adding to speculation of a global output deal.

Brent oil rose again last night to $33.60.

The banking and mining dead cat is bouncing again though certainly not with a whole lot of conviction.

For several years now MB has warned fund manager Allan Gray that it is headed the wrong way, from Domainfax: There aren’t many investment firms that have had as tough a time in recent years as Allan Gray.

More OPEC jawboning this morning, this time from Nigeria via Reuters: The mood inside the Organization of the Petroleum Exporting Countries (OPEC) is shifting from mistrust to a growing consensus that a decision must be reached on how to end the global oil price rout, Nigeria’s oil minister told Reuters.

The Brent oil price rocketed 9% plus Friday night for no reason beyond the same UAE comments we saw Thursday.

The Sykesnado continues to shred shares as banks, miners and gas all fall.

The Brent oil price was all over the place last night but is trading at $30.60 as I write.

From Reuters: U.S.

The dead cat bounce is dying in big iron with BHP down -2.8%, RIO down -1% and FMG down -3.6%: Big gas is also on the nose with WPL down -1%, OSH -9%, ORG -2.6% and LNG -2.8%.

From Clyde Russell: When the going gets tough, the tough ask for tax relief.

No stick save for oil from Janet Yellen but it is up on the day to $31.08 as I write.

Not much fun on the bourse today with houses and holes both shredded by the raging Sykesnado.

From Michael West, the last journo standing: The Gas Cartel has managed to convince the Australian public that when global gas prices are high we should pay global prices and when global prices are low we should pay 60 per cent more than the global price.

Brent oil took a sizable shellacking overnight down nearly -4% to $32.75 as I write.

From Domainfax comes a new chapter in the history economic stupidity: Large industrial customers in north-west Queensland paid on average $11.97 a gigajoule for gas in 2015, compared to $5.68 in Victoria, a new report for the Department of Industry, Innovation and Science has found.

Brent oil eased again Friday night to $34.13 and Henry Hub firmed a little: The action was despite a renewed plunge in the US rig count down down -31 to 467.

The big iron dead cat bounce continues today with BHP up another 3.3%, RIO 1.8% and FMG is flat: Dalian is falling today down two points.

Brent oil refused to join the commodities party last night, falling -2% to $34.28 as I write.